The worldwide Castor Oil market was valued at USD 1,224.0 Million in 2019 and is anticipated to grow at a CAGR of 2.7% over the forecast period. Castor oil is quickly becoming a crucial bio-based raw resource, making it suited for a variety of industrial uses. Furthermore, due to its unique chemical structure, castor oil serves as a major raw material in the manufacturing of a variety of end-use goods such as polyurethane adhesives, biodiesel, refrigeration lubricants, machining oils, and so on. Castor oil's adaptability has played a significant role in propelling the castor oil market's expansion.
Compared to other alternatives, castor oil is a healthier and less expensive option. As a result, food grade castor oil has effectively acquired a foothold in the food industry in the form of flavourings, food additives, mould inhibitors, and packaging. The changing price of castor beans, on the other hand, might limit market expansion due to their unpredictable supply. The supply is uneven due to the region's highly variable weather conditions as well as the lengthy harvesting procedure of castor beans.
The Global castor oil market has been segmented by different end-use industries and forms. Further, end-use industries segment is further sub-divided to food & beverage, personal care, lubricant, pharmaceuticals and others. Personal care segment of the market uses castor oil as a source of moisturizer as it consists of high fatty acid content. Food & beverage segment of the market uses castor oil for flavoring, packaging as well as in viscosity additives. In pharmaceutical industry hydrogenated property of the product is extensively used because of its lubricating property. In fuel industry, castor oil is majorly used as the fuel additive because it is biofuel obtainable in terms of per capita yield in the global market.
Key companies operating in the global castor oil market include Hokoku Corporation, Taj Agro Products, Liaoyang Huaxing Chemical Co. Ltd., Adani Group, Jayant Agro Organics, ITOH Oil Chemicals Co. Ltd., Gokul Overseas, NK Proteins, RPK Agrotech, Kanak Castor Products Pvt. Ltd., TongliaoTongHua Castor Chemical Co. Ltd., Bom Brazil, Thai Castor Oil Industries Co. Ltd. and Enovel.
Key Segments of the Global Castor Oil Market
End-User Overview, 2019-2028 (USD Million)
- Food & beverage
- Personal care
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Castor Oil market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Castor Oil market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Castor Oil industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on component, application, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Castor Oil market. The report will benefit Every stakeholder involved in the Castor Oil market.
- Managers within the Castor Oil industry looking to publish recent and forecasted statistics about the global Castor Oil market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global Castor Oil market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Castor oil is a multi-purpose vegetable oil derived from castor beans, which are predominantly found in tropical parts of Africa and Asia. It is a pale yellow, transparent active component with a faint odour. Castor oil contains antibacterial, anti-inflammatory, and moisturising qualities, making it suitable for skin and hair. As a result, castor oil remains a popular choice among customers for naturally treating common illnesses such as constipation and skin issues. Apart from that, it is widely used in the industrial sector for the processing of a wide range of goods.
Castor oil is quickly becoming a vital bio-based raw resource, making it suited for a wide range of industrial uses. As a result, its popularity as a potential replacement for petroleum-based compounds is growing. Growing demand for derivatives, particularly hydrogenated castor oil, as a pressure mould releasing component in the plastics sector, is projected to contribute to market expansion. It is also utilised as a mould release component in the production of rubbers and plastics, as well as in the production of sealants and hot-melt coatings that need water resistance. This, in turn, is expected to enhance the demand for castor oil and dandelion.
End User Segment
Application of castor oil in ppharmaceuticasls is anticapted to show lucrative growth in comig years. Ricinoleic acid, a kind of fatty acid with anti-inflammatory effects, is the primary component of castor oil. Some people use castor oil to induce birth or to initiate the flow of breastfeeding. Topical applcaition benfitis are a major area of focus for teenagers. High adoption rates of castor oil have been observed in past few years. Castor oil is a powerful moisturiser that soothes and smoothes dry, parched skin. It is high in vitamin E and ricinoleic acid, a monounsaturated lipid that works as a humectant, keeping moisture by reducing water loss through the skin.
Due to the excess producttion of castor seeds and rising domestic consumption, Asia Pacific will be the leading producer and exporter of castor oil and products by 2028. Rising household consumption, as well as the increased incorporation of castor oil in resins used in the paint, plastic, rubber, fragrance, and cosmetic sectors, can be linked to the expansion of developing countries in Asia Pacific.
Castor oil and derivatives have a well-established global market, with significant uses in the plastics and resins industries. It is obtained by mechanically crushing castor seeds, which are then processed to produce bioplastics, fuel, lubricants, medicines, and a variety of other goods. As a result, manufacturers and suppliers in the sector have significant potential to deliver quality and consistent goods through an auditable supply chain.