Castor Oil Market by Product Type (Cold Pressed Castor Oil, Hydrogenated Castor Oil, Jamaican Black Castor Oil, Dehydrated Castor Oil, and Others) and by Application (Biopolymer, Personal Care, Food, Lubricants, Paper, Plastics & Rubber, Pharmaceuticals, Paints, Ink, and Additives, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026

Global castor oil market expected to reach USD 1,792 million by 2026, at a CAGR of around 3.7 % between 2019 and 2026. Castor oil is extracted from castor seeds, which contain around 30 to 50% oil. These seeds are separated from the plant, which is native of India and some parts of Africa and South America.

29-Jul-2019 | Number of pages: 110 | Report Code: ZMR-4504 | Report Format : | Status : Published

Analysis

Castor oil is extracted from castor seeds, which contain around 30 to 50% oil. These seeds are separated from the plant, which is native of India and some parts of Africa and South America. Castor oil and its derivatives are used as bio-based raw material and have various applications in various industries, such as biopolymer, personal care, food, lubricants, paper, plastics and rubber, pharmaceuticals, paints, ink, and additives. This vast application list of castor oil is propelling the global castor oil market. Moreover, castor oil can be also used as biodiesel. The growing health consciousness of the global population is another major factor driving the global castor oil market. The rising awareness about the nutritious benefits of castor oil coupled with its easy availability on different e-commerce websites has also been aiding this market. The growing population of working youth along with their improving living standards has worked as a catalyst for the castor oil market. Additionally, the industrial applications of castor oil will always contribute to its demand. Castor oil’s nutritional qualities add value to personal care products. Similarly, its use in other industrial products along with ongoing technological advancements in the industrial sector has propelled the castor oil market growth. However, occasional low product availability creates a demand and supply gap due to the dependence of availability of castor seeds on the annual weather conditions. This may restrict the market, as it leads to price fluctuations. Moreover, the increasing demand for castor oil-based biodiesel will further propel this market in the future.

The product type segment of the castor oil market includes dehydrated castor oil, hydrogenated castor oil, cold pressed castor oil, Jamaican black castor oil, and others. By application, the market comprises food, paints, ink, and additives, biopolymer, plastics and rubber, personal care, lubricants, paper, pharmaceuticals, and others. The various applications of castor oil are due to its viscosity, density, thermal conductivity, and higher pour point of castor than other standard lubricants.

The Asia Pacific castor oil market is one of the leading regions globally, due to large-scale castor crop cultivation, especially in India. It also requires labor-intensive harvesting process, which is easily available in the region. In India, the major castor producing states are Gujarat, Andhra Pradesh, and Rajasthan, accounting for more than 90% of the total domestic production. India and China are the major global suppliers of castor oil. Multiple applications in various industries have augmented the castor oil market, particularly in personal care products and pharmaceuticals.

Some key players operating in the global castor oil market are Taj Agro Products, NK Proteins, Adani Group, BomBrasil, RPK Agrotech, Castor Oil Industries, Ambuja Solvex, Jayant Agro Organics, Gokul Overseas, and Hokoku Corporation.


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