The global Castor Oil market stood at approximately 950 thousand tonnes in 2023 and is anticipated to grow at a CAGR of 3.5% during the forecast period until 2034. Castor oil, derived from the first pressing of castor beans. Initially employed primarily for medicinal purposes, it has evolved into a crucial component in various industries, including agriculture, food, textile, transportation, paper, lubricants, cosmetics, and paints, among others. India ranks as the world’s largest producer of Castor Oil and also is the biggest exporter of the same. Philippines, Russia and Thailand are also other leading producers of Castor Oil.
Castor oil has become indispensable in several industries. In the Pharmaceutical Industry, it is valued for its diverse therapeutic properties, including its effectiveness as a laxative, anti-inflammatory agent, and treatment for various skin conditions and infections. Pharmaceutical-grade castor oil is carefully extracted to retain its medicinal qualities, finding use in products like laxatives, tablet coatings, and skincare formulations. Additionally, hydrogenated castor oil features prominently in medicated creams and shampoos targeting acne, dandruff, and skin ailments. In the Personal Care and Cosmetics Industry, castor oil's antioxidant and antibacterial properties make it a sought-after ingredient. It offers protection against environmental damage, helps prevent wrinkles and acne, and serves as an effective moisturizer and skin conditioner due to its rich fatty acid content. Castor oil serves as a lubricant in various applications, with notable importance in high-performance engines and specialty lubricants. In high-performance engines, its ability to withstand extreme conditions is valuable, though synthetic blends are common. Its inclusion in skincare, cosmetic, and bath products is widespread, with its ability to maintain product consistency in varying temperatures being particularly advantageous. Castor oil cake serves as organic manure, enhancing soil fertility without the drawbacks of chemical fertilizers. Finally, in the Adhesive, Elastomer, and Coating Manufacturing Industry, castor oil emerges as a versatile additive.
The castor oil market is being propelled by several key drivers. Firstly, the expanding demand for sustainable and bio-based products is fostering growth in the market. Castor oil, is considered a renewable and eco-friendly ingredient, aligning with the growing preference for environmentally sustainable solutions across various industries. Additionally, the versatile properties of castor oil, such as its lubricating, moisturizing, and anti-inflammatory qualities, contribute to its widespread applications in sectors like cosmetics, pharmaceuticals, and personal care products. Moreover, the increasing awareness about the health benefits of castor oil, including its potential to promote hair growth, treat skin conditions, and alleviate pain, is driving consumer demand and market growth. Furthermore, technological advancements in castor oil extraction and processing methods are enhancing production efficiency and quality, thereby stimulating market expansion. Additionally, the pharmaceutical industry's utilization of castor oil in drug formulations, particularly for laxatives and topical treatments, further fuels market growth. Furthermore, the expanding applications of castor oil in industrial sectors such as lubricants, biofuels, and plastics contribute to its demand and market growth. The global Castor Oil market is likely to reach approximately 1330 thousand tonnes in 2034.
Asia dominates the global castor oil market and is poised for strong growth at a healthy CAGR in the forecast period. This leadership is driven by several factors. Firstly, Asia, particularly India and China, boasts significant production capabilities due to favourable climatic conditions and abundant raw material supply. Moreover, the region benefits from increasing demand across various industries, including cosmetics, pharmaceuticals, and industrial applications, fuelled by rising disposable incomes and changing consumer preferences. Additionally, continuous technological advancements in extraction and processing methods enhance production efficiency and product quality. Furthermore, supportive government initiatives and investments in research and development contribute to Asia's competitive edge in the global castor oil market.
Based on the end-user industry, the global Castor Oil market is divided into Pharmaceuticals, Lubricants, Adhesives & Resins, Personal Care & Cosmetics, Others. Among these, Lubricants is the major segment and held about 25% of the global Castor Oil market in 2023.
Major players in the Global Castor Oil market are Hengshui Jinghua Chemical Co., Ltd., Thai Castor Oil Industries Co. Ltd., HOKOKU Co. Ltd., Gokul Agri International Ltd., Arvalli Castor Derivatives Pvt Ltd., BASF SE, N.K. Proteins Pvt. Ltd., Sebacic India Pvt. Ltd., Adani Wilmar Ltd., RPK Agrotech, Krishna Antioxidants Pvt. Ltd., and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Castor Oil which covers production, demand and supply of Castor Oil market in the globe.
• To analyse and forecast the market size of Castor Oil
• To classify and forecast Global Castor Oil market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Castor Oil market in the globe.
To extract data for Global Castor Oil market, primary research surveys were conducted with Castor Oil manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Castor Oil market over the coming years.
ChemAnalyst calculated Castor Oil demand across the globe by analyzing the volume of Castor Oil consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Castor Oil manufacturers and other stakeholders
• Organizations, forums and alliances related to Castor Oil distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Castor Oil manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Castor Oil market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
950 thousand tonnes
Market size Volume in 2034
1330 thousand tonnes
Growth Rate
CAGR of 3.5% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process, Foreign Trade.
Segments covered
By End-Use: (Pharmaceuticals, Lubricants, Adhesives & Resins, Personal Care & Cosmetics, Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Market Data & Insights
Table of Content
1. Industry Market Size
It is an essential metric for market analysis, as it provides insights into the overall size and growth potential of Castor Oil market in terms of value and volume.
2. Capacity By Company
On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Castor Oil.
3. Capacity By Location
To better understand the regional supply of Castor Oil by analyzing its manufacturers' location-based capacity.
4. Plant Operating Efficiency
To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
5. Production By Company [Quarterly Update]
Study the historical annual production of Castor Oil by the leading players and forecast how it will grow in the coming years.
6. Demand by End- Use [Quarterly Update]
Discover which end-user industry (Pharmaceuticals, Lubricants, Adhesives & Resins, Personal Care & Cosmetics, Others) are creating a market and the forecast for the growth of the Castor Oil market.
7. Demand by Region
Analyzing the change in demand of Castor Oil in different regions, i.e., North America, Europe, Asia Pacific, Middle East and Africa, and South America, that can direct you in mapping the regional demand.
8. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Castor Oil. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
9. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Castor Oil.
10. Company Share
Figure out what proportion of the market share of Castor Oil is currently held by leading players across the globe.
11. Manufacturing Process
Discover insights into the intricate manufacturing process of Castor Oil.
12. Country-wise Export
Get details about quantity of Castor Oil exported by major countries.
13. Country-wise Import
Get details about quantity of Castor Oil imported by major countries.
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of force majeure, affects the plant's operating rate for the given duration. Disruption tracker gives a clear insight
into the worldwide outages affecting the commodity of interest. With every shutdown, it also reflects the impact on
supply of the product in the market at a Global level.
What was the net market size of Castor Oil in terms of volume in 2023?
Ans:
The global market size of Castor Oil has reached approximately 950 thousand tonnes in 2023.
Q2.
Which industry is the leading end-user industry of Castor Oil?
Ans:
Lubricants is the leading end-user industry of Castor Oil globally.
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