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The global castor oil market reached a volume of 740.5 Kilo Tons in 2020. Looking forward, IMARC Group expects the market to reach a volume of 804.2 Kilo Tons by 2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global castor oil market, along with forecasts at the global and regional level from 2021-2026. Our report has categorized the market based on end-use.
Breakup by End-Use:
The 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, the 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:
|Base Year of the Analysis||2020|
|Units||US$ Million, ‘000 Tons|
|Segment Coverage||End-Use, Region|
|Region Covered||China, Europe, India, United States, Brazil|
|Companies Covered||Adani Wilmar, Jayant Agro, Gokul Overseas and Kandla Agro & Chemicals|
|Customization Scope||10% Free Customization|
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The global castor oil market reached a volume of 740.5 Kilo Tons in 2020.
The rising utilization of castor oil in the production of cosmetics, medicines, toiletries, polyurethane adhesives, machining oils, refrigeration lubricants, etc., represents one of the key factors catalyzing the global castor oil market.
Sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of castor oil.
Based on the end use, the global castor oil market can be divided into pharmaceuticals, lubricants, paints, and soaps. Among these, the pharmaceutical sector currently accounts for the majority of the total market share.
On a regional level, the market has been classified into China, Europe, India, the United States, and Brazil, where China currently dominates the global market.
Some of the major players in the global castor oil market include Adani Wilmar, Jayant Agro, Gokul Overseas, Kandla Agro & Chemicals, etc.
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