The global castor oil market reached a volume of 790.5 Kilotons in 2019. 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. Looking forward, the global castor oil market is expected to experience moderate growth during the forecast period (2020-2025).
Global Castor Oil Market Drivers/Constraints:
IMARC Group provides an analysis of the key trends in each sub-segment of the global castor oil market report, along with forecasts for growth at the global, regional and country-level from 2020-2025. Our report has categorized the market based on region, and 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:
Due to the outbreak of the coronavirus disease (COVID-19), many castor oil processing units have come to a halt. This is due to the lockdowns imposed by the governments of various nations, which are negatively impacting the market growth.
The global castor oil market size reached 790.5 Kilotons in 2019.
One of the major market drivers is the growing application of castor oil in cosmetics, moisturizers, soaps, medicines, toiletries, polyurethane adhesives, machining oil, and refrigeration lubricants.
The global castor oil market is expected to reach a volume of 960.5 Kilotons by 2025, exhibiting a CAGR of 3.30% during the next five years.
The growing utilization of castor oil for the production of biodiesel is among the key trends being witnessed in the global castor oil market.
Based on the end use, the market has been segmented into pharmaceuticals, lubricants, soaps, paints and others. At present, castor oil is extensively used in the pharmaceutical industry in the form of an anti-inflammatory agent.
Region-wise, China holds the leading position in the market. Other major regions are Europe, India, the United States and Brazil.
The leading market players are Adani Wilmar Limited, Jayant Agro-Organics Ltd., Gokul Agri International Limited (GAIL) and Kandla Agro & Chemicals Pvt. Ltd. (KACPL).
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