Market Overview
After a market cap of $228 million in 2033, global consumption of hemp seed oil is projected to grow with a CAGR of 6.1% from 2023 to 2033.
Therefore, the world kenaf oil market is expected to reach a sales revenue of 412.5 million USD by the end of 2033.
Market Drivers
Biofuels are becoming a better option to use less fossil fuels. Therefore, the yield of kenaf seeds as a substrate should be increased. Also, due to their concentration of fatty acids, such oilseeds are often used as active ingredients in the manufacture of cosmetics.
The demand for kenaf oil is influenced by many factors, such as the use of kenaf oil as biodiesel in many manufacturing and automotive industries. The negative growth of global warming due to the increased use of fossil fuels is an important factor affecting the market.
International authorities therefore support the use of kenaf oil-based biofuels. This environmentally friendly seed is used as an alternative to fossil fuels and provides better performance without harming the atmosphere. This initiative is expected to provide new opportunities for business growth during the forecast period.
Market Restraints
There is no developed process to control the content of bioactive components in the bio-oil and the increase in the price of kenaf seeds, because continuous production affects the expansion of all kenaf oil. Concerns about environmental damage coupled with government support for biofuel production are expected to contribute to the growth of the kenaf oil industry. Additionally, because of their high levels of omega-6 unsaturated fats that improve skin health, oilseeds are a great candidate for formulation in a variety of beautifying products that require kenaf oil. The significant growth of kenaf oil in various markets and the recognition of its benefits are the main drivers of the steady growth of the kenaf oil market.
Market Opportunities
Due to its many health benefits, hemp seed oil is now in high demand. It is effective in the treatment of many diseases. Kenaf oil is often used to create cosmetics to prevent, moisturize and heal skin bruises and other skin problems. It is also used in medicinal products for nutraceuticals, cosmetics and personal care, nutraceuticals, pharmaceuticals and biofuels, whose market will grow exponentially. Increasing demand for cooking oil, coupled with increasing demand and healthy eating habits, is expected to drive the kenaf oil market forward.
COVID-19 Analysis
Due to the COVID-19 outbreak, negative effects were seen in the market. Governments around the world have banned foreign trade to prevent the spread of the virus. Since there are only a few producers in the sector, the supply of kenaf oil is affected, affecting the growth of the market.
Market Size and Segmentation
- By Nature
- Conventional
- Organic
According to the product of Kenaf oil, the market can be divided into gas and organic oil. The market for organic kenaf oil will be the largest because it contains phenolic, antineoplastic, anti-inflammatory, antioxidant and phytosterol compounds, making it useful in skin care products and in botanical medicine to regulate cholesterol and blood lipids in the body. Patients.
- By Application
- Biofuel & lubricants
- Cosmetics & personal care
- Food industry
- Others
The linseed oil market is divided into four segments by application: biofuels and lubricants, cosmetics and personal care, food industry and others. From 2021 to 2026, the demand for biofuels and lubricants will increase the most. The use of biodiesel increasing carbon emissions is increasing worldwide and non-toxic products associated with carbon monoxide should be a priority. In addition, strict government policies to limit carbon emissions and efforts to reach biodiversity through biodiesel production in developing regions will further strengthen the growth of this segment.
- By Geography
- North America
- The U.S.
- Europe
- Germany
- France
- Asia Pacific
- China
- India
- Bangladesh
- Central & South America
- Brazil
- Middle East & Africa
Based on geographic analysis, the market can be divided into North America (United States, Canada and Mexico), Asia Pacific (India, China, Japan, Malaysia, Singapore and Rest of Asia Pacific), Europe (Germany, USA, UK). , Italy, France, Spain, the Netherlands and the Rest of Europe), the Middle East and Africa (Saudi Arabia, the United Arab Emirates and the Rest of the Middle East and Africa), and Central and South America (Brazil, Argentina and the Rest of the Central Country) the rest) and South America). Currently, Asia Pacific holds the highest sales in the kenaf oil market and is expected to dominate over the forecast period. Countries in the Asia-Pacific region are expected to hold the majority of kenaf oil market demand during the forecast period due to the huge potential for kenaf oil production. In addition, the government is increasing funding for the development of kenaf and is focusing on creating a sustainable supply chain in its production. In addition, consumption of foods and beverages with benefits such as healthy hair and skin is expected to increase the number of oil kenafs during the forecast period.
Competitive Analysis
The market is very fragmented due to the limited number of manufacturers in the world. In addition, many local players such as Hemp, Inc., Chempro Technovation and Shree Raghvendra Agro Processors stand out in different regions. In addition, large companies have adopted marketing strategies such as collaborating with regional growers to expand their market applications, introduce new products and expand distribution channels, enhance the medicinal properties of seed oil to reach the highest number of customers and meet customer needs. Meet the needs of healthier consumers.
Major players are increasing the popularity of their products, especially in developing countries, including the United States.
Governments in the United States, Canada, and Germany are promoting biofuels.
Key Competitors
ChemproTechnovation
National Kenaf
Hemp Inc.
Pepagora
Shree Raghvendra Agro Processors
Inc. Advanced Biofuel Center
Thar Process
Gincoc Limited