Global Castor Oil Market By Product Type (Cold Pressed Castor Oil, Hydrogenated Castor Oil, Jamaican Black Castor Oil, Dehydrated Castor Oil), By Application (Pharmaceuticals, Lubricants, Food And Beverages, biofuel, Paints and Varnishes, Animal feed), By Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Specialty Stores, Online Retail), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

In 2022, the Global Castor Oil Market was valued at USD 1.4 Billion and is expected to reach USD 2.4 Billion in 2032 from 2023 to 2032, this market is estimated to register a CAGR of 5.8%.

Castor oil, also called castor seed oil, is a kind of vegetable oil extracted from the plant’s seeds known as castor oil. This plant is found in Africa and India in tropical areas of the world. Castor oil changes shade from faded yellow to nearly colorless. Although a vegetable oil, castor oil isn’t a cooking oil.

Its texture is powerful and sharp, and it includes a variety of chemical substances that are dangerous to ingest. In addition, castor oil is utilized in medicinal and commercial packages. As a natural remedy, castor oil has been documented since ancient times.

It continues to be used globally in folks’ medicine to deal with several illnesses, wounds, eye infections, and warmth strokes. Castor oil can be useful for some transient seizures. However, doctors in the U.S. recommend using less castor oil often due to the higher danger of aspect consequences, nausea, vomiting, and aches compared to different allergy medicinal drugs.

Actual Numbers Might Vary in the Final Report.

Key Takeaways

• Market Growth: The global castor oil market is projected to experience compound annual growth CAGR of 5.8% From 2023-2032
• Castor Oil Overview: Castor oil is produced by pressing seeds from the castor plant. Due to its wide array of uses and applications, its popularity in various fields makes this an indispensable commodity.
• Product Types: Castor oil is primarily available in two forms – industrial-grade and pharmaceutical-grade, each tailored to specific industry requirements.
• Applications: Plastics and resins dominate the Castor Oil Market, comprising a substantial 25% share. This is attributed to the rising global demand for biodegradable plastics.
• By Distribution Channel: Supermarkets and hypermarkets reign supreme as the most dominant segment in the Global Castor Oil Market due to their extensive reach and customer convenience.
• Drivers: Growing consumer awareness regarding the benefits of natural products and expanding applications in diverse industries contribute to market growth.
• Restraints: Limited castor plant cultivation regions and vulnerability to weather conditions affect the steady supply and pricing of castor seeds.
• Opportunity: Research and development for enhancing castor oil extraction efficiency and sustainability presents a promising opportunity.
• Trends: Increasing utilization of castor oil in bio-based plastics and the development of organic castor oil products are emerging trends in the market.
• Regions: Asia-Pacific dominates the castor oil market, projected to achieve the highest CAGR of 5.5% and encompassing a substantial 39% of the global market share.
• Key Players: The castor oil market features major players such as Jayant Agro Organics, Itoh Oil Chemicals Co. Ltd., and Hokoku Corporation, focusing on product innovation and sustainability.

Market Scope

Product Type Analysis

Hydrogenated Castor Oil Holds The Largest Share of the Global Castor Oil Market Because It Is Mostly Used In Cosmetics and Chemicals.

Based on product type, castor oil is segmented into cold-pressed castor oil, hydrogenated castor oil, Jamaican black castor oil, dehydrated castor oil, and different products. Hydrogenated castor oil holds the largest proportion of the castor oil market because of the usage of hydrogenated castor oil (HCO) within the cosmetics and chemical industries.

The cause of HCO is not simply to enhance the houses of the castor oil, along with its retention, flavor, and odor but also to grow its melting point, which is a key aspect in the extended use of HCO in the cosmetics quarter. The production of hydrogenated castor oil includes using a regulated warmness technique to increase the melting point of the castor oil, resulting in a waxy shape that enhances its texture and stability.

The procedure is likewise warmness-managed to avoid the production of trans-fat. The castor wax used in this method is used in business greases for multipurpose applications and as a metal drawing lubricant. It is predicted to promote a boom by replacing the usage of other products in greases, together with sodium and conventional soap thickeners, as well as calcium and potassium.

Application Analysis

Plastic and resins Dominate The Castor Oil Market Because it extensively used in making household plastic and reducing carbon footprint

Based on application, the global castor oil market is segmented into cosmetics and pharmaceuticals, lubricants, food and beverages, biofuel, paints and varnishes, plastic and resin, and other applications.

