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Kenaf Seed Oil Market Expected to Secure Notable Revenue Share during 2018 to 2028

Apr 9th 2019 at 3:51 AM

Kenaf plant is also known as hibiscus cannabis, is a plant from the Hibiscus family and is native to South Asia. It is also known by the name of Deccan hemp or java jute. The kenaf seeds obtained from the plant contains about 18-22% of edible vegetable oil which is high in omega polyunsaturated fatty acids. Hence, kenaf seed oil is used in fortified food for its high nutrient content. Kenaf plant is cultivated in countries such as India, Bangladesh, U.S., Indonesia, Malaysia, Africa, Viet Nam and Thailand and to some extent in Europe. Malaysia is one of the key producers of the kenaf seed oil and efforts are being made to enhance and commercialize the production in this region. For Nigeria, boosting kenaf and kenaf seed oil production is a win-win deal as it contributes to the growth of the Nigerian economy and also creates employment. Many organizations have also been focusing on the development of the value chains of various countries for the kenaf seed oil based on the existing condition of infrastructure and industrialized state of the kenaf seed oil market. Right at the period when fortified food, natural and herbal ingredient markets are witnessing growth, the product potential of the kenaf seed oil seems unlimited. In Africa, the kenaf seed oil lacks the product quality which can be exported and exploited at the international level and currently only satiates the rural use.

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Global Kenaf Seed Oil Market: Segmentation

On the basis of end use, the kenaf seed oil market is segmented as-

  • Fortified Food & Beverage
  • Cosmetics & Personal Care
  • Paints & Lubricants
  • Others

Global Kenaf Seed Oil Market: Industry Profile & Key Takeaways

As the production of kenaf seed oil is not commercialized yet, manufacturers in the kenaf seed oil market mostly include very small companies. The kenaf seed oil market is still in the growth phase and in terms of consumer awareness, the kenaf seed oil fairs poorly. Despite rigorous government efforts, the kenaf seed oil market is scaling up slowly. To name of few companies operating in the kenaf seed oil market, these are- Kenaf Green Industries, Kenaf Development Association of Nigeria and WellnessWillpower. Currently, the price of the kenaf seeds is around US$3000 to US$ 6000 per MT.

Opportunities for Kenaf Seed Oil Market Participants

The automotive industries and the kenaf related stakeholders could be the focal point to come together and enhance kenaf utilization in the backdrop of the global automotive market because currently, kenaf seed oil is being used majorly as a lubricant. There is a need for extensive marketing and promotion of the benefits of the kenaf seed oil as a food additive and in the personal care industry, to boost the market growth of the kenaf seed oil.

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Brief Approach to Research

A modelling-based approach and triangulation methodology will be followed to estimate data covered in this report. A detailed market understanding and assessment of the applications, types, forms and end uses of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data is collected at a regional level, consolidated and synthesized at a global level to estimate the overall market sizes.

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