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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Kenaf Seed Oil Market: segmentation
End Use Industry
- Cosmetics & Personal Care
- Lubricants & Coatings
- Functional Food
- North America
- Latin America
Kenaf Seed Oil Market – Competitive Landscape
- Hemp Inc., a leading player operating in the kenaf seed oil market, launched equipment which uses kenaf as a loss circulation material (LCM) that is used to seal the hole around the oil well to prevent mud and other toxic substances from leaking into underground water streams or other porous earth surfaces around the drill. The machine known as DrillWall was made using the core of kenaf. The growing demand for kenaf is expected to increase commercial production of kenaf seeds which, in turn, is estimated to propel kenaf seed oil market growth.
- Intensifying research towards the use of kenaf seed oil in the potential treatment for cancer saw another addition to the list of developments after research concluded that the oil substantially reduced the severity of leukemia in mice.
- Kenaf seed oil’s potential application as a viable treatment option for cholesterol and higher lipid profiles received a significant boost after a study suggested the use of bio-oil in cardio-protective functional foods for countering cholesterol.
- With the widening of the supply-demand gap, kenaf seed oil market players are increasingly investing in research and development of techniques which boost yield and quality of kenaf seeds. A recent development in the area was the release of a study which concluded that continuous kenaf cropping on the same plot of land deteriorates soil fertility and adversely impacts the quality of kenaf seeds.
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..