Among those, Plastics and resins are the largest software segment thanks to 25% of the total proportion in the Castor Oil Market because of the growing preference for biodegradable plastics across the globe due to the fact It is transformed into polyamide 11, a form of polymer, which is mixed with different polymer blends and used extensively in family plastics which includes polypropylene.

Polyamide 11, because of its miles derived from castor oil, is a green fabric that reduces the carbon footprint. Therefore, one of the vital programs of castor oil is within the manufacturing of bioplastics or biodegradable plastic. Castor oil manufacturing is also anticipated to increase in demand because of its increasing use in skincare, cosmetics, and soaps.

The call for castor oil as a factor of non-comedogenic beauty products is predicted to increase due to the increasing prevalence of operating women within the cosmetics enterprise. This is because of the increasing recognition of skincare merchandise among running ladies in certain European international locations, such as France, Spain, Germany, and the UK.

Distribution Channel Analysis

Supermarkets/Hypermarkets are the most dominant segment in the Global Castor Oil Market because of their wide reach and convenience for the customer.

Based on distribution channels, the global castor oil market is further divided into supermarkets/hypermarkets, convenience stores, specialty stores, online retail, and other distribution channels. The Supermarkets/Hypermarkets Are the maximum dominant phase due to their convenience and huge client attain.

Many unique sorts of castor oil are available in supermarkets/hypermarkets, making it less complicated for purchasers to discover the proper product in the proper region. In addition, many supermarkets/hypermarkets have many customers, which can help enhance income and consciousness of castor oil.

Supermarkets and hypermarkets typically have more area on the shelves, which may make castor oil more seen and more likely to sell. It is commonplace for supermarkets and hypermarkets to offer aggressive charges for castor oil, which could increase the affordability and availability of the product for purchasers.

Key Market Segments

By Product Type

• Cold Pressed Castor Oil
• Hydrogenated Castor Oil
• Jamaican Black Castor Oil
• Dehydrated Castor Oil
• Other Product Types

By Application

• Cosmetics
• Pharmaceuticals
• Lubricants
• Biofuel
• Paints and Varnishes
• Plastic & Resin
• Other Application

By Distribution Channel

• Supermarket/Hypermarket
• Convenience Stores
• Specialty Stores
• Online Retail
• Other Distribution Channel

Drivers

The Growing consumption of Castor Oil Products in major industries is one of the growth factors of the Global Castor Oil Market.

Castor oil is good at what it does – it’s awesome viscous, superconductive, and has a high pour point and density. That’s why it’s used in soaps, textiles, cosmetics, nylon fibers, bulletproof glass, or even bone prostheses. Plus, it’s used as a gas antifreeze and lubricant for planes and rockets.

In the pharmaceutical enterprise, it’s a laxative and a chilled agent and is likewise used as an emollient in creams and lathers. It’s also used as an emulsifier and wetting agent for making shampoo, perfumes, lipsticks, and hair care products. All of those elements are going to help the marketplace develop in the coming years.

Green Cosmetics Are Becoming Increasingly Popular, Boosting The Castor Oil Market.

Green cosmetics provide a competitive side to growing nations. The time period “inexperienced” has been changed to “organic,” “sturdy,” or “sustainable.” It has been discovered that the concept of “going green” has gained traction due to the threats of weather exchange, worldwide warming, and environmental problems.

Castor oil is a natural, non-poisonous, and hydrating raw fabric for the pores and skin. It is considered one of the pinnacle inexperienced uncooked substances utilized in beauty merchandise. Consumers’ purchasing habits are changing. They are changing their attitudes toward healthy living and their surroundings. They want healthy, secure, and chemical-free products.

The destruction of the planet has made consumers comprehend the significance and necessity of buying green merchandise. There is a developing interest and challenge for green cosmetics all around the world. The recognition of inexperienced cosmetics is growing with the upward push of the sensitive populace. It is anticipated that the sales of castor oil will also increase.

Restraints

The volatility in castor seed prices caused by the supply chain imbalance is likely to impede the overall market growth.

A supply chain imbalance causes the excessive volatility of castor seed fees. The fluctuation of the fees impacts the downstream production and demand of castor oil, resulting in a decrease in income margins. In India, and the US which produce maximum of the world’s castor oil, the supply of castor seed remains low, resulting in better fees.

The value of components used to make castor oil merchandise can vary, which can affect how rapidly the marketplace is growing. The marketplace for castor oil also can be laid low with how a great deal castor beans are to be had.

