The global linseed oil market is witnessing remarkable growth, with the market size reaching USD 91.2 billion in 2021 and projected to maintain a robust compound annual growth rate (CAGR) of 6.2% during the forecast period. The markets upward trajectory is attributed to various factors driving its expansion.
Surging Demand in Nutraceutical and Pharmaceutical Industries
One of the primary drivers of the linseed oil market is the increasing adoption of linseed oil as dietary supplements in the nutraceutical and pharmaceutical industry. Studies have highlighted the health benefits of linseed oil, including its potential to reduce the risk of cancer and cardiovascular diseases. The oils safety for human and animal consumption, particularly when produced using the cold-pressing technique, has further boosted its popularity.
Diverse Applications Boosting Market Growth
Linseed oils versatility is contributing significantly to its market growth. It finds applications in various sectors, including food, cosmetics, paints, coatings, and pharmaceuticals. In the food industry, it is used in dairy products, baked goods, and as a flavoring agent, among other applications. Linseed oil is also valued for its polymer-forming property, making it a crucial ingredient in paints and coatings.
Regional Growth Drivers
North America leads the global linseed oil market due to its status as a major producer of flaxseed and the increasing popularity of flaxseed-based products. The Asia Pacific region is experiencing rapid growth, driven by a rising number of manufacturers and growing awareness of the health benefits of linseed oil.
Impact of COVID-19
The linseed oil market, like many others, felt the impact of the COVID-19 pandemic, with disruptions in production and supply chains. However, the healthcare sectors increased demand for linseed oil during the pandemic partially offset these challenges.
Challenges and Opportunities
While linseed oil enjoys significant demand, challenges such as its flammability and irritation properties have limited its usage in certain applications. Additionally, linoleum faces competition from PVC. Nevertheless, opportunities abound, with manufacturers expanding their product portfolios and exploring new applications.
Prominent players in the linseed oil market include Alberdingk Boley GmbH, Cargill Inc., Archer Daniels Midland Company, and Merck KGaA, among others. These companies are continually innovating and expanding their presence in the global market.
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This press release first seen on Brilad
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Boston New Times journalist was involved in the writing and production of this article.