Kenaf Seed Oil Market – Key Insights
- Growing demand for kenaf fiber in an assortment of industries, coupled with increasing awareness about the potential benefits of kenaf seed oil were key factors behind the healthy growth of the kenaf seed oil market which was clocked at over 5% during the 2013-2018 period.
- Kenaf seed oil market was valued at over US$ 165 million in 2018; global revenues are set to grow at a CAGR of over 6% during the 2019-2027 period.
- India is projected to hold bulk of the kenaf seed oil market share during the forecast period. Easy availability of raw materials for kenaf seed oil production remains a key growth factor for the market in India.
- India is also expected to emerge as the fastest growing kenaf seed oil market with government extending support to kenaf production and focusing on developing a profitable value chain around its production.
What is Propelling Kenaf Seed Oil Market Growth?
- Kenaf seed oil is increasingly gaining traction for its potential use as biodiesel in a range of industrial and automotive applications. Growing concerns about the deteriorating environmental conditions, coupled with extended government support for research and development of biofuels is estimated to contribute significantly to kenaf seed oil market growth.
- The presence of an assortment of bioactive compounds in kenaf seed oil such as alkaloids, tannins, essential oils, saponins, steroids, and fatty acids make it a highly-functional bio-oil with potentially diverse health benefits. Additionally, studies have found existence of a high amount of digestible protein in the kenaf seed oil. The factors make kenaf seed oil a healthy cooking oil alternative. Research on stabilizing kenaf seed oil to increase shelf-life is further expected to underpin its potential usage as edible cooking oil.
- With high phenolic content, kenaf seed oil offers a lucrative treatment potential for tackling cancer. Numerous studies exploring the potential use of kenaf seed oil in cancer treatment have suggested the bio-oil to be a natural anti-cancer agent. These researches are estimated to aid in the launch of numerous kenaf seed oil-based bio-health cancer treatment options which are likely to bolster kenaf seed oil market growth.
- The phenolic, anti-tumor, anti-inflammatory, antioxidant, and phytosterol compounds present in kenaf seed oil make it a potential product for use in plant-based drugs to combat cholesterol and high lipid profile in patients. Additionally, its prospective use as a weight control compound is creating a demand for kenaf seed oil in nutraceuticals and functional food market.
- Numerous studies working towards substantially bolstering the production of kenaf seeds around the year is a key factor estimated to drive the kenaf seed oil market growth.
What are the Key Challenges for Growth?
- Burgeoning prices of kenaf seeds, owing to stifled production is a key concern which needs to be addressed by kenaf seed oil stakeholders. A lack of commercialized production of kenaf, coupled with substantially fewer companies specializing in kenaf seed oil processing is a vital cause behind the widening supply-demand gap in the kenaf seed oil market.
- Lack of optimized refining process to maintain the concentration of bioactive compounds in the bio-oil is estimated to dent the growth of kenaf seed oil market. Refining is necessary to improve the oxidative stability of the oil, however, it is likely to impact the physiochemical of the kenaf seed oil which can influence its efficacy in different applications. The factor is estimated to hamper kenaf seed oil market growth.
Kenaf Seed Oil Market – Competitive Landscape
- Hemp Inc., a leading player operating in the kenaf seed oil market, launched equipment which uses kenaf as a loss circulation material (LCM) that is used to seal the hole around the oil well to prevent mud and other toxic substances from leaking into underground water streams or other porous earth surfaces around the drill. The machine known as DrillWall was made using the core of kenaf. The growing demand for kenaf is expected to increase commercial production of kenaf seeds which, in turn, is estimated to propel kenaf seed oil market growth.
- Intensifying research towards the use of kenaf seed oil in the potential treatment for cancer saw another addition to the list of developments after research concluded that the oil substantially reduced the severity of leukemia in mice.
- Kenaf seed oil’s potential application as a viable treatment option for cholesterol and higher lipid profiles received a significant boost after a study suggested the use of bio-oil in cardio-protective functional foods for countering cholesterol.
