A recent market report by Persistence Market Research examines the flaxseed market in North America. Annual growth of 2.9% is forecast for the period 2016-2022.
A major reason for the growth in flaxseed production is the growing demand for vegan products. In 2015, the market was estimated at US$ 250.6 million, and it is expected to increase to US$ 308.4 million by 2022. It is not just end consumers who buy finished linseed or linseed oil; large food companies also use the product as an ingredient. Linseed can be used in many ways, for example as a milk alternative or as a low-carb vegan pasta.
Another reason for this growth is the health benefits of linseed. The report predicts that growing demand for omega-3 fatty acids will also boost growth in the US flax seed market. In general, the US flax seed market is expected to have the largest share of the entire North American market, followed by Canada. The US market is expected to grow by 3.3% annually over the forecast period, while the Canadian market is expected to grow by 1.5% annually.
Key players in the flax seed market include AgMotion Inc, Linwoods Health Foods, CanMar Grain Products Ltd, TA Foods Limited and Archer Daniels Midland Company.
