The global kenaf seed oil market is estimated to gain sizable opportunities in end use industries mainly in biofuel due to increasing overall production of biodiesel across the developed as well as developing economies. Also, the global market for kenaf seed oil is expected to witness a rise in the demand of kenaf seed oil due to increasing production of kenaf seed in Asian and African countries which include India, Bangladesh, ASEAN Countries, and Nigeria. Moreover, on the backdrop of an increased supply-demand gap over the historical period, the global market for kenaf seed oil is expected to witness expansion in the overall production of the kenaf seed oil across the globe.
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On the backdrop of increased health awareness and demand for kenaf seed oil in end use industries such as biofuel, and functional food industry, expansion in overall cultivation area across the developed as well as emerging economies is anticipated to create enormous opportunities in kenaf seed oil market during the forecast period. Countries like India, Malaysia, and Nigeria are expected to show strong growth in the global kenaf seed oil market from 2019 – 2027.
A recent Fact.MR research analysis foretells the kenaf seed oil market to register a growth of 6.2% over the estimated period (2019 – 2027) in terms of volume sales. However, paints & lubricants industry is expected to dominate overall sales of kenaf seed oil in terms of both volume and its equated value throughout forecast years.
Kenaf Seed Oil Market – Biofuel Industry to Create Enormous Opportunities in the Global Market
The global biofuel industry is likely to gain more market opportunities over the forecast period owing to increasing demand of kenaf seed oil in developed as well as developing countries. Biofuel industry to witness a steady growth rate among end use industries segment and is expected to grow at a CAGR of 9.4% over the forecast period. The overall demand for kenaf seed oil is expected to increase in near future due to growing use of biodiesel in automotive sector.
The overall production of biodiesel is expected to increase in legacy regions such North America and Europe which is expected to create amplified demand for kenaf seed oil in these regions. Also, continuous technological advancement for extracting oil is expected to increase the overall production of kenaf seed oil over the forecast period.
Kenaf Seed Oil Market – High prices of kenaf seed oil is expected to hamper the growth of the market
The global kenaf seed oil market is highly fragmented owing to the presence of a relatively few numbers of commercialized kenaf seed oil processors at global and local level. This factor has resulted in many end-use industries facing challenges with regards to the high price of kenaf seed oil, which, in turn, has an impact on the use of kenaf seed oil in end-use industries. As a result, the end-use industries may prefer other seed oils. Fluctuations in the international prices of kenaf seed and its products are expected to impact the growth of the market across the globe due to increasing Supply-Demand gap.
The global kenaf seed oil market growing factor includes the rising demand and consumption of kenaf seed oil in several end use industries, increasing non-edible applications of edible oil and increasing number of commercialized cultivators and processors. The global market for kenaf seed oil is also expected to witness a rise in the sales of the products due to increasing production capacities of the kenaf seed cultivators in prominent Asian countries.
Kenaf Seed Oil Market – Frontrunner Countries Remains Largest Market for kenaf Seed Oil throughout Forecast Years
The global market for kenaf seed oil is estimated to record strong growth in frontrunner countries mainly in India and Bangladesh as compared to competitors and contender countries due to favorable climatic conditions and expansion in overall cultivation area of kenaf in these countries. Due to the rise in the agricultural sector, the demand for kenaf seed and its products are likely to grow in the frontrunner countries, thereby, resulting in the increasing application of kenaf seed oil as edible oil in functional food industry. The global market for kenaf seed oil in the Frontrunner region is expected to grow 1.7x times by 2027 as compared to 2019 due to increasing number of end use projects in this region and rising number of kenaf seed oil processors and suppliers.