Rockville , April 19, 2023 (GLOBE NEWSWIRE) -- The worldwide kenaf seed oil market is set to expand from US$ 228 million in 2023 to US$ 412.5 million by 2033. Overall, kenaf seed oil sales will surge at 6.1% CAGR between 2023 and 2033.
Growing usage of kenaf seed oil in functional foods, biofuel production, cosmetics, etc. are anticipated to drive the global market. In recent years, kenaf seed oil has become a commonly used edible oil. It is being increasingly used in functional foods due to its numerous health benefits and pharmacological activities.
These include antioxidant, carcinopreventive, and anti-hypercholesterolemic properties. This is due to presence of bioactive compounds including phytosterols, tocopherols, phenolics, etc.
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Kenaf seed oil is becoming increasingly popular in the cosmetic & personal care industry due to its nutrient-rich profile and beneficial properties. It is high in essential fatty acids and antioxidants, making it a great option for skincare products.
It is also a natural emollient. It helps to keep skin moisturized and hydrated, while also providing anti-aging benefits. It can also be used as a natural thickener, helping provide creams and lotions their desired consistency.
All of these factors are contributing to the growing demand for kenaf seed oil in the cosmetic & personal care industry.
Kenaf seed oil has a wide range of potential applications in nutraceuticals due to its high concentrations of vitamins, minerals, and other beneficial nutrients. Growing consumer interest in natural products is a major attribute pushing sales for kenaf seed oil. Increasing demand for alternative plant-based foods is another key factor that is anticipated to boost the kenaf seed oil industry.
Another important development expected to bolster the kenaf seed oil industry is the rising usage of this product in biofuel production and industrial lubricants. Consequently, rapid shift towards using biofuels will elevate kenaf seed oil demand over the forecast period 2023 to 2033.
Demand in the market will remain particularly high for organic kenaf seed oil. Organically-sourced kenaf seed oil offers a range of health benefits, without compromising on quality. It is considered to be highly healthy and safe when compared to traditional oils because of the absence of chemicals and other synthetically produced additives.
The numerous kenaf seed oil benefits are driving its popularity among health - conscious consumers. Rising awareness about healthy lifestyle choices and growing inclination towards consuming clean label food products are set to boost growth of the organic segment.
Recent developments in kenaf seed oil production methods and the emerging nutraceuticals sector have led to an increase in demand for the oil in Asia Pacific.
This has made the region a key market for kenaf seed oil, with its market value projected to accelerate significantly over the forecast period.
With increasing consumer awareness of the health benefits of kenaf seed oil, Asia Pacific is likely to continue being leading consumer of kenaf seed oil.
Key Takeaways from the Kenaf Seed Oil Market:
- Global sales of kenaf seed oil are likely to soar at 6.1% CAGR over the forecast period.
- Based on nature, demand will remain high for organic kenaf seed oil through 2033.
- By end-use industry, biofuels category currently dominates the global demand for kenaf seed oil.
- Asia Pacific held around 65% share of the global kenaf seed oil industry in 2022.
- The USA is set to account for the lion’s share in the North America market by 2033.
- Japan and Korea are likely to emerge as key markets for kenaf seed oil during the assessment period.
Growth Drivers:
- Growing awareness about the health benefits of consuming kenaf seed oil will elevate demand.
- Increasing demand for functional foods will boost the global kenaf seed oil production.
- Rising usage in biofuel processing is likely to boost kenaf seed oil sales over the projection period.
- Kenaf seed oil industry trends reveal growing applications in the cosmetics sector.
Restraints:
- High prices of kenaf seeds oil will continue to act as an impediment to market development.
- Lack of commercialized production as well as optimized refining might also limit deliveries from kenaf seed oil manufacturers.
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Competitive Landscape:
Leading manufacturers and suppliers are increasing their sales by adopting a wide range of strategies. This includes partnerships, acquisitions, mergers, agreements, and strengthening distribution channels. They are also using innovative packaging as well as reducing product prices.
For instance,
- In February 2020, Hemp Inc entered a US$ 1 million sales deal for its DrillWall mix of Kenaf-hemp oil, intended for lost circulation fluid in the drilling oil and gas sector.
- In March 2022, to expand Kenaf plantations, KVG collaborated with Al Rayes Group.
Key Companies Profiled by Fact.MR
- Pepagora
- National Kenaf and Tabacco Board
- Hemp Inc.
- The Department of Agriculture and Fisheries
- Kenaf Ventures
- Gincoc Limited
- Thar Process Inc.
- Advanced Biofuel Center
- Shree Raghvendra Agro Processors
- Parchem Fine & Specialty Chemicals Inc.
- Chempro Technovation Pvt. Ltd.
- Shree Laxminarayan Oils
- Kenaf Development Association of Nigeria
- Kenaf Venture Global
More Valuable Insights on Kenaf Seed Oil Market
In the latest study, Fact.MR offers a detailed study on the global Kenaf seed oil market for the forecast period of 2023 to 2033. This study also highlights key drivers promoting the sales of Kenaf seed oil through detailed segmentation as follows:
By Nature:
- Organic
- Conventional
By End-use Industry:
- Functional Foods
- Cosmetics & Personal Care
- Nutraceuticals
- Lubricants & Coatings
- Biofuels
- Other industries
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Key Questions Covered in the Kenaf Seed Oil Market Report
- What is the projected value of the kenaf seed oil industry in 2023?
- At what rate will the global kenaf seed oil industry grow until 2033?
- Which are the factors hampering the growth in the kenaf seed oil industry?
- Which region is expected to lead in the global kenaf seed oil market from 2023 to 2033?
- Which are the factors driving the kenaf seed oil industry during the forecast period?
- What is the expected market value of the kenaf seed oil market during the forecast period?
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