According to the latest report by IMARC Group, titled "Castor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global castor oil market size reached 767.4 Kilo Tons in 2021. Castor oil is a versatile vegetable oil obtained from the castor plant that is majorly cultivated in the semi-arid and arid regions of Asia and Africa. It is characterized by a pale yellow color and a mild odor. It is rich in essential nutrients, such as proteins, vitamin E, ricinoleic, monounsaturated fatty acid, and omega 6 and 9. It also offers numerous health benefits due to its antimicrobial, anti-inflammatory and moisturizing properties. As a result, it is widely used for improving the quality of the skin, reducing hair fall, preventing premature greying of the hair, and regulating digestive functions. It is also utilized for processing numerous products across multiple industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Castor Oil Market Trends:
The global market is primarily driven by the growing utilization of castor oil for the production of biodiesel. Castor oil is widely synthesized using the process of homogeneous alkaline transesterification to form biodiesel additives. Moreover, the confluence of various factors, such as an increasing focus on sustainable development and significant growth in the automobile industry across the globe, is contributing to the shift from petrochemicals to biodiesels among end users. This is also facilitated by the implementation of stringent government regulations promoting the use of eco-friendly products. Castor oil is further utilized in the food and beverage sector as a flavoring agent, food additive and mold inhibitor. Shifting dietary patterns and the inflating per capita income levels of the masses are supporting the uptake of castor oil. The market is further driven by the growing application of the oil in the production of cosmetics, moisturizers, soaps, medicines, toiletries, polyurethane adhesives, machining oils and refrigeration lubricants. On account of the aforementioned factors, the market is projected to exhibit a CAGR of 2% during the forecast period (2022-2027).
- On the basis of the end-use, pharmaceuticals account for the majority of the total market share. Some of the other segments include lubricants, soaps and paints.
- On the geographical front, China holds the leading position in the market. Some of the other major markets include Europe, India, the United States and Brazil.
- The competitive landscape of the market is studied in the report with the detailed profiles of the key players. Some of these players include ADANI GROUP, Jayant Agro-Organics Ltd., Gokul Overseas, and Kandla Agro & Chemicals Pvt. Ltd. (KACPL).
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal