The market Kenaf seed oil will continuously grow from 2019 to 2027 and the worldwide sale of it will surpass 27000 in the year 2019 as per the report Fact.MR. The growth of Kenaf seed oil market is related to its increased demand in different industries such as Food, cosmetic, beverages, lubricants, biofuel, personal care, and pharmaceutical.
The users are aware of the growing demand for Kenaf and its derivatives in a wide verity of industries such as biofuel, textile, paper, construction, and furniture. The harvest time of Kenaf is short which can lead to tackle the deforestation problems caused by industries. The demand of Kenaf in different industries is growing in different industries. Governments are also promoting Kenaf value chain and such a step will help in the increased production of Kenaf seed. The increased awareness about the benefits of Kenaf seed oil will also increase the focus on it in the near future.
According to the study, different governments are supporting the cultivation of Kenaf. Malaysia and Nigeria are examples of such governments. According to the report of Fact.MR such initiatives will keep on growing and the Kenaf seed oil will go beyond 24500 tons in the year 2019 with Y-o-Y growth of 5.5% in the year 2018.
A large number of investments being put into the Oil and Gas exploration, the increasing prices of fossil fuels and the governments support to find the fossil fuel alternative is increasing the production of Kenaf seed oil. The non-toxic nature of this oil is also increasing its use in the industries. Studies have confirmed that a mixture of diesel and Kenaf seed oil works perfectly in all conditions. The Y-o-Y of Kenaf seed oil in the year 2019 will be 7%.
The change in lifestyle and the increased awareness about the nutritional benefits of Kenaf seed oil is increasing its demand. The heart diseases can be combated through the use of food and nutrients that combat these problems. The Kenaf seed oil provides the perfect balance of nutrients. The use of Kenaf can control weight thus leading to the decrease of cholesterol which is creating a market of Kenaf seed oil. The report of Fact.MR is tracking Kenaf oil seed market from the year 2019 to 2027 and the CAGR of it expected to be 6.2% in the year 2027.