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North America Flaxseed Market is Expected to be Valued at US$ 308.4 Mn by 2022, Persistence Market Research

New York, April 25, 2016 (GLOBE NEWSWIRE) -- PMR report, the North America flaxseed market is tracked from the consumption point of view in terms of both value and volume. The North America flaxseed market is anticipated to grow from US$ 250.5 Mn in 2015 to US$ 308.4 Mn by 2021, expanding at a CAGR of 2.9% in terms of revenue during the forecast period (2016–2022). Increasing health awareness, increasing demand for clean label, and increasing popularity and consumer demand for vegan ingredients is anticipated to drive growth of the North America flaxseed over the forecast period. Demand for flaxseed across the food processing industry is growing steadily and can be attributed to the various health benefits associated with flaxseed consumption. Some of its benefits include lower cholesterol levels, lower risk of heart diseases, and improved digestive health. Growing consumer preference towards a healthy lifestyle is further fueling growth of the flaxseed market currently.

One of the major restraints for the growth of the flaxseed market are that flaxseed contains only Alpha-Linolenic Acid (ALA), but does not contain Eicosapentaenoic (EPA) and Docosahexaenoic Acid (DHA), thereby limiting its demand. Though a certain amount (typically less than 5%) of ALA gets converted into EPA, end-use industries prefer using fish oil as an ingredient in order to deliver the required amount of EPA and DHA in food products. This factor is anticipated to restrain growth of the flaxseed market over the forecast period.

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In 2015, among the various product type segments, the milled (ground) flaxseed segment was valued at US$ 172.0 Mn and it is estimated to reach a market value of US$ 173.5 Mn by the end of 2016. The whole flaxseed segment was valued at US$ 28.8 Mn in 2015, and is estimated to reach US$ 28.9 Mn by the end of 2016.

In 2015, the food application market accounted for 21.9% volume share of the overall market in North America, which is expected to rise up to 23% by the end of 2022. The segment is expected to expand at the highest CAGR of 3.1% over the forecast period, followed by the animal food segment in terms of volume.

In terms of volume, the U.S. flaxseed market dominated the overall market in the North America region in 2015, and it is also expected to continue its dominance over the forecast period between 2016 and 2022, as compared to the Canada flaxseed market. In terms of value, the U.S. flaxseed market is anticipated to expand at a CAGR of 3.3% during 2016 to 2022, whereas the Canada flaxseed market is expected to expand at a CAGR of around 1.5% during the same period.

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Price of flaxseed is forecasted on the basis of the historic price trend and several other factors, including production, demand, import & export, and end-stock of flaxseed.

Canada is the largest producer and exporter of flaxseeds worldwide. Export in Europe is expected to decrease owing to increasing supply from Russia, Ukraine, and Kazakhstan. However, export of flaxseed to Asia Pacific is anticipated to increase significantly over the forecast period. The U.S. mostly imports flaxseed from Canada and exports it to Europe.

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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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Source:Persistence Market Research