Castor beans are a key aspect within the oil production method, however, they are not continually to be had, so fees can differ and the marketplace can sluggish down. All in all, the rapid swings in castor seed expenses due to the delivery chain disruption probably hinder the improvement of the overall market.

Opportunity

There has been an increase in government initiatives and investment in castor bean cultivation.

In India, public research funding has been allocated by the government to facilitate the expansion of castor bean production and the enhancement of the quality of castor oil. Companies such as Arkema have invested in the sustainable cultivation of castor crops in India and have launched programs such as the castor scholarship program to support the castor farming community.

In the US, there’s been a push to make more castor oil in the country to make sure we have enough for our industries and defense needs. The U.S. Department of Agriculture has been looking into cutting-edge castor plants, which can be harvested yearly when only about 4-5 feet tall.

Overall, it looks like the government is stepping up its game when it comes to growing castor beans and investing in them. This will help the Castor Oil Industry get more castor oil and improve it. Plus, it will help farmers and ensure we’re sustainably using castor beans.

Trends

The castor oil market will positively affect the industry in using oil as a fuel source for biodiesel.

Castor oil is one of the pleasant non-safe to-eat plants for biodiesel production because of its high productiveness and yield. Since castor oil is easy to access, renewable, and cheaper, it is a perfect uncooked fabric for the manufacturing of biodiesel gasoline. Biodiesel burns extra efficaciously than diesel.

It reduces carbon monoxide (CO), hydrocarbon (H2), oxides of nitrogen (NOx), and smoke. Due to the upward thrust in the fee of oil and issues about vehicular emissions, using biodiesel has improved. The developing biodiesel demand will in all likelihood spur the global market for castor oil and derivatives in the coming years.

The increase in the biodiesel additives market is largely attributed to the growing use of the feedstock, castor oil, inside the manufacturing technique of biodiesel. This is due to the fact castor oil is synthesized via homogeneous alkali transesterification, which is one of the key steps in the method.

Regional Analysis

Asia-Pacific Holds Region Accounted Significant Share of the Global Castor Oil Market

Asia-Pacific held the largest market share. The Asia-Pacific market for castor oil is expected to experience the highest CAGR of 5.5%, with 39% of the global market share. This is because India is the biggest producer of castor seeds in Asia-Pacific. For example, BusinessLine reported in February 2022 that India’s castor seed production is estimated to be 17.95 lakh tonnes (l) in the 2021-22 season.

This is expected to boost the potential sales of castor oil derivatives within the Asia-Pacific. In addition, China is the biggest importer of Indian castor oil and other castor oil derivatives. The country has a good presence in the automotive and manufacturing sectors, where the derivatives are used as lubricating agents in auto components.

While castor seeds have been cultivated in the wilderness of Asia Pacific for centuries, in the past ten years, many countries worldwide have started cultivating castor seeds commercially. Apart from the seeds, the other important components of castor are the leaves, the stems, and the roots.

For example, castor plant leaves are used in China to breed silkworms. Stems of the plant are used for making paper and medium-density boards. The roots of the plant are also used as natural medicinal products.

Key Regions and Countries

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia & CIS
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of MEA

Key Players Analysis

Strong Focus On Product Portfolio Expansion Through Various Strategies Maintain The Dominance Of Industry Leaders

Key players in this market are operating several strategies through partnerships, investments in expanding their product portfolio, acquisitions, etc. The market for castor oil is highly competitive and there are a few big players in the market.

Some of the biggest players in the market are Jayant Agro Organics Limited, Adani Group, Gokul Agri International Ltd., and Thai Castor Oil Industries Co. Ltd. These companies are integrated across the value chain as they also produce castor oil derivatives.

Market Key Players

• Adani Group
• NK Industries
• Ambuja Solvex Pvt. Ltd.
• Girnar Industries
• Gokul Agri International Ltd.
• Krishna Antioxidants Pvt. Ltd.
• K. Industries Ltd.
• Hokoku Corporation
• Thai Castor Oil Industries Co. Ltd.
• Jayant Agro Organics Ltd.
• Ambuja Solvex Pvt LTD.
• Arvalli Castor Derivatives Pvt. Ltd.
• Other Key Players

Recent Development

In July 2023: Israeli Engineers High Yeild Seed Oil for Better Biofuel Production, An Israeli company has developed genetically engineered versions of the ancient castor bean – and their higher yields and higher oil content are helping nations power their vehicles with greener fuel.

In July 2021:  Casterra Announces Additional $2.2 Million of Purchase Orders to Supply Castor Seeds for New African Territories

Report Scope