According to a new market research report published by Credence Research “Flaxseed Market (Food, Feed, Pet Food, Paper & Pulp, Textile and Other (personal care, biofuel, building construction among others)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022” the global flaxseed market was valued at US$ 1,500.0 Mn in 2014 and is estimated to expand with a CAGR of 12.2% from 2015 to 2022.
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Rising awareness regarding health benefits associated with the consumption of flax seed products is a major factor contributing towards the market growth. Flax seeds are rich in fiber, lignans, and omega-3 fatty acids that helps in the control of cholesterol and blood sugar. Flaxseed are nutritionally enriched when used in animal and human food. Furthermore, flax products helps in protecting against cancer in human. The global market for flax is growing significantly, owing to its rising demand from the food, animal feed and pet food industries. In the U.S. usage of flax in baked goods has more than doubled over the last few years. Currently flaxseed are getting huge demand from the food industry for use in crackers, breads, energy bars, cereals, and snacks.
The demand for flax for energy, industrial products and fabrics is also increasing significantly due to its renewable nature and will gradually become an important as the technology to utilize flax improves. The utilization of flax in livestock, pet health is also growing. Animals also benefit from flax’s nutritional properties. New technology is being developed to improve the utilization of flax in feed while R&D has improved the amount of omega-3 that can be incorporated into livestock and poultry products. Over the coming years it might be possible to use flax in the production of biodegradable packaging films for food.
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The entry of major food companies into flax products would help grow the sector. The promotion of flax would increase which would increase consumer awareness and help drive the demand for flax products for food. Some of the players already present in this market are Archer Daniels Midland Company, Optimum Nutrition, Bioriginal Food & Science Corp., Natural Brand and Sundown among others.
- Focus on enhancing new applications for flax
- Emphasis on development new food products including flax for human and animal food
- Geographical expansion through organic as well as inorganic growthc
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