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.
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- 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.
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- 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.
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- 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.
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