The global castor oil market reached a volume of 824 Thousand Tons in 2017. The market is further projected to reach a volume of 1061 Thousand Tons by 2023, at a CAGR of more than 4% during 2018-2023. Castor oil, produced from castor beans, is a multi-purpose vegetable oil sourced from castor beans which are primarily found in the tropical areas of Africa and Asia. It is an active ingredient with pale yellow, translucent texture and a mild odour. Castor oil has antimicrobial, anti-inflammatory and moisturising properties and thus, it is considered safe for skin and hair. Owing to this, castor oil remains a popular choice among consumers to naturally treat their common conditions like constipation as well as skin problems. Apart from this, it also finds major applications in the industrial sector for the processing of a wide variety of products.
Global Castor Oil Market Drivers/Constraints:
- Castor oil is becoming an essential bio-based raw material which makes it ideal for various industrial applications. As a result, it is being increasingly used as a potential alternative to petroleum-based chemicals.
- On account of its distinctive chemical structure, castor oil acts as a major raw material which is used in the production of various end products such as biodiesel, polyurethane adhesives, machining oils, refrigeration lubricants, etc. This versatile nature of castor oil has been contributing towards the propelling growth of the market.
- As compared to other vegetable oils, castor oil is a healthier and less expensive alternative. Owing to this, food grade castor oil has gained a momentum in the food industry in the form of flavourings, mould inhibitor, food additives and packaging.
- The global castor oil market is being hindered by the unstable prices of castor beans which is the result of their fluctuating supply. This supply highly depends upon the weather conditions of the region and a long harvesting process of castor beans.
The global castor oil market has been segmented on the basis of end-use which mainly include pharmaceuticals, lubricants, paints and soaps. Currently, castor oil is extensively used in the pharmaceutical industry in the form of an anti-inflammatory agent.
On a geographical basis, China represents the largest market for castor oil. This can be attributed to the rapid growth in the cosmetic, surface coating and pharmaceutical industries across the region. China is followed by Europe, India, United States and Brazil.
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Adani Wilmar
- Jayant Agro
- Gokul Overseas
- Kandla Agro & Chemicals
Key Questions Answered in This Report?
- How has the castor oil market performed so far and how will it perform in the coming years?
- What are the key regional markets in the global castor oil industry?
- What are the key end-use industries for castor oil?
- What are the price trends of castor oil?
- What are the various stages in the value chain of the castor oil industry?
- What are the key driving factors and challenges in the castor oil industry?
- What is the structure of the castor oil industry and who are the key players?
- What is the degree of competition in the castor oil industry?
- What are the profit margins in the castor oil industry?
- What are the key requirements for setting up a castor oil manufacturing plant?
- How is castor oil manufactured?
- What are the various unit operations involved in a castor oil plant?
- What is the total size of land required for setting up a castor oil plant?
- What are the machinery requirements for setting up a castor oil plant?
- What are the raw material requirements for setting up a castor oil plant?
- What are the packaging requirements for castor oil?
- What are the transportation requirements for castor oil?
- What are the utility requirements for setting up a castor oil plant?
- What are the manpower requirements for setting up a castor oil plant?
- What are the infrastructure costs for setting up a castor oil plant?
- What are the capital costs for setting up a castor oil plant?
- What are the operating costs for setting up a castor oil plant?
- What will be the income and expenditures for a castor oil plant?
- What is the time required to break-even?