The North America flaxseed market is valued at US$ 1.5 Bn at present, and is anticipated to progress at a CAGR of 4% from 2021 to 2031, to achieve a market worth of US$ 2.2 Bn by the end of the decade.
Currently, the 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.
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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.
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 2021-end. The GCC market is expected to be the fastest growing market over the forecast period (2021-2031).
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 4.2% in terms of value over the forecast period (2021-2031).
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The Canada market for flaxseed is expected to witness moderate growth over the forecast period and is expected to register a moderate CAGR in terms of value over the forecast period (2021-2031). 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.
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 2021-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 (2021-2031).
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The segment is expected to expand at a stable CAGR 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 in terms of value over the forecast period.
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