Flaxseed is one of the most highly nutritious plant-based food that is cultivated around the globe and is a rich source of antioxidants, healthy fat, and fiber. Its consumption reduces the risk of various diseases such as stroke, heart disease, cancer, and diabetes and is also considered one of the functional food. Moreover, it is also used as a dietary supplement to treat various medical conditions and in various food products such as muffins, cookies, and pancakes.
Market Dynamics
North America flaxseed market has witnessed significant growth in recent years, owing to the increasing demand for healthy and nutritional food products. Based on the application, the North America flaxseed market is bifurcated into animal food, food, and others. Among these segments, the animal food segment dominated the North America flaxseed market in 2021, owing to the increasing demand for nutritional animal food among consumers due to the usage of flaxseeds in animal food. This factor is estimated to drive the growth of the North America flaxseed market during the forecast period.
Furthermore, the U.S. dominated the North America flaxseed market in 2022, owing to the growing production of flaxseeds in this region. According to the United States Department of Agriculture, the total flaxseed production was 3.84 million bushels in the year 2022 and the average price for flaxseeds was US$ 8.01 per bushel in the year 2022. As a result, this scenario is estimated to foster the growth of the North America flaxseed market during the forecast timeframe.
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