Global Kenaf Seed Oil Market to Witness Steady Expansion During 2019-2027
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 kenaf seed oil extraction 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. 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.
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.
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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.
Regional Analysis: Important regions covered in the kenaf seed oil market report include:
- North America (Canada, US)
- Latin America (Argentina, Mexico)
- Europe (NORDIC, UK)
- MEA and Japan
- APEJ (China, India)
The kenaf seed oil market report also provides data regarding the key countries in the defined regions.
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.
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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.