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Castor Oil Market- What will be the Short-term Impact of Coronavirus?
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Castor oil is a vegetable oil that is extracted through pressing processes performed on castor seeds, also called as castor beans. These seeds primarily grow in tropical and subtropical climates. India is the largest producer of castor seeds, followed by China and Brazil. The derived oil is known for its multi-purpose characteristics, since it can be used for industrial, medicinal, and pharmaceutical purposes. It is most commonly used in skin care products and as a food additive.
Some of the major market players covered by Fortune Business Insights include
Adani Group
Jayant Agro-Organics Limited
Itoh Oil Chemicals Co. Ltd.
Hokoku Corporation
Kanak Castor Products Pvt. Ltd.
Liaoyang Huaxing Chemical Group Corp
Thai Castor Oil Industries Co. Ltd., and others.
Growing Focus on Environmental Sustainability to Boost Market Growth
The global castor oil stands to benefit from the increasing concerns for conservation of environment and resources. The properties of castor oil have been found to be sustainable in nature. As a result, the product is finding increasing application as an environment-friendly raw material in a wide range of industries. For example, the production of biodiesel requires castor oil to be used as feedstock. With additional eco-friendly properties of castor oil such as biodegradability, the global castor oil market is poised to grow at significant rate.
Proven Health Benefits to Enhance Market Potential
Consumption of castor oil through different foods has major health benefits. For example, castor oil is a natural laxative, which makes it the ideal cure for constipation. Furthermore, castor oil promotes wound healing by stimulating tissue growth, thereby preventing infections. This bodes well for the global castor oil market as the scope of the market gets more amplified. Moreover, castor oil is often used in skin care products such as lotions and moisturizers as the oil promotes hydration and prevents water loss. Owing to these factors, the cosmetics and pharmaceutical market segments are expected to register substantial growth in the forecast period.
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Limited Technologies to Impede Market Growth
The global castor oil market may experience restrained growth on account of lack of advancements in extraction technologies of the product. This restriction makes producing castor oil economically unviable for companies, as the processes for conventional raw materials are well-established and financially accessible. Further, even though castor oil is one of the least expensive vegetable oils, it suffers from frequent price fluctuations, which makes companies wary of investing in the product.
Additionally, castor oil is also known to have serious side-effects on human health. For example, skin rashes and irritation along with allergic reactions are common side-effects of castor oil. These factors can greatly hinder the growth of the global castor oil market.
Research and Innovation to Drive Market Competition
In June 2018, 1,019 Indian farmers have successfully completed the world’s first sustainable Castor bean program through a joint effort by Arkema, BASF and Jayant Agro-Organics, and CSO Solidaridad. This is expected to boost investment in research in developing sustainable manufacturing processes and eco-friendly end products by leading companies. Companies are also looking to increase their market presence and diversify their products through acquisitions. For example, Patanjali Ayurved recently acquired Ruchi Soya to widen their product base in different oils. These factors are expected to augment the global castor oil market during the forecast period.
Major Segments:
By Product Type
Hydrogenated Castor Oil
Dehydrated Castor Oil
Cold Pressed Castor Oil
Jamaican Black Castor Oil
Others
By Application
Surface Coatings
Cosmetics & Pharmaceutical
Lubricants
Biodiesel
Others
By Geography
Asia-Pacific to Dominate Among Regions
The Asia-Pacific region is anticipated to hold a dominant market share in the global castor oil market till 2026. This is owing to favourable climatic conditions for growing castor seeds, presence of major players in India, Thailand, China, and Japan, increasing government support for sustainable raw materials, and rising demand for renewable energy. Fast growth of pharmaceutical and cosmetics industries are also going to be important boosting factors for the global castor oil market.
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