PUBLISHER: DataM Intelligence | PRODUCT CODE: 1448050
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1448050
Castor Beans Market - 2023-2030
Overview
Global Castor Beans Market reached US$ 420.12 million in 2022 and is expected to reach US$ 695.81 million by 2030, growing with a CAGR of 6.51% during the forecast period 2023-2030.
The global castor bean market has witnessed significant growth, castor bean by-products such as castor oil, and others are widely used for various applications such as cosmetics, industrial lubricants, biofuel production, and others. Hence, such wide applications and end users can help in driving the global castor beans market.
Furthermore, the demand for applications of castor beans is increasing, 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.
The cosmetics applications of castor beans show the maximum share in the global castor beans market. Similarly, the Asia-Pacific region dominates the global market share, as the demand for castor crop production is high and the presence of vast agricultural lands in this region, hence, it can help in driving the castor bean market.
Dynamics
Increasing Demand For Castor Bean Oil
Consumers are highly adopting castor bean oil, due to its numerous potential benefits.it is highly used in the cosmetic industry, as it offers emollient properties This oil is highly used to moisturize and hydrate the skin, effectively alleviating dryness and providing various other skincare benefits. Additionally, castor bean oil is recognized for its diverse medicinal properties, contributing to its growing appeal among consumers.
Furthermore, manufacturers are highly focused on developing these products, for instance, in August 2020, BASF SE 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 the popularity for castor beans market.
Rising Awareness About The Health Benefits Associated With Castor Beans
Consumers are highly adopting these castor beans and castor products possess various health benefits. Castor oil is highly used in various cosmetics for treating various skin conditions, hair treatments, and others. due to its moisturizing properties. Hence, such factors can help in increasing the market growth.
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
Presence of certain Toxic Compounds
Castor beans contain hazardous compounds like Ricin, a highly toxic protein, making them potentially dangerous when ingested in their raw or inadequately processed state. The presence of such toxicity has prompted the implementation of stringent regulations and guidelines governing the cultivation, processing, and utilization of castor beans. Consequently, these safety concerns pose a potential obstacle to the growth of the market.
Segment Analysis
The global castor beans market is segmented based on type, distribution channel, application, end-users, and region.
Increase in Demand for Castor oil Cosmetics
The cosmetics segment accounts for the largest share in the global castor beans market, consumers are highly adopting castor oils in various personal care & cosmetics as they carry many essential benefits for primarily skin &hair. As they contain moisturizing, dispersant, anti-viral, anti-bacterial, anti-inflammatory, and anti-acne properties. Hence, such factors can help in increasing the market for castor beans.
Furthermore, as the demand for castor cosmetics is rising, 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. Hence, such products can help in increasing the adoption rate for castor beans.
Geographical Penetration
Vast Agricultural Land, and High Castor Beans Production Rate in Asia-Pacific
Asia-Pacific has been a dominant force in the global castor beans market and its significance has only grown. Consumers in this region are highly adopting castor beans and 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.
Additionally, a vast agricultural area is present in this region, for instance, according to the Department of Agriculture, Fisheries, and Forestry report of 2023, around 427 million hectares of agricultural land is present in Australia. Hence, such vast agricultural lands can help in increasing the market growth in this region.
Competitive Landscape
The major global players in the market include JAYANT AGRO-ORGANICS LIMITED, N.K.Proteins Pvt Limited, Ambuja Solvex Pvt. Ltd., Gokul Overseas, Kanak Castor Products Pvt. Ltd., Adya Oils & Chemicals Ltd., BASF, Arkema, Dow, and AKSHAR GROUP.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic in late 2019 created unprecedented challenges for industries worldwide, including the global castor beans market. Many country governments imposed some lockdown restrictions due to which the supply chain has been disrupted which had affected the global castor bean market.
By Type
- Food Grade
- Pharmaceutical Grade
- Cosmetic Grade
- Industrial or Technical Grade
- Others
By Distribution Channel
- Hypermarkets/Supermarkets
- Convenience Stores
- Others
By Application
- Pharmaceuticals
- Cosmetics
- Industrial Lubricants
- Biofuel Production
- Textiles and Manufacturing
- Agricultural and Pest Control
- Food Additives
- Others
By End-Users
- Food industry
- Pharmacies
- 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.
Why Purchase the Report?
