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Castor Oil And Derivatives Market 2024 - Industry Size, Business Segments, Innovative Strategies And Outlook by 2033
Castor Oil And Derivatives Market
According to The Business Research Company's, The castor oil and derivatives market size has grown strongly in recent years. It will grow from $1.31 billion in 2023 to $1.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increased industrial applications of castor oil, pharmaceutical and cosmetic uses, increasing demand in textile industry, globalization of agriculture, emergence of specialty chemicals..
The castor oil and derivatives market size is expected to see strong growth in the next few years. It will grow to $1.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to growth in cosmetic and personal care industry, increasing demand for bio-based plastics, adoption of castor oil in agriculture, expanding pharmaceutical applications, focus on renewable resources.. Major trends in the forecast period include demand for bio-based products, technological innovations in extraction, biodiesel production, research and development in castor cultivation, demand in the textile industry..
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Market Drivers and Trends:
Rising demand for cosmetics products is expected to propel the growth of the castor oil and its derivatives market going forward. Cosmetics refers to any product intended to maintain, enhance, or modify the appearance of the skin, hair, nails, or teeth. It includes beauty preparations and grooming aids. Castor oil and derivatives are primarily used in manufacturing cosmetics products such as lotions, makeup, and cleansers due to its hydration properties. Hence the demand for cosmetics boosts the market for castor oil and its derivatives. For instance, in January 2021, according to an article shared by Automat.ai, a Canada-based business services, software, and computer software company, in the US, sales of skincare products increased by 13% last year, while sales of makeup items increased by 1%. At that time, the growth of online beauty merchants was 24%, with skincare taking the lead. Therefore, rising demand for cosmetics products is driving the growth of the castor oil and derivatives market.
Product innovations are a key trend gaining popularity in the castor oil and derivatives market. Major companies operating in the castor oil and derivatives market are focusing on developing innovative products to sustain their position in the market. For instance, in March 2021, Hennes & Mauritz AB (H&M Group), a Sweden-based clothing company, launched the Innovation Stories platform, which comprises a series of themed collections dedicated to promoting more sustainable materials, technologies, and production processes. Under this platform a new vegan collection made of cactus leather and castor oil yarn is launched. Castor oil serves as a partial or sole source of the specifically created monomers that are employed in the polymerization. The first collection is launched under the collective is Science Story, which has introduced new materials such as EVO by Fulgar, a bio-based yarn derived from castor oil. EVO is a completely renewable resource that does not deplete fertile land for food production or call for large amounts of water.
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Major Key Players of the Market:
Rpk Agrotech Exports Pvt Ltd.; Adani Wilmar Limited; Hokoku Corporation; Taj Agro Products Limited; Girnar Industries; Kanak Castor Products Pvt. Ltd.; N.K. Proteins Pvt. Limited; Jayant Agro Organics Limited; Gokul Agri International Ltd.; ITOH Oil Chemicals Co. Ltd.; Ambuja Intermediates Pvt. Ltd.; Krishna Antioxidants Pvt. Ltd.; Thai Castor Oil Industries Co. Ltd.; Arvalli Castor Derivatives Private Limited; Xingtai Lantian Fine Chemical Co. Ltd.; Kokura Gosei Kogyo Ltd.; Arkema S.A.; Alberdingk Boley GmbH; Vrundavan Agro International; Tongliao Meihua United Biotech Co. Ltd.; Bom Brazil; Hangzhou Dayangchem Co. Ltd.; YNK Castor Products; Liaoning Xinhe Chemical Co. Ltd.; Hengshui Shanzhi Health Minerals Co. Ltd.; Gwalior Chemical Industries Ltd.; Tonghua Castor Chemical Co. Ltd.; Swan Isopropyls Ltd.; Biotor Industries Ltd.; Sapthagiri Agro Oil Mill; Tongliao Tys Chemical Co. Ltd.; Lasons India Pvt. Ltd.; La International
Castor Oil And Derivatives Market 2024 Key Insights:
• The castor oil and derivatives market will grow to $1.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Growing Cosmetics Industry Driving Growth In Castor Oil And Its Derivatives Market
• Innovative Castor Oil Products Drive Market Growth In The Fashion Industry
• Asia-Pacific was the largest region in the castor oil and derivatives market in 2023
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