Flaxseed Market in North America to Increase at a CAGR of 2.9%

The North America flaxseed market is anticipated to expand at a CAGR of 2.9% in terms of revenue from 2016 to 2022, to account for US$ 308.4 Mn by 2022.

According to the latest market report published by Persistence Market Research, titled “North America Market Study on Flaxseed: U.S. and Canada Industry Analysis and Forecast 2016 - 2022; Impelled By Increasing Applications of Flaxseed-based Food products,” the North America flaxseed market was valued at US$ 250.6 Mn in 2015 and is anticipated to expand at a CAGR of 2.9% from 2016 to 2022, to account for US$ 308.4 Mn by 2022.

Currently, the North America flaxseed market is mainly driven by factors such as growing consumer awareness about the health benefits of flaxseed, increasing demand for clean label and vegan ingredients, along with increasing applications of flaxseed in various food applications. However, factors such as poor distribution channel in Canada, coupled with decreasing demand from the European region, are some of the major factors expected to restrain the growth of the North America flaxseed market during the forecast period.

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The North America flaxseed market is segmented on the basis of a country into the U.S. and Canada. The U.S. market for flaxseed is expected to be the highest contributor to the overall North America market in terms of value share, followed by Canada, by 2015 end. The GCC market is expected to be the fastest growing market over the forecast period (2016-2022). Growth of the U.S. flaxseed market is primarily attributed to the large number of end-user companies for various applications of flaxseed in the food segment. Moreover, rise in the demand of omega-3 fatty acids is also expected to support growth of the U.S. flaxseed market over the forecast period. The U.S. market for flaxseed is expected to expand at a CAGR of 3.3% in terms of value over the forecast period (2016-2022). The Canada market for flaxseed is expected to witness moderate growth over the forecast period, accounting for 24.9% value share of the overall market in 2015, and is expected to register a moderate CAGR of 1.5% in terms of value over the forecast period (2016-2022). An increasing number of applications of flaxseed in the food segment, coupled with eggs with high content of omega-3 fatty acids is the major factor expected to drive growth of the flaxseed market in Canada.

The report provides detailed information about various market trends and offers analysis and insights into the potential of the flaxseed market in the North America region. Furthermore, the infant food market is segmented on the basis of type into milled (ground) flaxseed, whole flaxseed, and flaxseed oil.

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The starting milled (ground) flaxseed segment is expected to be the highest contributor to the North America flaxseed market in terms of value share, followed by the flaxseed oil segment by 2016 end. The milled (ground) flaxseed segment is expected to be the fastest-growing segment of the overall market in the region over the forecast period (2016-2022). The segment is expected to expand at a CAGR of 3.1% over the forecast period in terms of revenue. The whole flaxseed segment is expected to witness moderate growth over the forecast period. The segment is expected to register a moderate CAGR of 2.7% in terms of value over the forecast period (2016-2022).

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Key players in the North America flaxseed market include AgMotion Inc., Linwoods Health Foods, CanMar Grain Products Ltd., TA Foods Limited, Archer Daniels Midland Company, Stober Farms LLC, Heartland Flax, Shape Foods Inc., Healthy Food Ingredients LLC, Zeghers Seed Inc., and Bioriginal Food & Science Corporation.

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