Burgeoning Demand for Biofuels to Underpin Kenaf Seed Oil Market Growth Through 2027

According to a recent report by Fact.MR, the kenaf seed oil market is estimated to continue its bullish run during the 2019-2027 period with global sales poised to surpass 27,000 tons in 2019. The healthy growth of the market can be attributed to the increasing demand for kenaf seed oil in an assortment of industries such as pharmaceutical, lubricants, food and beverages, cosmetics, personal care, and biofuel.

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The study finds that end-users are becoming increasingly aware of the growing demand for kenaf fibers and its derivatives in an array of industries such as paper, construction, textile, furniture, and biofuel. The short harvest time of three to five months makes kenaf a potential alternative to hemp, jute, and flax which can fulfill the demand for natural raw-material in industries while overcoming the problem of deforestation. With sustainability gaining traction in different industries, the demand for kenaf is estimated to rise in the foreseeable future. Consequently, governments around the world are promoting the development of a commercial kenaf value chain. The focus on the development of profitable kenaf value chains is expected to aid in the production of kenaf seed required for the production of kenaf seed oil. Additionally, growing awareness about the potential benefits of kenaf seed oil is likely to become a prime focus of the kenaf value chain in the foreseeable future.

The study finds that kenaf seed oil production is also receiving government support in many countries. For instance, Malaysia renamed its National Tobacco Board to National Kenaf and Tobacco Board which has allocated 2000 hectares of land to small farmers for cultivation of Kenaf. Along similar lines, the Nigerian government announced that it would continue to support the production of kenaf as it has the potential to give the economy a substantial boost. The Fact.MR report opines these initiatives will continue to play a vital role in the kenaf seed oil market growth with sales of conventional kenaf seed oil projected to surpass 24,500 tons in 2019 registering a Y-o-Y growth of more than 5.5% through 2018.

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The Fact.MR report tracks the kenaf seed oil market for the period 2019-2027. According to the report, the kenaf seed oil market is projected to grow at 6.2% CAGR through 2027.

kenaf seed oil market segmentation

Key takeaways from the presented Kenaf Seed Oil Market analysis:

  • In-depth understanding of the innovations in the market space
  • Region-wise assessment of the different factors expected to influence market growth in each region
  • Influence of technological advances on the market
  • A thorough assessment of growth opportunities for market players in different regions
  • Analysis of the supply-demand ratio in different end-use industries

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Chapter 1 – Global Kenaf Seed Oil Market – Executive Summary

The report on kenaf seed oil market commences with an executive summary which provides brief yet affluent information about the kenaf oil market in terms of value and volume. A detailed opportunity assessment of the kenaf seed oil market has also been provided in the chapter in addition to exclusive recommendations from Fact.MR analysts.

Chapter 2 – Global Kenaf Seed Oil Market Overview

A concrete definition of the kenaf seed oil market along with a brief introduction to the kenaf seed oil market has been provided in the chapter. Additionally, a detailed taxonomy of the kenaf seed oil market to aid readers in developing a holistic understanding of the market has been provided. The chapter also lists all the megatrends prevalent in the kenaf seed oil market.

Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/09/09/1912661/0/en/Health-Nutrition-Trends-Shaping-the-Future-of-the-Global-Whey-Protein-Market-Reveals-Fact-MR.html

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