Kenaf Seed Oil Market

Kenaf Seed Oil Market Outlook (2023 to 2033)

Worldwide consumption of kenaf seed oil is anticipated to increase at a 6.1% CAGR from 2023 to 2033 after accounting for a market valuation of US$ 228 million in 2033. As such, the global kenaf seed oil market is estimated to rake in a sales revenue of US$ 412.5 million by the end of 2033.

Kenaf seeds are widely used in processing biofuels and this is a major aspect that is expected to propagate market growth potential in the future. The world has witnessed a notable increase in focus on health and fitness owing to the advent of several chronic diseases in recent years, and this trend has resulted in heightened demand for functional foods.

The health benefits associated with kenaf seed oil consumption make it an important ingredient for the manufacturing of new functional foods and nutraceuticals. The antioxidant and anti-inflammatory properties of kenaf seed oil make it a mainstay ingredient in cosmetic and personal care products. High demand for organic personal care products is another factor that is forecasted to supplement market development in the long run.

On the flip side, the high prices of kenaf seeds and the lack of an optimized refining process for kenaf seed oil are expected to have an impeding effect on the overall market growth over the next ten years.

In terms of region, Asia Pacific accounted for a dominant market share of around 65% in 2022 and is anticipated to maintain a similar share throughout the forecast period. The growth in this region can be primarily attributed to highly lucrative markets such as India, China, Japan, Malaysia, and Korea, which are also focusing on expanding their kenaf seed production capacity to meet increasing demand from several industry verticals.

India holds a major market share in this region and is expected to maintain its position as the biggest kenaf seed oil market in the APAC region across the forecast period. Supportive government initiatives, rising kenaf farming, and the presence of key kenaf seed oil suppliers are other factors that guide the demand outlook in India.

Rising investments in the development of biofuels and government initiatives to promote the use of biofuels are prominent prospects that make China a highly remunerative market for kenaf seed oil suppliers going forward.

A comprehensive regional and country-wise assessment of all the key market trends, opportunities, and challenges is mentioned in this revised kenaf seed oil research study by skilled analysts at Fact.MR, a market research and competitive intelligence provider.

Report Attributes	Details
Kenaf Seed Oil Market Size (2023)	US$ 228 Million
Projected Market Value (2033F)	US$ 412.5 Million
Global Market Growth Rate (2023 to 2033)	6.1% CAGR
Asia Pacific Market Share (2022)	~65%
Key Companies Profiled	Pepagora; National Kenaf and Tobacco Board; Hemp Inc.; The Department of Agriculture and Fisheries; Kenaf Ventures; Gincoc Limited; Thar Process Inc.; Advanced Biofuel Center; Shree Raghvendra Agro Processors; Parchem Fine & Specialty Chemicals Inc.; Chempro Technovation Pvt. Ltd.; Shree Laxminaryan Oils; Kenaf Development Association of Nigeria; Kenaf Venture Global

What are the Problematic Areas for Kenaf Seed Oil Manufacturers?

“High Prices of Kenaf Seeds and Lack of Commercialized Production”

Prices of kenaf seeds are anticipated to be a major restraint for market evolution across the forecast period. Low production, lack of commercialized raw material availability, and the presence of only a few companies specializing in kenaf seed oil processing are other factors that could obstruct the expansion potential of several kenaf seed oil manufacturers over the coming years.

Moreover, the absence of an optimized refining process to maintain the concentration of bioactive compounds and improve the oxidative stability of the oil could hurt kenaf seed oil sales in various industries. The lack of an optimized refining process influences the physiochemical properties of kenaf seed oil and changes its efficacy for several applications and hence could hurt market development throughout the forecast period.

Country-wise Insights

Will the Kenaf Seed Oil Business Thrive in the United States?

“Increasing Investments in Research & Development of Novel Biofuels Offering Lucrative Business Scope”

The government of the U.S. and energy providers in the country are increasing their investments in research and development of new biofuels and alternative energy sources to combat the fossil fuel problem and reduce carbon emissions that are accelerating global warming.

Increasing consumer demand for sustainable fuels, diminishing fossil fuels, and noteworthy advancements in new biofuel technologies are other factors that are expected to influence sales of kenaf seed oil in the country over the next ten years.

Supportive government and the establishment of innovation and R&D centers in the United States are also expected to promulgate kenaf seed oil consumption through 2033.

