The global kenaf seed oil market
size is expected to reach USD 257.3 million by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.1% over the forecast period. Presence of various bioactive compounds including tannins, alkaloids, saponins, steroids, essential oils, and fatty acids in kenaf seed oil is expected to promote the product’s utility as a functional ingredient in the formulation of biofuels in the near future.
Biofuel and lubricants held the largest share in 2018 and are expected to expand at the fastest CAGR of 6.3% in terms of revenue from 2019 to 2025. Biofuels are gaining popularity owing to increasing global warming, which is attributed to the extensive utilization of fossil fuels. According to a report published by the Intergovernmental Panel on Climate Change (IPCC), in October 2018, the average global temperature has increased by 1.5 degree Celsius due to significant increase of carbon dioxide in the atmosphere.
Governments across the globe are taking initiatives to cut down the dependency of fossil fuel by adopting renewable energy sources such as biofuel. According to United States Environmental Protection Agency (EPA), the government is aiming at producing 36 billion gallons of biofuels annually, majorly ethanol and biodiesel by 2022. These initiatives are projected to boost the product’s demand over the forecast period.
Asia Pacific was the largest regional market in 2018, accounting for a share of 67.7% in terms of revenue. Supportive government policies aimed at enhancing the biofuel industry output in countries including China and India are expected to expand the application of kenaf seed oil. For instance, in May 2018, the Ministry of New and Renewable Energy (MNRE) of India, aimed at spending USD 719.1 million on the development second generation (2G) ethanol Bio refineries over the next few years.
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Further key findings from the report suggest:
- Biofuel and lubricants held the largest share in 2018 due to increasing application of biodiesels at a global level. The segment is expected to register the fastest CAGR of 6.3% in terms of revenue from 2019 to 2025
- Asia Pacific led the kenaf seed oil market and accounted for a revenue share of 67.7% in 2018 owing to supportive government policies on increasing the biofuel industry output
- Key market players include Hemp, Inc.; Chempro Technovation; Advanced Biofuel Center; and Shree Raghvendra Agro Processors.
Grand View Research has segmented the global kenaf seed oil market on the basis of application and region:
Kenaf Seed Oil Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 – 2025)
- Cosmetics & Personal Care
- Biofuel & Lubricants
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