Demand for Kenaf Seed Oil Market to Grow at 6.2% CAGR Through 2027

According to a recent report by Fact.MR, the kenaf seed oil market is estimated to continue its bullish run during the 2019-2027 period with global sales poised to surpass 27,000 tons in 2019. The healthy growth of the market can be attributed to the increasing demand for kenaf seed oil in an assortment of industries such as pharmaceutical, lubricants, food and beverages, cosmetics, personal care, and biofuel.

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The study finds that end-users are becoming increasingly aware of the growing demand for kenaf fibers and its derivatives in an array of industries such as paper, construction, textile, furniture, and biofuel. The short harvest time of three to five months makes kenaf a potential alternative to hemp, jute, and flax which can fulfill the demand for natural raw-material in industries while overcoming the problem of deforestation. With sustainability gaining traction in different industries, the demand for kenaf is estimated to rise in the foreseeable future.

Consequently, governments around the world are promoting the development of a commercial kenaf value chain. The focus on the development of profitable kenaf value chains is expected to aid in the production of kenaf seed required for the production of kenaf seed oil. Additionally, growing awareness about the potential benefits of kenaf seed oil is likely to become a prime focus of the kenaf value chain in the foreseeable future.

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The study finds that kenaf seed oil production is also receiving government support in many countries. For instance, Malaysia renamed its National Tobacco Board to National Kenaf and Tobacco Board which has allocated 2000 hectares of land to small farmers for cultivation of Kenaf. Along similar lines, the Nigerian government announced that it would continue to support the production of kenaf as it has the potential to give the economy a substantial boost. The Fact.MR report opines these initiatives will continue to play a vital role in the kenaf seed oil market growth with sales of conventional kenaf seed oil projected to surpass 24,500 tons in 2019 registering a Y-o-Y growth of more than 5.5% through 2018.

Burgeoning Demand for Biofuels to Underpin Kenaf Seed Oil Market Growth

Accelerating investments in oil and gas exploration activities due to a drop in the supply is creating a surge in the prices of fossil fuels. The growing prices of fossil fuel in addition to extended governmental support for research and development of eco-friendly fossil fuel alternatives is bolstering investments into the production of kenaf seed-based biodiesel. Additionally, kenaf seed-based biodiesel is increasingly gaining traction in an array of industries owing to their non-toxic nature and substantially low emissions.

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The plant-based fuel offers a potential eco-friendly alternative which can provide efficient performance while lowering the adverse impact of fossil fuel emissions on the environment. Studies have concluded a mixture of diesel and kenaf seed oil-based biodiesel to perform effectively under all load conditions. According to the report, the biodiesel segment is projected to register a Y-o-Y growth of over 7% in 2019 with numerous companies adopting biodiesel due to governmental regulations and in an effort to achieve sustainability.

Functional Food to Remain a Vital Revenue Pocket for Kenaf Seed Oil Market

Changing consumer lifestyle, food quality, and growing awareness about the lack of nutrition in the daily diet is creating a surge in the demand for functional food and nutraceuticals. According to WHO, cardiovascular diseases continue to remain the leading cause of deaths around the world and an increasing prevalence of the condition is propelling the demand for functional food and nutraceuticals that combat the development of the diseases.

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Numerous studies have suggested kenaf seed oil to exhibit hypocholesterolemia effects which can be leveraged for managing high cholesterol, lipid peroxidation levels, weight, and liver fat. The potential use of kenaf seed oil as cholesterol and weight deterrent can open lucrative opportunities for kenaf seed oil market.

The Fact.MR report tracks the kenaf seed oil market for the period 2019-2027. According to the report, the kenaf seed oil market is projected to grow at 6.2% CAGR through 2027.

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