Global Kenaf Seed Oil Market - 2022-2029
The global kenaf seed oil market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
Kenaf seeds provide a toxin-free vegetable oil. Cosmetics, industrial lubricants, and biofuel manufacturing are all possible uses for kenaf seed oil. Kenaf oil contains a significant amount of omega polyunsaturated fatty acids (PUFAs), which are now proven to aid human health. Over the forecast period, rising demand for biofuel to combat global warming by reducing fossil fuel usage is predicted to boost the use of kenaf seed as a precursor. Furthermore, because of the large level of omega-6 fatty acids, this oilseed is projected to gain traction as a functional ingredient in the formulation of various cosmetic products.
Increase awareness regarding the health benefits of kenaf seed oil
Hibiscus cannabinus, sometimes known as kenaf, is a valuable fiber plant native to Africa and India that belongs to the Malvaceae family. Saponins, tannins, alkaloids, polyphenolics, steroids, and essential oils are some of the active components found in this plant. Traditional folk medicine in India and Africa uses it. The seeds are used to produce edible oil. This oil contains alpha-linolenic acid, an antithrombotic and anti-inflammatory omega-3 fatty acid. This oil contains phytosterol, an antioxidant, anticancer, and cholesterol-lowering lipid. The major unsaturated fatty acids in kenaf seed oil are palmitic, oleic, and linoleic acid. It also includes phenols, saponins, tannins, alkaloids, and other bioactive components. Due to phytochemicals, kenaf seed oil has anti-hypercholesterolemic, anti-oxidation, anticancer, anti-inflammatory, and other biological effects. Because of bioactive components, kenaf seed oil has considerable health advantages and pharmacological actions such as antioxidant activity, anti-hypercholesterolemic, anticancer, anti-inflammatory, anti-ulcer, and antithrombotic. The kenaf seed oil has been nano encapsulated and microencapsulated to increase its bio accessibility and bioavailability in the gastrointestinal tract.
Organic kenaf seed oil segment accounted for the highest share in prepared flour mixes market
Organic kenaf seed oil is made from plants or herbs that have been grown or processed by organic principles. According to the American Heart Association, organic kenaf seed oil has the lowest percentage of saturated fats (about 11%) and the highest percentage of 'healthy' fats. It contains about 69 percent polyunsaturated fat, making it one of the most polyunsaturated fats. Thus, organic kenaf seed oil is expected to grow at a CAGR of XX % during the forecast period.
Biofuels and lubricants held the largest share in 2021 and are projected to grow at the fastest CAGR of XX% in revenue during the forecast period. Due to the combination of non-toxicity and significantly lower emission characteristics compared to petroleum-based gasoline and other fuel products, the increase in biodiesel use on a global scale is expected to continue to be a significant trend. In addition, strict government regulations to reduce carbon emissions, coupled with initiatives to achieve sustainability through promoting biodiesel in developed countries in North America and Europe, will help the kenaf seed oil market growth over the forecast period.
Asia-Pacific is the fastest growing region during the forecast period
During the forecast period, Asia Pacific was the largest regional market, accounting for xx percent of global revenue. Concerns over rising global warming, combined with the depletion of fossil fuel supplies in countries like China, Japan, and South Korea, are driving greater demand for kenaf-based seed oil. In addition, the governments of several nations, including India, China, Bangladesh, and Malaysia, are supporting kenaf crops in order to promote regional sustainability. According to a report made by state media in September 2017, China plans to implement the usage of ethanol gasoline countrywide by 2020.The government is largely focusing on the domestic production of biofuels, which are primarily made from cellulosic plants, including kenaf, crop waste, grasses, and trees. These initiatives are expected to open new avenues for the seed cultivators and ensure a significant increase in the demand in the next few years.
The global kenaf seed oil market is fragmented. Key manufacturers continue to pursue market strategies such as forming alliances with regional cultivators, improving the chemical properties of seed oil to expand application areas, launching new products, and expanding distribution channels to gain a larger customer base and meet the growing demand of health-conscious consumers. Industrial Hemp Manufacturing, LLC, Hemp, Inc.'s fully owned subsidiary in Spring Hope, North Carolina, had announced its first Kenaf harvest. According to executives, the 150 acres of Kenaf were reportedly cut, raked, baled, and brought to Hemp, Inc.'s 70,000 square foot industrial hemp processing facility, where it was weighed, stored, and paid for.
COVID-19 Impact: Positive impact on the global kenaf seed oil market
Rising awareness of the oil's health benefits is projected to propel global market growth. Monounsaturated and polyunsaturated fatty acids in kenaf seed oil are beneficial to cardiovascular health. Furthermore, this oil is utilized in personal care items like soap manufacture and industrial applications, lubricants, and biofuel. Furthermore, seed oils are more environmentally friendly than mineral oils because they are biodegradable. Therefore, several benefits associated with kenaf seed oil are expected to drive the market growth post-COVID-19 pandemic.
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Understand the current market scenario and viability of global kenaf seed oil market over the forecast period.
Visualize the composition of the global kenaf seed oil market terms of type and application to identify major players, growth potential, and market strategies.
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PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
Excel data sheet with valuable data points of the global kenaf seed oil market – Regional and Country level segmentation
Product mapping in excel for the key products of all major market players
Market Share Analysis covering business revenues ($) and revenue share (%) of key market players
The global kenaf seed oil market report would provide an access to approximately 53 market data tables, 43 figures and 180 pages
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