Kenaf Seed Oil Market Expected to Record Highest CAGR by 2019 to 2027
This report provides prediction and investigation of the kenaf seed oil market. It offers antique statistics along with global forecast data by the end of 2027.
[UKPRwire, Fri May 03 2019] FactMR has actively published a new research study titled “Kenaf Seed Oil Market Expected to Record Highest CAGR by 2019 to 2027 | Key Players are Shree Laxminaryan Oils, Pepagora, Gincoc Limited, etc.” to its broad online database. This assessment works to discourse the major trends, opportunities and drivers motivating the kenaf seed oil market during the period from 2018-2027. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants. As per research findings, the global kenaf seed oil market is expected to showcase impressive growth at 6% CAGR during the period until 2027.
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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.
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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.
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.
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