Global Kenaf Seed Oil market size is estimated to be valued over USD 177 million in 2019. In terms of volume, the industry is expected to surpass 33, 000 metric tonnes in 2019 and will register a CAGR of 6.7% to create new market opportunity for industry players. Growth in the segment is largely driven by increasing demand from food, pharmaceutical, and biofuels.
Commercial application of kenaf seed oil is relatively new since very little research has been conducted on the product, thereby limiting its actual market potential. However, in last few years, the demand has surpassingly increased. Kenaf is commercially cultivated in over 20 countries particularly in China, India, Vietnam and Thailand. Kenaf seed is a by-product of the kenaf industry. As per the estimates, Kenaf seed contains 33.1% carbohydrate, 24.93% crude protein, 18.94% fat along with some other constituents. It is considered highly beneficial to human health owing to its antioxidant property. As a result, it is widely getting used as cooking oil, cosmetic ingredient, and lubricants.
Government Support to Enhance the Kenaf Seed Oil Market Demand Worldwide
Kenaf is an industrial crop and lately its usage has increased manifold in last few years. Many government are creating favorable ecosystem for production of kenaf. For instance, Malaysia has allocated 300 hectare of land for production of Kenaf. The move was taken to become market leader in kenaf production in ASEAN countries. These plants do not require any specific conditions and can grow in limited climatic resources – making it cost effective and highly profitable.
Limited Production and Rising Raw Material Prices is a Key Concern for Kenaf Seed Oil Market Players
Only few companies are operational in processing and extraction of kenaf seed oil. The actual extraction is however less compared to the total production capacity. This is mainly due to limited supply of kenaf seed. Higher demand has in turn led to raw material price surge, which is reflected in end-use marketing channel. The Industry is characterized by presence of small and mid size players with majority of them having lower technical specialization. Rising awareness and search for alternative oil products will create higher demand for kenaf seed oil. This will push the right environment for emergence of major players in the segment.
Global Kenaf Seed Oil Market Size Analysis and Industry Opportunity: By Region
Globally, Asia Pacific dominated the Kenaf seed oil market demand. In 2018, the region accounted for 53% of global sales. India and China are major destination. As per the estimates, 11,330 metric tons of kenaf seed oil is consumed in these two countries collectively. The percent share is expected to further increase during the forecast period.
Global Kenaf Seed Oil Market Size and Forecast: Competition Landscape
Some key Kenaf Seed Oil market players are:
- Kenaf Development Association of Nigeria
- Shree Laxminaryan Oils
- Parchem Fine & Specialty Chemicals Inc.
- National Kenaf and Tobacco Board
- Gincoc Limited
- Thar Process
By Product Type:
By End-use Industry:
What Will You Discover in the Report?
- An in-depth analysis of the Kenaf Seed Oil market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Kenaf Seed Oil market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Kenaf Seed Oil market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Kenaf Seed Oil industry during the forecast period
- Who are the Kenaf Seed Oil industry leaders and what are the key initiatives taken by them for long term growth
Who will benefit from the Report?
- Kenaf Seed Oil Industry Suppliers
- Kenaf Seed Oil Industry Manufacturers
- Consultants and Analysts
Analyst access with Bekryl Market Analysts
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