Linseed oil market size is set to attain remarkable momentum during the period 2021 to 2027 on account of the rising consumer focus on healthy diets along with the spiking healthcare costs. The increasing number of tempering, and catalyzed curing activities in manufacturing has resulted in the higher need for effective polymer-forming materials. In addition, the rise in the number of production investments and higher pharmaceutical R&D expenditures are expected to drive the consumption of linseed oil in the near future.
Demand for flaxseed is estimated to grow at a prominent rate given its higher incursion in energy bars, cereals, and crackers. Growing demand from the animal feed vertical will also lead to industry expansion.
In terms of applications, the paint and coatings application will garner significant traction. This is mainly attributable to the growing obligation for enhanced consistency, gloss and transparency in a host of industrial verticals, such as automobile and consumer goods. Rising product penetration in the vehicle and building arenas along with higher application scope as an impregnator in paints & coatings are promising factors influencing the linseed oil market outlook.
Dietary supplement applications are expected to bring considerable revenue for the linseed oil industry due to the growing number of government regulations and the booming nutraceutical sector. The rising nutrition intake among consumers has led to the increasing adoption of linseed oil as it contains omega fatty acids and helps in stabilizing hormonal imbalance. Growing concerns over blood pressure and cholesterol levels, along with the higher prevalence of gallstones and heart diseases will drive the segmental expansion of the market.
Demand for linseed oil in cosmetics will grow commendably with increasing adoption in the production of shampoos, moisturizers, conditioners, and hair gels.
With regards to regional segmentation, North America is anticipated to record significant consumption of linseed oil owing to increasing agricultural investments and surging infrastructural advancements in the region. The growing production of flaxseed oil in Canada is another impact rendering trend driving regional growth. According to the Canadian Grain Commission, farmers in Western Canada seeded nearly 376,000 hectares of flaxseed in 2019.
Asia Pacific linseed oil industry is pegged to witness prominence through 2021 to 2027 on account of the rising consumption of dietary supplements and the presence of notable industry participants. The expanding food processing and paints sectors in the region will additionally favor the market growth.
Natural Brand, OmegaFactors, Linolie Danmark Aps, Gustav Heess, Bioriginal Food & Science Corp (Omega Protein), GranoVita, and Barlean’s are some of the leading linseed oil suppliers across the globe.
These participants are continuously focused on undertaking persistent efforts, including partnerships and acquisitions, and are actively coming up with innovations and new product developments to proliferate their presence in the escalating competitive business scenario.
For instance, in July 2019, ADM (Archer Daniels Midland Company) collaborated with Qualitas Health to introduce a line of Onavita™ Algal DHA blends to complement its existing product portfolio, inclusive of Onavita Flaxseed Oil.
In another instance, in May 2021, Cargill partnered with Frontline International for Kitchen Controller, an oil management product, in a bid to assist operators in effectively managing their businesses.
The current COVID-19 pandemic triggered a groundbreaking impact on the global economy considering the imposition of nationwide lockdowns and social distancing policies in various countries. The linseed oil industry also experienced tremendous repercussions of the growing infection rate due to the stalled production operations and the dearth of raw materials and labor. However, the increasing consumer focus on proper health and hygiene amidst the pandemic along with the growing intake of nutritional components is likely to add a positive edge to the market expansion.