Supported by evolving consumer preferences towards healthy diets, kenaf seed oil is gaining attention as a viable cooking oil, in addition to positive cancer research outcomes.
ROCKVILLE, MD / ACCESSWIRE / April 12, 2021 / 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.
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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.
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Kenaf Seed Oil Market - 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.
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.
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., Shree Laxminaryan Oils, 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.
About the Report
This 170-page research study offers in-depth market projection on the kenaf seed oil market. The report delivers compelling insights on the kenaf seed oil market on the basis of nature (organic and conventional), and end use industry (cosmetics & personal care, paints & lubricants, nutraceuticals, functional food, and biofuel) and across five regions (North America, Latin America, Europe, Asia Pacific excluding Japan, and Middle East & Africa).
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SOURCE: Fact.MR
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