- With the widening of the supply-demand gap, kenaf seed oil market players are increasingly investing in research and development of techniques which boost yield and quality of kenaf seeds. A recent development in the area was the release of a study which concluded that continuous kenaf cropping on the same plot of land deteriorates soil fertility and adversely impacts the quality of kenaf seeds.
Other leading players operating in the kenaf seed oil market include Shree Laxminaryan Oils, Pepagora, Gincoc Limited, Thar Process, Inc., National Kenaf and Tobacco Board, The Department of Agriculture and Fisheries, Advanced Biofuel Center, Chempro Technovation Pvt. Ltd., Kenaf Development Association of Nigeria and Parchem Fine & Specialty Chemicals Inc..
Conventionally Produced Kenaf Seed Oil Finding Increasing Application as Bio-lubricant
The petroleum-based lubricants used currently are composed of substances which are harmful to the environment and do not disintegrate on disposal. Mineral-based lubricants exhibit similar properties with the presence of toxic additives posing an additional threat to the environment. Due to these factors industries are seeking eco-friendly alternatives to conventional lubricants. Kenaf seed oil is finding increasing application as a biolubricant in an assortment of industries owing to its effective performance. Additionally, the development of techniques to enhance the viability and scale of biolubricant production is estimated to uphold kenaf seed oil demand in industries. Manufacturers are using conventionally produced kenaf seed oil for biolubircant production due to its affordable pricing and easy availability relative to organic kenaf seed oil.
In addition to this, demand for kenaf seed oil continues to surge in nutraceuticals, cosmetics & personal care, functional foods, pharmacy, and biofuels.
The report on kenaf seed oil market is a consequence of a robust and exhaustive research methodology. A two-step research methodology involving primary and secondary researches was applied to obtain key insights into the kenaf seed oil market. Interviewing seasoned experts from the kenaf seed oil market formed the basis of primary research while secondary research was conducted by thoroughly studying trade journals, paid sources, company press releases, and other kenaf seed oil market-related publications. Results from both the steps of research were triangulated to create an authentic and accurate forecast of the kenaf seed oil market.
Scope of the Report
A recently released report by Fact.MR provides invaluable, actionable insights into the kenaf seed oil market. The report includes a list of all the key factors influencing the kenaf oil market performance along with explanations justifying their inclusion in the report. A detailed analysis of all the macro and microeconomic factors impacting the kenaf seed oil market growth have been included in the report. Both quantitative and qualitative assessment of the identified factors has been provided in the report. A comprehensive opportunity assessment of the kenaf seed oil market has also been included in the report. In addition to this, a comprehensive analysis of the competitive landscape prevalent in kenaf seed oil market has been provided towards the end of the report.
Chapter 1 – Global Kenaf Seed Oil Market – Executive Summary
The report on kenaf seed oil market commences with an executive summary which provides brief yet affluent information about the kenaf oil market in terms of value and volume. A detailed opportunity assessment of the kenaf seed oil market has also been provided in the chapter in addition to exclusive recommendations from Fact.MR analysts.
Chapter 2 – Global Kenaf Seed Oil Market Overview
A concrete definition of the kenaf seed oil market along with a brief introduction to the kenaf seed oil market has been provided in the chapter. Additionally, a detailed taxonomy of the kenaf seed oil market to aid readers in developing a holistic understanding of the market has been provided. The chapter also lists all the megatrends prevalent in the kenaf seed oil market.
Chapter 3 – Market Dynamics
The chapter sheds light on all the key drivers, trends, threats, restraints, and challenges impacting the kenaf seed oil market.
Chapter 4 – Overall Kenaf Market Assessment
Under the chapter, a brief overview of the kenaf market has been provided. Additionally, the chapter sheds light on the new and upcoming techniques being leveraged for oil extraction. A comprehensive comparison between the fat content in kenaf seed oil with other edible oils has been included in the chapter.
Chapter 5 – Trade Analysis
The chapter provides a detailed analysis of the global kenaf trade. A list of all the key producers and consumers of kenaf has been included in the chapter along with all the factors influencing the production and consumption of kenaf worldwide.
