Press release
Global Castor Oil Market is expected to grow at a CAGR of 3.7% during the forecast period from 2019-2025
Global Castor Oil Market 2019, Global Castor Oil Market Growth , Global Castor Oil Market Trends and Analysis, Castor Oil
Global Castor Oil Market by Product (Cold Pressed Castor Oil, Hydrogenated Castor Oil, Jamaican Black Castor Oil, Dehydrated Castor Oil and Others), End Use, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
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Leadersin the industry Hokoku Corporation, ITOH Oil Chemicals Co. Ltd., Taj Agro Products, Adani Group, Jayant Agro Organicsamong otherswhichare offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share
The product segment is classified into cold pressed castor oil, hydrogenated castor oil, jamaican black castor oil, dehydrated castor oil and others. The hydrogenated castor oil segment is dominating the market and valued around USD446.11 Million in 2017.Production of hydrogenated castor oil has played a very significant role in the cosmetic and chemical industry. The hydrogenation of castor oil not only helps to improve the keeping qualities, taste and odor of the castor oil but also helps to raise the melting point of the oil. The end use segment includes chemical industry, pharmaceutical, cosmetic and personal care, food and beverage, hypermarket/supermarket, convenience stores, traditional grocery stores, discount stores, specialty stores and online retail. The chemical industry is dominating the market with the highest share of 25.90% in 2017. The major use of castor oil is found in the industrial application where it is used for the production of paints, soap, cosmetics, varnishes, adhesives, lubricants etc. Castor oil is also used for the production of castor oil derivatives which again are valuable chemicals used for industrial application
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Easy accessibility of castor seeds for manufacture of castor oil is a major factor driving the market. Increasing disposable income and supportive socio-economic trend and development of pharmaceutical and healthcare sectors across the globe are propelling the growth of the market. Also, growing necessities for biodiesel is also boosting up the demand for castor oil. But rapid fluctuation in prices of castor seed due to the imbalance in their supply chain and lack of credibility has limited their use to small proportions of farmerswhich may hamper the growth of market. However, shifting trend of adopting of cosmetics & personal care products with natural ingredients mayboost the market in coming years.
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