A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global kenaf seed oil market. Presenting exclusive insights into the market from 2019 to 2027, the report projects that the market will witness significant growth during the forecast period. The growth of the market is primarily driven by demand for biofuel as an alternative to fossil fuel, and increasing usage of the oilseed in the formulation of various cosmetics products due to the strong presence of omega-6 fatty acids. Over the years, the popularity of kenaf seed oil has exponentially increased, on the back of its potential use as biodiesel in wide range industrial and automotive applications. Increasing concerns regarding environmental conditions and favorable government initiatives for research and development activities are also complementing the swift growth of the market. Also, the presence of components, such as phenolic, anti-tumor, anti-inflammatory, antioxidant, and phytosterol, make it ideal for application in plant-based drugs to reduce cholesterol and high lipid profile in patients.
Kenaf Seed Oil Poised to Gain Traction as a Biodiesel Additive and Cooking Oil
The concerns regarding global warming have burgeoned in the recent past, and the kenaf seed oil is expected to replace fossil fuel in the coming years. Even governing bodies across the world are promoting the use of kenaf seed-based biofuel, owing to its environment-friendly nature. Such initiatives will increase the adoption of kenaf seed oil as a biodiesel additive in the automotive industry in the forthcoming years. Besides, kenaf seed oil contains a plethora of bioactive elements such as alkaloids, tannins, essential oils, saponins, steroids, and fatty acids. The composition makes kenaf oil a highly-functional bio-oil with various health benefits. Moreover, the kenaf seed oil is considered to have a strong amount of digestible protein, thus making it a healthy alternative to cooking oil. Furthermore, market players are investing in the research and development activities (R&D) to increase their shelf-life, which will subsequently increase the demand as a cooling oil. Kenaf seed oil also finds traction in the healthcare industry owing to its phenolic content, which makes it suitable as an anti-cancer agent in the treatment of cancer. Besides, the kenaf seed oil is being used in the nutraceuticals and functional food sectors owing to its effectiveness as a weight control compound.
High Cost and Lack of Expertise to Retrain Market Growth
The high cost of kenaf seeds coupled with a lack of commercialized production of the kenaf seed oil is likely to limit the growth of the market to a certain extent. Moreover, very few companies are specializing in the processing of kenaf seed oil, thus expanding the gap between the supply and demand. Besides, the inadequacy of effective resources for the optimized refining process, which is crucial to maintain the concentration of bioactive compounds is also expected to impede the speedy market growth.