Technavio analysts forecast the global flaxseed oil market to grow at a CAGR of over 3% during the forecast period, according to their latest market research report.
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Technavio analysts forecast the global flaxseed oil market to grow at a CAGR of over 3% by 2023. (Graphic: Business Wire)
The industrial uses of flaxseed oil are one of the major trends being witnessed in the global flaxseed oil market 2019-2023. Most industrial applications of flaxseed oil can be attributed to its drying properties. It also has polymer-forming properties because of which it can either be used on its own or blended with other oils. The various industrial uses of flaxseed oil are paint binder, putty, wood finish, and linoleum. Thus, with many such advantages, the market for flaxseed oil is expected to have a positive outlook during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global flaxseed oil market is the increasing number of surgeries coupled with the growing prevalence of diseases:
Global flaxseed oil market: Growing health consciousness and increasing obese population
People are becoming increasingly concerned about the safety of the food that they consume. This could increase the demand for flaxseed oil, which can provide a decent protein content (100 grams flaxseed oil contains 0.1 gm of protein) and contain fewer fats compared with animal-based proteins. The past few years have witnessed a drastic rise in the occurrence of health problems such as digestive disorders, diabetes, and obesity in the global population. Hence, people have increasingly become health conscious and are following a healthy diet. The health-conscious population demands foods with fewer calories and essential nutrients. Hence, healthy eating has increased the demand for fresh foods as they are unprocessed and contain vitamins, fibers, and naturally occurring minerals. Superfoods like flaxseed oil provide more energy, slow down the aging process, and help in reducing weight. The increasing population of obese, overweight, and diabetic patients has led to escalating demand for healthy products. The increasing effort to lose weight and avoid medical complications will be a driving factor for the global flaxseed oil market during the forecast period.
According to a senior analyst at Technavio for research on food, beverage & tobacco, “Along with growing health consciousness and increasing obese population, factors such as health benefits of flaxseed oil and online distribution channel are boosting the growth of the global flaxseed oil market.”
Global flaxseed oil market: Segmentation analysis
The global flaxseed oil market research report provides market segmentation by product (organic and inorganic), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The EMEA region held the largest share of the market in 2018, accounting for over 41% share, followed by the Americas and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period followed by the Americas.
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