Kenaf Seed Oil Demand Upheld by Growing Applications as Edible Oil, Finds New Study, Reports Fact.MR

The study finds that kenaf seed oil production is also receiving government support in many countries. For instance, Malaysia renamed its National Tobacco Board to National Kenaf and Tobacco Board which has allocated 2000 hectares of land to small farmers for cultivation of Kenaf. Along similar lines, the Nigerian government announced that it would continue to support the production of kenaf as it has the potential to give the economy a substantial boost. The Fact.MR report opines these initiatives will continue to play a vital role in the kenaf seed oil market growth with sales of conventional kenaf seed oil projected to surpass 24,500 tons in 2019 registering a Y-o-Y growth of more than 5.5% through 2018.

Accelerating investments in oil and gas exploration activities due to a drop in the supply is creating a surge in the prices of fossil fuels. The growing prices of fossil fuel in addition to extended governmental support for research and development of eco-friendly fossil fuel alternatives is bolstering investments into the production of kenaf seed-based biodiesel. Additionally, kenaf seed-based biodiesel is increasingly gaining traction in an array of industries owing to their non-toxic nature and substantially low emissions. The plant-based fuel offers a potential eco-friendly alternative which can provide efficient performance while lowering the adverse impact of fossil fuel emissions on the environment. Studies have concluded a mixture of diesel and kenaf seed oil-based biodiesel to perform effectively under all load conditions. According to the report, the biodiesel segment is projected to register a Y-o-Y growth of over 7% in 2019 with numerous companies adopting biodiesel due to governmental regulations and in an effort to achieve sustainability.

Changing consumer lifestyle, food quality, and growing awareness about the lack of nutrition in the daily diet is creating a surge in the demand for functional food and nutraceuticals. According to WHO, cardiovascular diseases continue to remain the leading cause of deaths around the world and an increasing prevalence of the condition is propelling the demand for functional food and nutraceuticals that combat the development of the diseases. Numerous studies have suggested kenaf seed oil to exhibit hypocholesterolemia effects which can be leveraged for managing high cholesterol, lipid peroxidation levels, weight, and liver fat. The potential use of kenaf seed oil as cholesterol and weight deterrent can open lucrative opportunities for kenaf seed oil market.

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