Chapter 6 – Survey Analysis
A detailed survey analysis of all the key aspects of the kenaf seed oil market has been provided in the chapter. The chapter breaks down the kenaf seed oil market on the basis of manufacturers and end-user industries. Each of the categories is identified thoroughly on an assortment of factors.
Chapter 7 – Kenaf Seed Oil Market – Pricing Analysis
The chapter provides a comprehensive assessment of the pricing trends prevalent in the kenaf seed oil market. A detailed analysis of the pricing trends on the basis of the geographic region has been provided in the chapter. In addition to this, the chapter identifies and analyzes all the factors influencing the prices of kenaf seed oil.
Chapter 8 – Supply Chain Analysis
A detailed assessment of the kenaf seed oil market supply chain has been provided in the chapter. The chapter sheds light on the key kenaf seed oil producing countries. Additionally, a list of all the key end-use industries utilizing kenaf seed oil has been provided in the chapter. The chapter also analyzes the manufacturing process used for the production of kenaf seed oil and links it with the market performance.
Chapter 9 – Key Indicators Assessment
The chapter provides a PESTLE and Porter’s Five Forces analysis of the kenaf seed oil market. In addition to this, the chapter includes a detailed assessment of the kenaf seed oil life cycle on the basis of geographical regions. A historical analysis of the kenaf seed oil market performance during the 2013-2018 period has been provided in addition to a forecast of the market performance until 2027.
Chapter 10 – Global Kenaf Seed Oil Market Analysis and Forecast, 2013-2027
A detailed breakdown of the global kenaf seed oil market on the basis of nature, end-use industry, and region have been provided in the report. The chapter provides a comprehensive analysis of the kenaf seed oil market using different scenarios to help business professionals and stakeholders develop a clear understanding of the kenaf seed oil market. A historical analysis of each of the aforementioned segments along with an accurate and authentic forecast of the kenaf seed oil market has been included in the chapter.
Chapter 11 – Frontrunners Kenaf Seed Oil Market Analysis 2013-2018, and Forecast 2019-2027
The chapter identifies the key countries which lead the kenaf seed oil market in terms of production and consumption. A comprehensive historical analysis of the kenaf seed oil market prevalent in each of the identified country has been provided in the report. Additionally, a forecast of the kenaf seed oil market in each of the regions has been included along with a detailed market attractiveness analysis.
Chapter 12 – Competitors Kenaf Seed Oil Market Analysis 2013-2018 and Forecast 2019-2027
Under this chapter, all the countries where the kenaf seed oil market is growing at a tremendous rate have been identified. A detailed historical assessment of the kenaf seed oil market prevalent in each of the region along with a forecast of the market performance has been provided in the chapter. Additionally, the chapter also provides a market attractiveness analysis.
Chapter 13 – Contenders Kenaf Seed Oil Market Analysis 2013-2018 and Forecast 2019-2027
A list of all the countries where the kenaf seed oil market is gradually bolstering has been included in this chapter. The chapter sheds light on the historical and future Y-o-Y growth of each region along with an absolute dollar opportunity to be created by the kenaf seed oil market in the foreseeable future.
Chapter 14 – Competitive Assessment
The chapter provides a detailed assessment of the competitive landscape prevalent in the kenaf seed oil market. A detailed breakdown of the revenue distribution among the different players operating in the kenaf seed oil market has been provided in the chapter.
Chapter 15 – Company Profiles
All the leading players operating in the kenaf seed oil market are identified in the chapter. A detailed profile of each of the identified player sheds light on their product portfolios, notable business developments, revenue share, market presence, global footprint, strategies, strengths, and weaknesses. The information provided in the chapter can be leveraged by business professionals and stakeholders in the kenaf seed oil market for streamlining their strategies according to the trends prevalent in the kenaf seed oil market. Additionally, the information provided in the chapter can help new players gauge the level of competitiveness prevalent in the market and identify entry barriers into it.
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