- To visualize the global Castor beans market segmentation based on type, distribution channel, application, end-users, 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 the castor beans 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 beans 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
Table of Contents
Table of Contents
1.Methodology and Scope
- 1.1.Research Methodology
- 1.2.Research Objective and Scope of the Report
2.Definition and Overview
3.Executive Summary
- 3.1.Snippet by Type
- 3.2.Snippet by Distribution Channel
- 3.3.Snippet by Application
- 3.4.Snippet by End-Users
- 3.5.Snippet by Region
4.Dynamics
- 4.1.Impacting Factors
- 4.1.1.Drivers
- 4.1.1.1.Increasing Demand for Castor Bean Oil
- 4.1.1.2.Rising Awareness About the Health Benefits Associated With Castor Beans
- 4.1.2.Restraints
- 4.1.2.1.Presence of Certain Toxic Compounds
- 4.1.3.Opportunity
- 4.1.4.Impact Analysis
- 4.1.1.Drivers
5.Industry Analysis
- 5.1.Porter's Five Force Analysis
- 5.2.Supply Chain Analysis
- 5.3.Pricing Analysis
- 5.4.Regulatory Analysis
6.COVID-19 Analysis
- 6.1.Analysis of COVID-19
- 6.1.1.Scenario Before COVID
- 6.1.2.Scenario During COVID
- 6.1.3.Scenario Post COVID
- 6.2.Pricing Dynamics Amid COVID-19
- 6.3.Demand-Supply Spectrum
- 6.4.Government Initiatives Related to the Market During Pandemic
- 6.5.Manufacturers Strategic Initiatives
- 6.6.Conclusion
7.By Type
- 7.1.Introduction
- 7.1.1.Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 7.1.2.Market Attractiveness Index, By Type
- 7.2.Food Grade*
- 7.2.1.Introduction
- 7.2.2.Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3.Pharmaceutical Grade
- 7.4.Cosmetic Grade
- 7.5.Industrial or Technical Grade
- 7.6.Others
8.By Distribution Channel
- 8.1.Introduction
- 8.1.1.Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 8.1.2.Market Attractiveness Index, By Distribution Channel
- 8.2.Hypermarkets/Supermarkets*
- 8.2.1.Introduction
- 8.2.2.Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3.Convenience Stores
- 8.4.Others
9.By Application
- 9.1.Introduction
- 9.1.1.Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 9.1.2.Market Attractiveness Index, By Application
- 9.2.Pharmaceuticals*
- 9.2.1.Introduction
- 9.2.2.Market Size Analysis and Y-o-Y Growth Analysis (%)
- 9.3.Cosmetics
- 9.4.Industrial Lubricants
- 9.5.Biofuel Production
- 9.6.Textiles and Manufacturing
- 9.7.Agricultural and Pest Control
- 9.8.Food Additives
- 9.9.Others
10.By End-Users
- 10.1.Introduction
- 10.1.1.Market Size Analysis and Y-o-Y Growth Analysis (%), By End-Users
- 10.1.2.Market Attractiveness Index, By End-Users
- 10.2.Food industry*
- 10.2.1.Introduction
- 10.2.2.Market Size Analysis and Y-o-Y Growth Analysis (%)
- 10.3.Pharmacies
- 10.4.Others
11.By Region
- 11.1.Introduction
- 11.1.1.Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 11.1.2.Market Attractiveness Index, By Region
- 11.2.North America
- 11.2.1.Introduction
- 11.2.2.Key Region-Specific Dynamics
- 11.2.3.Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 11.2.4.Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 11.2.5.Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.2.6.Market Size Analysis and Y-o-Y Growth Analysis (%), By End-Users
- 11.2.7.Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.2.7.1.U.S.
- 11.2.7.2.Canada
- 11.2.7.3.Mexico
- 11.3.Europe
- 11.3.1.Introduction
- 11.3.2.Key Region-Specific Dynamics
- 11.3.3.Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 11.3.4.Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 11.3.5.Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.3.6.Market Size Analysis and Y-o-Y Growth Analysis (%), By End-Users
- 11.3.7.Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.3.7.1.Germany
- 11.3.7.2.UK
- 11.3.7.3.France
- 11.3.7.4.Italy
- 11.3.7.5.Russia
- 11.3.7.6.Rest of Europe
- 11.4.South America
- 11.4.1.Introduction
- 11.4.2.Key Region-Specific Dynamics
- 11.4.3.Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 11.4.4.Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 11.4.5.Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.4.6.Market Size Analysis and Y-o-Y Growth Analysis (%), By End-Users
- 11.4.7.Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.4.7.1.Brazil
- 11.4.7.2.Argentina
- 11.4.7.3.Rest of South America
- 11.5.Asia-Pacific
- 11.5.1.Introduction
- 11.5.2.Key Region-Specific Dynamics
- 11.5.3.Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 11.5.4.Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 11.5.5.Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.5.6.Market Size Analysis and Y-o-Y Growth Analysis (%), By End-Users
- 11.5.7.Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.5.7.1.China
- 11.5.7.2.India
- 11.5.7.3.Japan
- 11.5.7.4.Australia
- 11.5.7.5.Rest of Asia-Pacific
- 11.6.Middle East and Africa
- 11.6.1.Introduction
- 11.6.2.Key Region-Specific Dynamics
- 11.6.3.Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 11.6.4.Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 11.6.5.Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.6.6.Market Size Analysis and Y-o-Y Growth Analysis (%), By End-Users
12.Competitive Landscape
- 12.1.Competitive Scenario
- 12.2.Market Positioning/Share Analysis
- 12.3.Mergers and Acquisitions Analysis
13.Company Profiles
- 13.1.JAYANT AGRO-ORGANICS LIMITED*
- 13.1.1.Company Overview
- 13.1.2.Product Portfolio and Description
- 13.1.3.Financial Overview
- 13.1.4.Key Developments
- 13.2.N.K.Proteins Pvt Limited
- 13.3.Ambuja Solvex Pvt. Ltd.
- 13.4.Gokul Overseas
- 13.5.Kanak Castor Products Pvt. Ltd.
- 13.6.Adya Oils & Chemicals Ltd.
- 13.7.BASF
- 13.8.Arkema
- 13.9.Dow
- 13.10.AKSHAR GROUP
LIST NOT EXHAUSTIVE
14.Appendix
- 14.1.About Us and Services
- 14.2.Contact Us
