The global kenaf seed oil market size is expected to register revenue of USD 257.3 million by 2025 and registering CAGR of 6.1% over the forecast period from 2019 to 2025, according to a new report by Million Insights. Bioactive compounds such as steroids, alkaloids, fatty acids and essential oils present in kenaf seed oil is projected to increase the demand for the product as a functional ingredient in the making of biofuel in the next few years.
In 2018, lubricants and biofuel accounted for the largest market share and projected to grow with the fastest CAGR of over 6.0% from 2019 to 2025. Biofuels are gaining traction due to increasing global warming concern which is expected to increase the utilization of fossil fuels. In 2018, the Intergovernmental Panel on Climate Change (IPCC) reported that the global average temperature increased by 1.5 degrees delicious due to the increase in carbon dioxide in the atmosphere.
Governments across the world have taken initiatives to reduce the utilization of fossil fuels by promoting the adoption of biofuel. In the U.S. Environmental Protection Agency (EPA), the government has planned to produce 36 million gallons of biofuels per year, majorly biodiesel and ethanol by 2022. This initiative is anticipated to boost the demand for market over the forecast period.
Asia Pacific led the market, in 2018 and held the largest kenaf seed oil market share of over 67.0%. Government supportive policies to enhance the growth of the biofuel industry in several countries like India and China are projected to drive the application of kenaf seed oil.
The key players operating in this market are Advanced Biofuel Center; Chempro Technovation; Hemp, Inc.; and Shree Raghvendra Agro Processors.
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Further key findings from the report suggest:
• In 2018, biofuel and lubricants accounted for the largest market share owing to increasing demand for biodiesel across the globe. The segment is projected to grow with the fastest CAGR of 6.3% over the forecast period.
• Asia Pacific led the global market in terms of revenue, in 2018 and held the largest market share of more than 67.0% due to several initiatives taken by government for the growth of biofuel industry.
• Shree Raghvendra Agro Processors, Chempro Technovation, Advanced Biofuel Center; and Hemp Inc. are the major manufacturers operating in this industry.
Million Insights 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
Kenaf Seed Oil Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)
• North America
• The U.S.
• Asia Pacific
• Central & South America
• Middle East & Africa