The flax-based protein market is estimated to secure a valuation of US$ 45 billion in 2023 and is estimated to rise to US$ 83.6 billion by 2033. The market is anticipated at a CAGR of 6.4% during the forecast period. the factor accelerating the demand for flax-based protein are as follows-
The increasing awareness regarding lifestyle-related diseases created an impact on the increasing global demand for protein-enriched products. Consumers across the globe are opting for plant-based products like flax-based protein due to the increasing significance of the use of natural and organic products.
The demand for flax-based protein experiencing high demand due to growing veganism along with more consumer awareness about the significance of protein in weight loss diets.
Region-wise, the North American flax-based protein market is anticipated to grow substantially, primarily owing to the increasing vegan population and rising awareness toward the consumption of plant-based protein. The USA is the largest flax-based protein market in the region followed by Canada, owing to the increase in diet-conscious consumers shifting towards a vegetarian diet. The European market is motivated by increasing vegetarianism and a rising preference for plant-based food.
The flax-based protein market is highly fragmented with the presence large number of vendors operating in the market. Some of the key players operating in the flax-based protein market are Sprout Living, Wellversed, Glanbia Plc, Clearspirng Limited, Austrade Inc, Natunola, Leader Foods OY, All Organic Treasure GmBH, Organica Vita Ltd. among others. Com. These companies are implementing various strategies to gain an advantage such as emphasizing product quality and prices and building a strong brand reputation and distribution network.
Companies operating in the flax-based protein market are focusing on organic growth strategies like product launches and product approvals. They have adopted various strategies such as mergers, acquisitions, advanced product development, and collaboration to gain a competitive edge in the market.
For instance, Sprout Living -Manufactures plant-based protein powder. Produces protein powder from ingredients such as amaranth, baobab fruit, cacao, broccoli, cinnamon, chia, flax seeds, goji berries, etc. Claims to use whole superfood, vegan, and non-GMO ingredients. Claims to source its ingredients from local farms and its products are certified as organic by the USDA. It also offers its products in bulk bags to juice and smoothie bars.
The future of the flax-based protein market is promising as the market is expected to continue growing in the coming years. Rising disposable income and standard of living leading to an increase in consumer spending on functional food products is a major factor that is creating a lucrative opportunity for the flax-based protein market.
The increasing popularity of e-commerce sites, rapid urbanization, and increased income levels contribute to the growth of the flax-based protein market. Also, the increased awareness about flax-based protein in customers is expected to boost the demand during the forecast period. With the continuous expansion of the market, it’s anticipated that more players will enter the market elevating the level of competition. For entrepreneurs, starting a business in the flax-based protein market holds the potential for substantial growth.
Founded in 2014 - Hemp way foods - is the platform offering plant-based protein. It offers organic hemp and hemp-related products. Its product includes burgers, burger crumbles, and breakfast sausage made with hemp, chia, flax, and organic brown rice. The company claims the products are free of gluten, dairy, eggs, corn, soy, or nuts, and also GMO-free.
| Data Points | Key Statistics |
|---|---|
| Expected Market value in 2023 | US$ 45 billion |
| Projected Market Value in 2033 | US$ 83.6 billion |
| Growth Rate (2023 to 2033) | CAGR of 6.4% |
Flax seeds also known as linseed is rich in omega-3 fats, fiber, and protein improves digestion, regulates blood sugar level, and work as anti-carcinogenic. Flaxseed contains around 18% of protein, which is then used as animal feed or as ingredients in food and beverages and dietary supplements.
Kazakhstan is the largest producer of flaxseed, followed Russia and China. In the global market, Russia and Canada are the top exporters of flaxseed. Asia-Pacific is the largest market for the flax-based protein market, whereas, North America is expected to witness a rapid growth rate. Globally, the flax-based protein market is expected to grow with a double-digit growth rate.
Key Players in the global market such as Cargill has dedicated brands for the production of flax-based protein specifically for cattle. As flax-based protein is rich in omega-3 fatty acids, it provides a good nutritional value for the production of good quality beef. This feature of flax-based protein is one of the crucial market drivers as the vegan population will be choosing the alternative as a good nutrient source.
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Flaxseeds are traditionally used for rectifying digestive issues. As awareness about the nutrient value of flaxseed among manufacturers and consumers is increasing, the market is expected to witness considerable growth.
With an increasing population with a sedentary lifestyle, consumers prefer easy to cook food which is as well nutritious in value. To satisfy the nutritional requirements, there is a boom in the market of smoothies as Flax-based protein powder is a vital nutritious ingredient, which gives nutty texture and neutral flavor.
In recent times, consumers are following the trend of consuming superfoods. Flax-based protein is considered as superfood owing to its high nutritious value and gaining traction in the global market as it is easily available. Flax-based protein is gaining market traction as it is a nutritious vegan substitute for meat-based protein.
Flax-based protein is catering to the increasing vegan population as flax is a non-dairy source of high protein content that can be administered in the diet in the form of dietary supplements, sports nutrition, convenience food, bakery and confectionery, and more.
Some of the prime players of Global Flax-based Protein Market are
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Manufacturers are promoting flax-based protein as a gluten-free product to their consumer base, and hence increasing. This increase in production is in response to the increasing population affected by celiac disease.
Flax-based protein has a good opportunity to grow serving the inflating vegan population globally. In the segment of nature, organic flax-based protein has a high opportunity to grow in the market, owing to its demand from the consumer base. Manufacturers are innovating to produce non-GMO flax-based protein, and are also aiming to acquire major certifications so as to claim the quality of the product and process of production.
As consumers are now more conscious of the diet and food they intake, manufacturers are identifying and responding to the demand by producing customized flax-based protein blends, catalyzing weight loss. For catering the population manufacturers have developed flax-based protein cereal mix, cracker, bread, energy bars, and more.
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The Flax-based Protein market report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analysing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the Flax-based Protein market report projects the attractiveness of each major segment over the forecast period.
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Flax-based Protein Market
