Castor oil is sourced from the castor plant which is found in the tropical areas of India and Africa. This plant is majorly cultivated in the semi-arid and arid regions. The extracted oil varies between pale-yellow to colourless, and has a distinct odour and taste. Castor oil is a good source of ricinoleic, monounsaturated and 18-carbon fatty acid. Apart from this, it is also rich in proteins, Vitamin E as well as Omega 6 and 9 which makes it ideal for healthy skin and hair. Castor oil helps to the reduce hair fall, pre-mature greying of hair and other scalp-related disorders. A new research report by IMARC Group, titled “Castor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market reached a volume of 824 thousand tons in 2017. The report further anticipates the market to reach a volume of 1061 thousand tons by 2023, at a projected CAGR of more than 4% over the forecast period.
Global Castor Oil Market Drivers/Constraints:
- There has been a significant increase in the demand for sustainable and biodegradable products in order to reduce dependency on petrochemicals. This is one of the primary factors which is driving the growth of the global castor oil market.
- Manufacturers have started launching various new products which are formulated with the help of castor oil. This, in turn, has contributed towards an augmented worldwide demand for castor oil.
- Some of the other factors which are positively supporting the growth of the market include rising costs of other renewable resources and implementation of strict regulations regarding the use of eco-friendly products by governments across various nations.
- However, unstable prices of castor plant, weather uncertainties and shortage of working capital are some of the factors which act as a hindrance towards the market growth.
End-Use Insights:
Based on end-use, the report finds that paints currently represent the largest end-use segment of castor oil. It is followed by soaps and lubricants.
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Regional Insights:
On a geographical front, China enjoys a leading position in the global castor oil market. There is a high demand for castor oil in the region due to a rapid growth in surface coatings, cosmetics and pharmaceuticals industries. Some of the other major markets include Europe, India, the United States and Brazil.
Competitive Landscape:
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
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