FLAX CROP MARKET ANALYSIS

Flax Crop MarketSize and Trends

Flax is also known as a common flax or linseed, which is a crop mainly cultivated in the cooler regions of the world. There are two verities of flax plants, one which yields blue flowers and the other which yields white flowers. Textiles made from flax plant are known as linen, which are mainly used for bed sheets, table linen, and under garments. Oil extracted from the plant is known as linseed oil. It is widely used in paint binder, putty and wood finish because of its drying (water repellent) properties. Flaxseed oil is extracted by cold pressing. This keeps its nutrients in their original form, making it fit for human consumption.

Market Outlook

• North America held the dominant position in global flax crop market in 2017 and it is projected to maintain its dominance throughout the forecast period. This is owing to higher presence of flax crop manufacturers in the region. In North America, the U.S. is the most lucrative market for flax crops. Furthermore, according to Industrial Oil Crops’ Journal, in 2016, oilseed flax is primarily grown in Canada, because of favorable weather conditions for flax farming. According Flax Council of Canada, Canada is the world’s leading producer and exporter of flax seed from 1994, recording flax exports at over 500,000 tons in 2016/17.
• Moreover, increasing investment by governments in flax industry is expected to aid in growth of the market in the region. For instance, in December 2016, Government of Canada invested around US$ 135,000 in the Flax Council of Canada to develop four nutritious flax-based food products that may also help to lower cholesterol.
• Flax seed accounted for highest revenue share in the market in 2017. Flax seed is a versatile product and has wide application. Flax seed oil is used as anti-termite agent. It is useful in the process of leather conditioning and wood finishing application.