Flax Seeds Global Market Report 2024: Explore Key Insights, Projections & Growth Trends
Flax Seeds Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Will the Flax Seeds Market Evolve in the Coming Years?
The flax seeds market has grown significantly in recent years, expanding from $0.78 billion in 2023 to a projected $0.90 billion in 2024. This impressive —at a compound annual growth rate CAGR of 14.7%. But what's driving this impressive performance? It can be traced back to increased governmental and institutional support, a rise in vegan and vegetarian diets, a surge in health-conscious consumer behavior, an uptick in organic food consumption, and finally, an expansion in the number of flax seed-based products.
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What Does the Future Hold for the Flax Seeds Market?
The journey doesn't end in 2024 for the flax seeds market. It's set to reach unprecedented heights, projected to grow to a staggering $1.56 billion in 2028 at a compound annual growth rate CAGR of 15.0%. But what's prompting this rapid growth? It's a unique combination of rising demand for plant-based foods, the proliferation of e-commerce platforms, a growing popularity of superfoods, and a rising global demand for functional food. In fact, major trends in the forecast period include technological advancements, functional foods, dietary supplements, plant-based diets, and superfoods.
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Why Is the Demand for Plant-Based Foods Driving the Flax Seeds Market?
A key influencer contributing to the upward trajectory of the flax seeds market is the surge in demand for plant-based foods. Derived from fruits, vegetables, grains, nuts, seeds, and legumes, plant-based foods are increasingly chosen for their nutritional value and eco-friendly benefits. Consumers are seeking more sustainable, healthier, and cruelty-free dietary options driven by health-consciousness, environmental concerns, and ethical considerations. Flax seeds integrate seamlessly with these foods, enhancing their nutritional value. Thanks to these factors, the US retail market for plant-based foods sales rose from $7.4 billion in 2021 to $8 billion by 2022, according to nonprofit organization, The Good Food Institute.
Who Are the Major Players in the Flax Seeds Market?
The flax seeds market is punctuated by innovative products from major companies like Flax Mylk by Malibu Mylk, a US-based non-dairy beverage company. Using flax seeds, rich in omega-3 fatty acids and fiber, Flax Mylk offers consumers a heart-healthy, digestive aid that's credible and viable.
How Is the Flax Seeds Market Segmented?
The flax seeds market report covers the market segmented by:
1 Type: Whole Flax Seed, Flax Seed Powder, Flax Seed Oil, Other Types
2 Distribution Channel: Business To Business, Business To Consumers
3 Nature: Organic, Conventional
4 End Use: Food And Beverage Industry, Nutraceuticals, Animal feed, Retail Or Households, Industrials
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