The Global Castor Oil & Derivatives Market is expected to register growth at a CAGR of 6.83% from 2020-2026
Published | April 2020
GlobalCastor Oil & Derivatives Market witness market size of USD 752.5 Million in 2019 and estimated to reach USD 1195.17 Million by 2026 with a significant CAGR of 6.83% during the forcast period 2020-2026.. Increasing demand of castor oil from several industries (biodiesel, lubricants, etc.) and the increasing need of biodegradable and sustainable products is expected to uplift the global castor oil and derivatives.
Due to the growing awareness about greenhouse gases and deforestation, the demand for alternative feedstock is growing. The contionous availability and renewability of caster oil is expected to deliver ecological demand contributing to the market growth. The shifting trends towards bio-degradable products to decrease dependence on petrochemicals is expected to accelerate the market growth. Volatile crude prices have stimulated a strong shift towards traditional biofuel which leads to fuel the industry growth.
Moreover, increasing preference of consumers towards using biodiesel, plastics, and resins and the increasing investment in R&D is expected to drive market growth. Increasing demand for organic cosmetic product due to raising awareness about personal care among consumers across the globe is influencing the market in a positive way. Several government bodies making stringent regulations related to environmental hazards caused due to the use of traditional sources and petrochemicals. The use of castor oil and derivatives in traditional medicines in virtue of its ability to treat skin disorders, stools, headaches, and inflammatory problems are rising. In addition growing consumer preference toward using biodiesel, plastics, and resins is projected to drive the market for castor oil and derivatives during the forecast period.
The health benefits offered by castor oil provides the opportunity for market players
The health benefits of castor oil is one of the key factors driving the global castor oil and its derivatives market growth. Castor oil is one of the healthiest non-edible oil, owing to being rich in ricinoleic acid, which is a unique and potent immunity improving fatty acid. Castor oil is easily absorbed into the lymphatic system, , improves digestion and immunity, cures constipation pain decreases swelling at injured joints and extremities. It also relieves menstrual disorders, increases blood circulation, fibroids, and cysts, and is used in hair and skin treatment. These therapeutic features of castor oil on the lymphatic and digestive systems help in detoxification, thus leading to the increasing demand for castor oil and its derivatives.
The cosmetic & pharmaceuticals application is expected to grow at highest rate in the global Castor Oil & Derivatives market.
It is projected that the cosmetic and pharmaceuticals application will grow at highest rate. Castor oil has natural moisturizing properties and hence it is largely used in cosmetic products. The positively increasing healthcare landscape is varying rapidly. Several factors, such as lifestyle, changing food habits, and sleeping disorder, are contributing to this change. Globally, people are aware regarding health consciousness which is leading to high consumption of solvents & other chemicals used in pharmaceutical and cosmetic industries. Castor wax, zinc ricinoleate, undecylenic acid, heptaldehyde, heptanoic acid, heptyl alcohol, and ethyl heptoate, heptyl acetate are some of the castor derivatives utilized in the cosmetics industry. The increasing demand of castor oil in the cosmetic & pharmaceuticals application is expected to drive the growth of castor oil & derivatives market during the forecast period.
Asia Pacific is expected to witness rapid growth in the Global Castor Oil & Derivatives market
Asia Pacific represented the largest share of the global Castor Oil & Derivatives market and is projected to witness rapid growth over the forecast period. The emerging country, India may account for the major production of castor oil derivatives across the globe. Growth of India is followed by other developing countries such as Brazil and China. Asia-Pacific is anticipated to continue its dominance on the global castor oil derivatives market. Increasing demand from the US, Europe and China has lead to in the higher prices for castor as well as growth in demand for castor oil derivatives.
Global Castor Oil & Derivatives Market: Competitive Landscape
The major market players in the Castor Oil & Derivatives market are Thai Castor Oil Industries Co. Ltd., ITOH Oil Chemicals Co., Ltd., Jayant Agro-Organics Limited, Hokoku Corporation, RPK Agrotech, Taj Agro Products Limited, Tongliao Tonghua Castor Chemical Co., Ltd., Xingtai Lantian Fine Chemical Co., Ltd., N.K. Proteins Pvt Limited, Adani Wilmar Ltd., Kanak Castor Products Pvt. Ltd., Liaoyang Huaxing Chemical Co., Ltd., Gokul Agri International Ltd., Girnar Industries, BOM Brasil Óleo de Mamona Ltda, Enovel, Arkema, Ambuja Solvex Pvt. Ltd., and other prominent players. These vendors have adopted various startegies to expand their offerings in the market.