Honge Seeds Market - 2023-2030

Overview

Global Honge Seeds Market reached US$ 102.98 million in 2022 and is expected to reach US$ 161.91 million by 2030, growing with a CAGR of 5.8% during the forecast period 2023-2030.

The global honge seeds market has witnessed significant growth and developments over the years, the demand for honge seeds or pongamia pinnata seeds is increasing in various applications such as biofuel production, fertilizers, livestock feeds, and also highly used in various medicines due to their anti-inflammatory, antibacterial, and antifungal properties.

Furthermore, producers are also focusing on developing innovative products.For instance, Hasiru Agro Pvt Ltd company produces Pongamia Paradiseproduct, which is a medium-sized raw Honge.They are used for various medicinal, and industrial purposes.Hence, such products can help in increasing the market growth.

The oil-based segment accounts for the largest share in the global honge seeds market.Similarly, the Asia-Pacific region dominates the global share, as the government in this region is investing more on developing these products and to expand the market, which can help in driving the global honge seeds market.

Dynamics

Increase in Demand for Honge Oil

The demand for honge oil is increasing among the biodiesel industries, as these seeds contain high oil contents, which are suitable for biodiesel production, providing an alternative and sustainable source of biofuel.Hence, the demand for honge oil production can help in driving the honge seeds market.

Furthermore, manufacturers are producing innovative products.For instance, Monish Enterprises company produces honge oil under the Dhanavantri brand, which is a cold-pressed oil, organic, hence, such products can help in increasing the adoption rate for honge oil, which can help in increasing the honge seeds market.

Rising Awareness About the Medicinal Uses of Honge

Consumers are highly adopting the honge in various medicinal products, as they provide potential medicinal properties.The oil extracted from the seeds is believed to have anti-inflammatory, antimicrobial, and antifungal properties, driving interest in its use in traditional healthcare practices.Hence, such factors can help in increasing the adoption rate.

Furthermore, manufacturing companies are also using the honge oil for developing various products, for instance, Balu Herbals company produces Karanja (Kanuga) Oil, this is recommended for inclusion in moisturizers and hair care products where emolliency is desired.In skin care, it is also used to treat eczema, psoriasis, skin ulcers, and dandruff.Hence, such products can help in increasing the market growth.

Growing Conditions

Honge seeds are natively cultivated in the regions of South and Southeast Asia.However, the variability in yields, influenced by factors like soil conditions, climate, and cultivation practices, can present challenges for farmers and businesses seeking a reliable and consistent supply of Honge seeds.

Segment Analysis

The global honge seeds market is segmented based on nature, product form, distribution channel, application, and region.

Increase in Demand for Plant-based oil Products such as Honge Oil

The oil-based honge segment accounts for the largest share of the global honge seeds market, As honge oil has a high oil content, making it a suitable feedstock for biodiesel production.Also, Honge oil has been used for its potential medicinal properties such as anti-inflammatory, antibacterial, and others.The oil may be applied topically to treat skin conditions or wounds and also it has moisturizing and emollient properties, Honge oil can be used in cosmetic and personal care products.

Furthermore, Companies are diversifying their Honge oil product offerings as part of their strategies to broaden their market presence and increase market share. for instance, Alka Ayurvedic Pharmacy company produces Karanj Seed Oil -Virgin Unrefined Cold Pressed Oil for Skin.Hence, such products can help in increasing the global honge seed market.

Geographical Penetration

Government Initiatives in Asia-Pacific

Asia-Pacific has been a dominant force in the global honge seeds market and with its significant growth, consumers in this region are highly adopting various applications including medicinal, agriculture, biodiesel production, and others as they offer potential benefits.Hence, such factors can help in driving the market in this region.

Furthermore, the government in this region is focusing on developing honge production, for instance, in February 2022, the government of India and the government of Karnataka, India, distributed 8 newly developed Pongamia (karanj) pod decorticators and 10 mini oil extraction machines to farmers to improve biofuel production in the country.

Competitive Landscape

The major global players in the market include MONISH ENTERPRISES, GREEN FIELDS HERBAL GRASS AND FORESTRY SEEDS, Mother Herbs (P) Ltd., Hasiru Agro Pvt Ltd, Vijaya Agro Industries., NaturallyGreen, Genuine Fert & Pest Private Limited, Kalgudi, Santrupti Agro Products, and NavaFresh.

COVID-19 Impact Analysis

The pandemic had brought disruption in the supply chain of the global honge seeds market, as countries imposed a lockdown many manufacturing companies were shut down due to which the supply and the production of products were disrupted hence it had impacted the growth of the global honge seeds market.

By Nature

• Organic
• Hydrid

By Product form

• Raw Form
• Oil-based
• Powdered
• Others

By Distribution channel

• Online sales
• Hypermarkets/Supermarkets
• Convenience stores
• Others

By Application

• Biodiesel
• Lubricants
• Pharmaceuticals
• Pesticides
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In July 2023, Bunge and Chevron's Renewable Energy Group Inc., a subsidiary of Chevron Corporation acquired Chacraservicios S.r.l., based in Argentina from the Italian-based Adamant Group.This latest investment in novel seeds adds a new oil source in Bunge.
• In July 2023, Syngenta Vegetable Seeds acquired of Feltrin Sementes, a leading Brazilian vegetable seed company serving smallholder growers and home gardeners in 40+ countries.

Why Purchase the Report?

• To visualize the global honge seeds market segmentation based on nature, product form, distribution channel, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of honge seeds market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global honge seeds market report would provide approximately 70 tables, 64 figures and 210 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies