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Flaxseed Oil Market 2024 - By Size, Share, Trends, Demand, Global Challenges, Competitive Growth And Outlook By 2033
Flaxseed Oil Market
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According to The Business Research Company's, The flaxseed oil market size has grown strongly in recent years. It will grow from $4.65 billion in 2023 to $4.93 billion in 2024 at a compound annual growth rate (CAGR) of 6%. The growth in the historic period can be attributed to increasing disposable incomes of consumers, growing global population has led to a larger consumer base, ancient medicinal use, long-standing agricultural cultivation of flax plants, and nutritional awareness.
The flaxseed oil market size is expected to see strong growth in the next few years. It will grow to $6.26 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to increasing research and development activities, rising use of natural and organic ingredients in cosmetics, increasing consumer focus on health and wellness, growing commercialization of flaxseed oil, and rising consumer awareness of green surfactants. Major trends in the forecast period include innovations in extraction and processing technologies, sustainable and organic farming practices, rising demand for natural and organic products, microbial-based flaxseed oil surfactants, and product innovations.
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Market Drivers and Trends:
The rising health consciousness is expected to propel the growth of the flexseed oil market going forward. Health consciousness refers to individuals' awareness and concern regarding their health and well-being. It involves being mindful of one's lifestyle choices, including diet, exercise, sleep, and stress management. The rising health consciousness is due to increased awareness of chronic diseases, a focus on personalized health, the influence of social trends, and a desire for longevity and quality of life. Flaxseed oil is rich in essential amino acids, minerals (such as iron, magnesium, and zinc), and antioxidants. With consumers become more health-conscious, they actively seek foods and oil that offer nutritional benefits beyond basic sustenance. For instance, in 2023, according to an online survey among 1,022 Americans ages 18 to 80 by the International Food Information Council, a US-based nonprofit organization, around 52% of Americans reported that they followed a diet or eating pattern in the past year, from 39% in 2021 from the past years. Therefore, rising health consciousness is expected to drive the growth of the flexseed oil market.
Rising Demand For Natural And Organic Products Driving Growth In The Flaxseed Oil Market
The rising demand for natural and organic products is expected to propel the growth of the flaxseed oil market going forward. Natural products contain ingredients derived from natural sources, while organic products are made from materials produced by organic agriculture and adhere to strict standards for organic production and certification. The need for natural and organic products is growing with changing consumer preferences and increased awareness of health and environmental issues. Flaxseed oil's nutritional, skincare, and hair care benefits, sustainability, and compatibility with organic farming make it a valuable ingredient in natural and organic products. For instance, in May 2023, according to the Department for Environment (Accredited official statistics Organic farming statistics 2022), a UK-based government agency, organically grown cereal crops increased by 6.2% to 49 thousand hectares in 2022. The area of organically grown vegetables (including potatoes) increased by 4.8% to 10 thousand hectares compared to 2021. Therefore, the rising demand for natural and organic products drives the flaxseed oil market.
Major companies operating in the flaxseed oil market are developing innovative organic flaxseed oil products to meet increasing consumer demand for natural and health-enhancing alternatives. Organic flaxseed oil products are derived from flaxseeds that are grown and processed without the use of synthetic pesticides, herbicides, or genetically modified organisms (GMOs) that support sustainable agriculture practices, reducing environmental impact and promoting ecological balance. For instance, in May 2024, Sirio, a China-based nutraceutical company, launched a new range of organic formulations called PureOrganix at Vitafoods Europe 2024. The PureOrganix range includes three ready-to-market organic gu*mm*ies and one softgel, formulated with trending ingredients, including flaxseed oil, evening primrose oil (EPO), and apple cider vinegar. The organic gu*mm*ies and softgels are designed to meet the stringent EU-Organic certification criteria. This allows European brands to market these thoroughly tested and optimized formulations quickly.
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Major Key Players of the Market:
Archer Daniels Midland Company, Fonterra Co-operative Group, GNC Holdings LLC, Blackmores Limited, Nature's Way Products LLC, Natural Factors Nutritional Products Ltd., Natrol LLC, Healthy Oilseeds LLC, Krishi Oils Limited, Gustav Heess Oleochemische Erzeugnisse GmbH, Bioriginal Food, Pharmavite, Linwoods Health Foods, Rapunzel Naturkost, Bartoline Limited, Nature's Bounty, Shape Foods, Spectrum Organic Products Inc., Skin Science Company, Henry Lamotte Oils GmbH, Heze Zonghoo Jianyuan Biotech Co Ltd., Rexall Sundown Inc.
Flaxseed Oil Market 2024 Key Insights:
• The flaxseed oil market size is expected to see strong growth in the next few years. It will grow to $6.26 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Rising Health Consciousness Driving Growth of Flexseed Oil Market
• Innovation WIth Organic Flaxseed Oil Products To Meet Growing Demand For Natural Health Alternatives
• North America was the largest region in the flaxseed oil market in 2023
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