Castor Oil Market - 2023-2030

Overview

Global Castor Oil Market reached US$ 1.23 billion in 2022 and is expected to reach US$ 1.98 billion by 2030, growing with a CAGR of 6.1% during the forecast period 2023-2030.

The demand for castor oil is increasing in various applications such as cosmetics, pharmaceuticals, chemical industries, and others as they provide numerous benefits. Hence, such wide applications and production of castor oils in various industries can help in driving the global castor oil market.

Furthermore, the demand for castor cosmetics is higher, many manufacturing companies are producing products based on castor oil. For instance, Ambuja Solvex Pvt. Ltd. company produces Ambrol Crown and Ambrol Crown PG cosmetic products. The demand for castor oil for cosmetics can help in increasing the adoption rate for castor beans.

The cosmetics & and pharmaceuticals segment holds the largest share, as well as Asia-Pacific region shows the dominance in global castor beans market, as castor bean cultivation is high in this region, which can help in increasing the usage of castor oil for various applications, hence, it can help in increasing the global castor oil market.

Dynamics

Rising Demand For Castor Oil In Various Industries

The demand for castor oil is increasing among various cosmetic and medicinal industries, as it offers various properties such as a high content of fatty acids, and ricinoleic acid, it helps in increasing the usage of castor oil for various skin and hair care treatments and also offers some Antifungal and Antimicrobial Properties, it helps in rising the adoption rate for medicinal products

Furthermore, as the demand for applications of castor oil is increasing, manufacturers are strategically planning to meet the consumer's demand. for instance, in November 2022, Casterra Ag Ltd. the castor seeds technology developer signed a long-term royalty agreement with Titan Castor Farms Limited a Zambian cultivator, manufacturer, and distributor of castor oil. to meet the demand for castor oil sales in south-Eastern Asia.

Increase in Awareness About the Benefits Associated With Castor Oil

Consumers are increasingly adopting castor bean oil, due to its numerous potential benefits. Its widespread adoption is particularly notable in the cosmetic industry, where it is used for its emollient properties. This oil plays a crucial role in moisturizing and hydrating the skin, effectively addressing dryness and providing various skincare benefits. The diverse medicinal properties associated with castor bean oil further enhance its appeal among consumers.

Furthermore, castor oils also contain ricinoleic acid, a laxative effect often utilized in various traditional medicines, also the demand for castor beans cultivation is increasing, for instance, according to the Directorate Of Oilseeds Development of India reported, in 2020, the yield potential of castor beans in Tamil Nadu, India was 1456 kg/ha. Hence, such a high cultivation rate of castor beans can help in increasing the castor oil market growth.

Presence of certain Toxic Compounds

The presence of hazardous compounds such as Ricin, a highly toxic protein, in castor beans makes them potentially perilous when consumed in their raw or insufficiently processed form. To address this toxicity, stringent regulations and guidelines have been implemented, overseeing the cultivation, processing, and utilization of castor beans. As a result, these safety concerns stand as a potential impediment to the market's growth.

Segment Analysis

The global castor oil market is segmented based on Type, distribution channel, End-User, application, and region.

Rising Demand For Castor Cosmetics and Pharmaceuticals Products

The cosmetics & and pharmaceutical applications account for the maximum share in the global castor oil market, as consumers are adopting castor oils in diverse personal care, cosmetic, and medicinal products due to their numerous essential benefits, particularly for skin and hair treatments, these oils are rich in moisturizing, and ricinolic acid, and also they contain anti-bacterial, anti-inflammatory, and anti-fungal properties. They also help in reducing and alleviating pain and inflammation problems. Hence, such factors can help in increasing the market growth.

Furthermore, manufacturers are highly focused on developing these products, for instance, in August 2020, BASF launched a Lamesoft Balance that is readily biodegradable and stabilizes wax-based dispersions in hair and skin cleansing formulations, it contains hydrogenated castor oil. Hence, such products can help in gaining popularity in the castor oil market.

Geographical Penetration

High Castor Beans Production Rate in Asia-Pacific

Asia-Pacific has the largest share and significant growth in the global castor oil market, as consumers in this region are highly adopting castor oil in various applications of skincare, and medicinal products as they offer various potential benefits, which help in increasing the productivity rate in this region, hence, it can help in driving the market growth.

Furthermore, the cultivation of castor beans is high in this region, for instance, according to Professor Jayashankar Telangana State Agricultural University report, the Area under castor reported during 2021-22 was 1.484 lakh ha, with a production rate of 17.74 lakh tones. Hence, such high production rates can help in increasing the market growth.

Competitive Landscape

The major global players in the market include Ambuja Solvex Pvt. Ltd., JAYANT AGRO-ORGANICS LIMITED, N.K.Proteins Pvt Limited, Adya Oils & Chemicals Ltd., Gokul Overseas, Cristol., Girnar Industries, Arvalli Castor Derivatives Pvt Ltd., Royal Castor Products Limited., and Shavuot International Holdings.

COVID-19 Impact Analysis

The emergence of the COVID-19 pandemic in late 2019 posed unprecedented challenges for industries globally, including the worldwide castor beans market. Governments in numerous countries implemented lockdown restrictions, leading to disruptions in the supply chain and impacting the global castor bean market.

By Type

• Cold Pressed Castor Oil
• Hydrogenated Castor Oil
• Jamaican Black Castor Oil
• Dehydrated Castor Oil
• Others

By Distribution Channel

• Hypermarket/Supermarket
• Convenience Stores
• Specialty Stores
• Online Retail
• Others

By End-User

• Pharmaceutical
• Cosmetic & Personal Care
• Food & Beverage
• Others

By Application

• Lubricants
• Biodiesel
• Cosmetics & Pharmaceuticals
• Plastics & Resins
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In January 2022, Biosynthetic Technologies, LLC acquired Innoleo, LLC. Through this acquisition, Biosynthetic Technologies will now add a comprehensive line of castor and other oleo derivatives to its existing Estolide technology portfolio.
• In June 2023, Casterra Ag Ltd. an integrated castor cultivation solution company and a subsidiary of Evogene Ltd., had an agreement to sell seeds of its proprietary castor varieties to one of the world's leading oil and gas companies for cultivation in specific African territories. Casterra's high-yield, high-oil castor seed varieties are optimized for biofuel production to support the growing market of sustainable energy.
• In July 2023, Casterra Ag Ltd., an integrated castor cultivation solution company and a subsidiary of Evogene Ltd. had an additional $2.2 million of purchase orders to supply castor seeds during 2023, for new African territories. Casterra's castor seeds, developed with Evogene's GeneRator AI Tech Engine, will be used to grow Castor to produce oil for sustainable biofuel. Casterra's high-yield, high-oil castor seed varieties are optimized for biofuel production to support the growing sustainable energy market.

Why Purchase the Report?

• To visualize the global castor oil market segmentation based on Type, distribution channel, End-User, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of castor oil market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global castor oil market report would provide approximately 70 tables, 69 figures, and 210 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies