Worldwide Consumption Of Kenaf Seed Oil Is Anticipated To Increase At A 6.1% CAGR By 2033

Fact.MR: The global kenaf seed oil market will register a growth rate of over 6% CAGR for the duration of the forecast period, 2021-2031. Growth will largely be fueled by growing demand for healthy cooking oil options in addition to an upsurge in expenditure on biofuel development research. Characteristics of kenaf seed oil including constituents including steroids, tannins, essential oils, and fatty acids are likely to boost adoption amidst an increasingly health-conscious global population.

"Rising demand for biofuels to hold back the growing threat of global warming through the reduction of fossil fuel usage is projected to generate interest in the applications of kenaf seed oil in the upcoming years. Furthermore, the oil is also expected to gain the attention of cosmetics manufacturers, especially towards skin care applications owing to the large amount of omega-6 fatty acids in new formulations, creating key niche growth opportunities," opines Fact.MR in its new study.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗙𝗿𝗲𝗲 𝗦𝗮𝗺𝗽𝗹𝗲 𝗖𝗼𝗽𝘆 𝗼𝗳 𝗧𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.factmr.com/connectus/sample?flag=S&rep_id=1087?PS

𝗞𝗲𝗻𝗮𝗳 𝗦𝗲𝗲𝗱 𝗢𝗶𝗹 𝗠𝗮𝗿𝗸𝗲𝘁: 𝗞𝗲𝘆 𝗙𝗶𝗻𝗱𝗶𝗻𝗴𝘀

• Biofuel and lubricant applications account for major share owing to lower emission characteristics.

• Kenaf oil finds significant growth in niche applications of cosmetics and personal care product formulations owing to antioxidant and fatty acid constituents.

• Nigeria is a country with growth potential owing to government initiatives towards kenaf cultivation.

• India and China hold major market share owing to easy availability of raw materials and investments towards biofuel production.

𝗞𝗲𝗻𝗮𝗳 𝗦𝗲𝗲𝗱 𝗢𝗶𝗹 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆- 𝗞𝗲𝘆 𝗗𝗿𝗶𝘃𝗶𝗻𝗴 𝗙𝗮𝗰𝘁𝗼𝗿𝘀

• Concerns over climate change and the rising opportunities for biofuels is favorable for market growth.

• Health benefits associated with kenaf cooking oil is generating niche opportunities for sales.

• Potential for applications in cancer treatment research owing to phenolic constituents supports growth.

𝗞𝗲𝗻𝗮𝗳 𝗦𝗲𝗲𝗱 𝗢𝗶𝗹 𝗠𝗮𝗿𝗸𝗲𝘁 - 𝗞𝗲𝘆 𝗥𝗲𝘀𝘁𝗿𝗮𝗶𝗻𝘁𝘀

• Limited supply of kenaf oil seeds and the resultant increase in prices is a key factor hampering adoption rates.
• Inadequate refining infrastructure for kenaf seed oil remains a concern for manufacturers

𝗚𝗲𝘁 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝘁𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.factmr.com/connectus/sample?flag=RC&rep_id=1087?PS

𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗳 𝗖𝗼𝘃𝗶𝗱-𝟭𝟵 𝗢𝘂𝘁𝗯𝗿𝗲𝗮𝗸
The demand for kenaf seed oil is expected to be moderately impacted by the ongoing coronavirus pandemic. Lockdown restrictions have impacted the availability of manpower and disrupted supply chains, hurting short-term growth. The lack of consumer awareness about kenaf seed oil will also hinder recovery in the near future.

On the other hand, potential applications of kenaf seed oil in nutraceuticals and functional food formulations will gain impetus during the pandemic, and will generate growth opportunities that are likely to continue for through the coming decade.

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. 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.

𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲

The global kenaf seed oil market is moderately fragmented, with the presence of numerous regional players operating in the global market. Players covered in the kenaf seed oil market include Parchem Fine & Specialty Chemicals Inc., Kenaf Development Association of Nigeria, Pepagora, Chempro Technovation Pvt. Ltd., Gincoc Limited, Advanced Biofuel Center, Thar Process, Inc., The Department of Agriculture and Fisheries, and National Kenaf and Tobacco Board.

Major players in the kenaf seed oil market are focusing their efforts towards production and geographical expansion, in addition to investing into strategic agreements towards distribution and production, for long-term growth opportunities.

In February 2020, Hemp Inc. announced a US$ 1 million sales agreement for its DrillWall blend of kenaf-hemp oil, aimed towards loss circulation material in the oil and gas drilling industry.
Brits Automotive Systems in collaboration with Sustainable Fibre Solutions announced the commencement of processing of derivatives and fiber of Kenaf in a new plant in Winterton KwaZulu-Natal. Further, the Kenaf Development Association of Nigeria is leveraging the ban on synthetic packaging materials for agricultural produce trade including kenaf fiber and oil.

𝗚𝗲𝘁 𝗙𝘂𝗹𝗹 𝗔𝗰𝗰𝗲𝘀𝘀 𝗼𝗳 𝗖𝗼𝗺𝗽𝗹𝗲𝘁𝗲 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.factmr.com/checkout/1087

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This release was published on openPR.