LOS ANGELES, June 25, 2019 /PRNewswire/ -- Kenaf seed oil is a vegetable oil, which is also used for the production of biofuel, cosmetics, and industrial lubricants. It contains omega fatty acids in high amount, with a good percentage of linoleic acid. The global Kenaf seed oil market will grow at a significant rate due to increasing demand for Kenaf fiber in wide range of industries. The market is also expected to benefit from the growing awareness of the potential benefits of Kenaf seed oil in the market.
The report provides an in-depth analysis of the Kenaf seed oil in its latest research report. It provides an overview of the top players in the market, giving the readers an unbiased outlook of the competitive landscape. The report also offers a key business strategies that the players are likely to use to optimize the trends and opportunities present in the global kenaf seed oil market over the forecast period.
Global Kenaf Seed Oil Market: Drivers and Restraints
The kenaf seed oil is gaining attention as its use as biodiesel acquires popularity. Furthermore, growing applications of Kenaf oil in various end-use industries, such as automotive and industrial has also boosted the market. Rising worries about the environmental conditions due to usage of conventional fuels combined with the several government initiatives for the R&D of biofuels are expected to propel the growth of the market in the near future. The healthcare industry is also looking at Kenaf oil with seriousness as its high phenolic content is known to benefit cancer treatments.
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However, the shortage of optimized refining process to maintain the concentration of bioactive compounds in the bio-oil and the increasing prices of kenaf seeds due to its erratic production creates a negative impact on the growth of the global kenaf seed oil market.
Global Kenaf Seed Oil Market: Forecast by Segments
The global kenaf seed oil market is segmented on the basis of nature and end-use.
- Cosmetics & Personal Care
- Paints & Lubricants
- Functional Food
Asia Pacific is expected to grab the largest market share due to the easy availability of the raw materials for the production of kenaf seed oil. India is also likely to lead the global kenaf seed oil market because of the government support for the production and development of a kenaf seeds, boosting the regional market.
Global Kenaf Seed Oil Market: Key Players
Some of the leading companies operating in the global kenaf seed oil market are Hemp Inc., Parchem Fine & Specialty Chemicals Inc., Shree Laxminaryan Oils, Kenaf Development Association of Nigeria, Pepagora, Chempro Technovation Pvt. Ltd., Gincoc Limited, Advanced Biofuel Center, Thar Process, Inc., The Department of Agriculture and Fisheries, and National Kenaf and Tobacco Board.
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Global Kenaf Seed Oil Market: Competitive Landscape
One of the major players, Hemp Inc., is a leading player in the global kenaf seed oil market due to its increasing demand for kenaf seeds. HQGE has signed an agreement with Hemp Inc. to help in distribution and the production of high quality organically CBD products. Companies are adopting the strategy of mergers and acquisitions to increase the size of the firm and its market power.
Global Kenaf Seed Oil Market: Research Methodology
The global kenaf seed oil market report is exhaustive analysis of the market. Researchers have used precision-driven research methodologies to compile a coherent and an unbiased report. The report consists of a two-step research methodology, which includes secondary and primary research. These researchers have obtained key industry insights of the market through extensive research. The team of analysts has conducted interviews of industry experts from kenaf seed oil market to authenticate the collected information. Secondary sources mainly include the paid data bases, trade journals, company's press releases, and the company's balance sheet. The analysts have triangulated the research for an accurate evaluation of the segments in the market.
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