This paper applied conjoint analysis to elicit consumer preferences over attributes of functional foods and nutraceuticals using probiotics as the functional compound of interest. Data were gathered through a mall intercept survey in Guelph, Canada. Cluster analysis and chi-square tests were used to examine the relationship between respondents' characteristics and preferences for product variants. On the basis of cluster analysis of the part-worth scores from the conjoint analysis, three clusters were identified. Clusters differed predominantly according to the preferred mode of delivery and source of health claims. The value attached to health claims related to probiotics was also explored. The results suggested that consumers place a strong premium on claims verified by government, but little value on 'non-verified' claims made by product manufacturers.