Castor Oil Market 2019, Market Share, Size, Price Trends, Growth Rate, Forecast and Analysis of Key players 2024
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, the market reached a volume of more than 763 Kilotons in 2018. The report further anticipates the market to reach a volume of 943.5 Kilotons by 2024, at a projected CAGR of 3.5% over the forecast period.
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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.
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Castor Oil Market Segmentation:
Performance of Key Regions
1. China
2. Europe
3. India
4. United States
5. Brazil
6. Others
Market Breakup by End-Use
1. Pharmaceuticals
2. Lubricants
3. Paints
4. Soaps
5. Others
Some of the major players operating in the castor oil industry include Adani Wilmar, Jayant Agro-Organics Ltd. (JAYAGROGN), Gokul Overseas, Kandla Agro & Chemicals and Others
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