The linseed oil market is anticipated to generate USD 7,904 million in sales revenue globally in 2023. It is anticipated to expand at a CAGR of 6% to reach a worth of USD 13,972.5 million by 2033.
Due to the health advantages it provides, the flax plant and linseed oil have benefited numerous generations of humans as well as animals. As a result, growth of 1.04x was anticipated between 2022 and 2023.
With the scientific revolution and technological developments, the flax plant is cultivated mainly for the production of linseed oil by pressing. It is utilized in paints, varnishes, lubricants, and the leather industry. The above-mentioned uses are expected to push the demand for cold-pressed flaxseed oil in the coming decade.
Sales of linseed oil have been soaring in the food and beverage industry due to the rising awareness about nutritional value. Linseed oil is in high demand because of its ability to function as a natural laxative and customers' growing preference for healthy diets, which notably aids in reducing cancer and heart illnesses.
| Attributes | Details |
|---|---|
| Expected Market CAGR (2023 to 2033) | 6% |
| Expected Market Size (2023) | USD 7,904 million |
| Expected Market Size (2028) | USD 10,719.87 million |
| Expected Market Size (2033) | USD 13,972.5 million |
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With the substantiated robust connection between diet and disease, many health-conscious people are keen on consuming healthy food and keeping track of the food that they are consuming.
| Market CAGR (2016 to 2021) | 6% |
|---|---|
| Market CAGR (2018 to 2022) | 2.4% |
| Market Size (2018) | USD 1,922.5 million |
| Market Size (2022) | USD 7,600 million |
| Market Size (2030) | USD 12,022.13 million |
With the publicity of the health benefits of linseed oil, the market is likely to show a growth of 4.7% between 2022 and 2028. Moreover, being organic and of vegetarian origin, linseed oil is replacing other oils, such as fish oil, as a dietary supplement.
The refined linseed oil market has changed in recent years due to the factors such as:
The global market expects a valuation of USD 13,500 million by 2032. Even though the market's growth rate has experienced extreme ups and downs in recent years, linseed oil producers still have room for innovation, like the production of organic flaxseed oil.
Currently, aquaculture is significantly growing at a tremendous pace, causing concomitant growth in the aquaculture feed industry. Traditionally opted feed ingredients such as fishmeal and fish oil are limited due to currently available resources. To meet the increasing demand for aquaculture feed, vegetable oils such as linseed oil and rapeseed oil are being adopted.
A mixture of vegetable oils can be used instead of a single vegetable oil although the fatty acid composition of linseed oil and other vegetable oils is different as compared to fish oil. Studies have revealed that substituting fish oil with vegetable-based oil, such as linseed oil, has no negative effect on the final weight, growth, survival, and fatty acid profile of the test aquatic animal.
Since linseed oil is hazardous and can cause fires, the market is likely to suffer during the forecast period. Additionally, it irritates the skin and eyes when in contact, which makes it unsuitable for use in baby products. Also, PVC has largely replaced linoleum, which is preventing the global market from expanding.
The United States held a leading share of 8.8% in 2022. Most diets in America lack sufficient amounts of omega-3 fatty acids, which can be fulfilled by consuming linseed oil as a salad dressing or in a smoothie. Linseed oil is a rich source of ALA (alpha-linolenic acid), which is a precursor of essential omega-3 fatty acids EPA (eicosapentaenoic acid).
Several studies have pointed out that including omega-3 fatty acid-containing food in the daily diet might help fight obesity in a healthy way, due to its ability to improve adipocyte function. Owing to all these benefits, the North America linseed oil market is predicted to show significant growth over the forecast period.
The market is anticipated to expand over the coming years, as countries in North America like the United States and Canada continue to seek wooden products. The region’s expanding infrastructure also resulted in a significant increase in the demand for wooden products in both residential and commercial construction.
| Country | CAGR (2023 to 2033) |
|---|---|
| India | 17.9% |
| China | 4.6% |
Linseed oil consumption in the region is anticipated to rise as the food processing industry and the construction sector grow in emerging nations like China and India. Over the expected time, it is anticipated that increasing knowledge of the health advantages of linseed oil in the pharmaceutical and food industries is likely to have a favorable impact on the regional market statistics.
Increasing urbanization and industrialization tendencies in developing nations like China, Indonesia, and India have sped up the building industry. This increased demand for flaxseed oil for use in flooring, varnishing, and painting.
The increasing residential construction investment throughout countries in Asia as a result of the region's growing population is what's driving the need for paints and varnishes. This further boosted projections for the linseed oil industry and expected a valuation of USD 12,731.43 million by 2031.
Quick infrastructure development led to a huge demand for wood products, which is expected to drive the demand in Asia Pacific region.
Growing consumer demand for environment-friendly and sustainable products, as well as the distinctive qualities and advantages of linseed oil, has fueled the development of advanced linseed oil as a specialty chemical. As a result, the United Kingdom anticipates a CAGR of 4.8% by 2033.
The United Kingdom’s linseed oil sector is anticipated to increase as a result of the expanding trend toward adopting natural and environment-friendly products. An eco-friendly substitute for synthetic chemicals, linseed oil is a natural and renewable resource that is biodegradable and emits few volatile organic compounds.
There is a rising obligation for enhanced transparency, consistency, and gloss across different industries, such as consumer goods and automobiles. Owing to this, the demand for linseed oil is predicted to show an increase in the forthcoming years. Particularly in vehicle and building arenas, escalating product penetration with wide application in paints & textiles is likely to influence the linseed oil market outlook.
Linseed oil is expected to witness an increase in demand due to its expanding range of uses as a component used in oil paintings to impart qualities like making it liquid, finishing, clear, and glossy. Product demand may be influenced by the expanding consumer goods and automotive industries.
Raw linseed oil is predicted to acquire a high share of the global market over the forecast period. This is attributed to the increasing adoption of raw linseed oil in wood polishing and finishing.
In comparison with conventional paints, linseed oil-based paints are better in surface penetration, which promotes a long lifespan. All these features are anticipated to show increased consumption of linseed oil in the next few years.
To meet consumer demand, producers must proactively plan and implement strategies:
Linseed oil companies have been planning their strategies to keep their positions in the global market by taking part in alliances, mergers and acquisitions, joint ventures, geographic expansion, and product diversification.
Recent Developments:
The CAGR of the market is 6% through 2033.
The global market size may achieve USD 13,972.5 million by 2033.
In 2023, the market is expected to be around USD 7,904 million.
From 2018 to 2022, the global market advanced at a CAGR of 2.4%.
India market is predicted to exhibit a CAGR of 17.9% in 2023.
With the scientific revolution, demand is accelerating.
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Linseed Oil Market
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