Are Japan and Korea Investment-worthy Markets?

“Markets Driven by Rising Demand for Biofuels and Diminishing Fossil Fuel Resources”

Japan and Korea like many other Asian countries have limited access to fossil fuel resources and since they are depleting rapidly, companies and governments in these countries are focusing on the development of alternative biofuels. This is expected to be a prominent factor driving demand for kenaf seed oil in Japan, Korea, and most other Asian countries over the coming years.

Initiatives to increase kenaf seed oil production to promote sustainable development in these countries are also expected to propel market growth throughout the forecast period.

How is Sustainability Shaping Kenaf Seed Oil Demand Outlook in Europe?

“Stringent Mandates to Reduce Carbon Footprint Driving Shipments of Kenaf Seed Oil”

Several European countries such as Germany, France, Spain, and the United Kingdom have implemented strict regulations to augment the use of fossil fuels and reduce the overall carbon footprint. This has resulted in accelerated demand for biofuels and is expected to subsequently propel kenaf seed oil sales over the next ten years.

Moreover, changing consumer preferences, rising demand for organic ingredients, and the presence of key cosmetic and personal care product manufacturers in this region are other prospects that could potentially steer market potential through 2033.

Category-wise Insights

Which Type of Kenaf Seed Oil is Estimated to Be Most Popular?

“Organic Kenaf Seed Oil Predicted to Account for Dominant Market Share”

Based on nature, the market is segmented into conventional and organic. Organic kenaf seed oil is anticipated to be popular in the future owing to rising demand for organic products and increasing awareness regarding the ill effects of chemicals and chemical-based products.

• As per the American Heart Association, organic kenaf seed oil contains a low amount of saturated fats (~11%) and the highest percentage of what they call healthy or polyunsaturated fats (~69%).

The aforementioned fact makes it a highly desirable organic product and ingredient among the vegan population, people with cardiovascular diseases, and people looking to adopt healthy lifestyles. Increasing focus on health and fitness is expected to primarily contribute to the high demand for organic kenaf seed oil over the next ten years.

Meanwhile, demand for conventional kenaf seed oil is projected to be driven by its application as a bio-lubricant in several industries. A rising focus on sustainability is expected to push industrial companies to opt for eco-friendly lubricants and ditch conventional mineral-based lubricants with toxic materials. Advancements in bio-lubricant production technologies and increasing demand are anticipated to promulgate sales of conventional kenaf seed oil through 2033.

Where Will Kenaf Seed Oil Demand Shine Bright?

“Biofuel, Lubricants & Coatings Industries Spearheading Kenaf Seed Oil Shipments”

Based on end-use industry, the market for kenaf seed oil is segmented into functional foods, nutraceuticals, biofuels, cosmetics & personal care, lubricants & coatings, and other industries.

Worsening climatic conditions of the planet have resulted in an increased focus on sustainability and this trend is expected to emerge as a prominent factor shaping market potential in the future. Governments across the world are imposing stringent mandates to curb and control the use of fossil fuels and promote the use of biofuels.

Kenaf seed oil is an important component in biofuels and hence, could witness a hike in demand across the forecast period. Increasing investments in the research and development of novel biofuels are also forecasted to have a positive impact on kenaf seed oil sales through 2033. Rising use of organic and natural ingredients in cosmetic and personal care products is also expected to result in increasing shipments of kenaf seed oil across the world.

Kenaf seed oil is a rich source of various nutritional elements such as polyunsaturated fats, antioxidants, proteins, and essential fatty acids. The aforementioned factor makes it a favorite ingredient for the production and formulation of functional foods throughout the forecast period.

Competitive Landscape

Prime kenaf seed oil suppliers are focusing on expanding their business scope across the world by deploying new strategies and targeting potential markets.

• In January 2022, Kenaf Venture Global (KVG), a leading kenaf planter and producer in Malaysia signed a Memorandum of Understanding (MoU) with the Government of Aceh to promote the expansion of the kenaf seeds business in Aceh, Indonesia. The signed MoU is anticipated to have a positive impact on society, the economy, and the environment.

Segments of Kenaf Seed Oil Industry Research

• By Nature:

  • Organic
  • Conventional

• By End-use Industry:

  • Functional Foods
  • Cosmetics & Personal Care
  • Nutraceuticals
  • Lubricants & Coatings
  • Biofuels
  • Other Industries

• By Region:

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA