Market Analysis: Global Castor Oil Market
Global castor oil market is projected to rise to USD 1678.10 million by 2026, undergoing with a steady CAGR in the forecast period of 2019-2026. The rise in the market value can be attributed to the growing demand for biodegradable products and its derivatives in major end-use industries.
Market Definition: Global Castor Oil Market
Castor oil is a type of plant oil that is pressed from castor beans. Castor oil is colourless to almost pale yellow colour, and has a unique taste and scent. It has multi-purpose usage, and is used in several industries like cosmetics, food, medicinal, plastics and resins, chemicals, plastics, lubricants etc. It is most commonly used for skin and hair development. Castor oil shows high density, powerful thermal conductivity, which has resulted in it being used in soaps, cosmetics, paints, dyes, inks etc.
- Increasing demand for petroleum products, has led to a price hike in petrol and diesel. Biodiesels are used as an alternative, which can be derived from castor oil
- Rising income, standards of living and supportive socio-economic trend
- Growth of pharmaceutical and healthcare industry and the increased application of castor oil in these industries drive the growth of this market
- The multi-purpose usage of castor oil serves as a major driver contributing towards its growth. It serves as a major raw material in manufacturing of several end products such as lubricants, oil, adhesives, because of its chemical uniqueness
- Castor oil is has more health benefits and is a cheaper alternative. Hence, it has obtained a substantial stand in food processing, flavouring, adhesives
- Continual fluctuation in prices of castor seed as a result of unstable supply chain is expected to hinder the growth of the overall market.
- Lack of credibility has limited their use to small proportions of farmers
Segmentation: Global Castor Oil Market
By Product Type:
- Cold Pressed Castor Oil
- Hydrogenated Castor Oil
- Jamaican Black Castor Oil
- Sebacic Acid
- Dehydrated Castor Oil
- Cosmetics & Pharmaceuticals
- Plastics & Resins
- Chemical Industry
- Cosmetic & Personal Care
- Food & Beverage
By Distribution Channel
- Convenience Stores
- Traditional Grocery Stores
- Discount Stores
- Specialty Stores
- Online Retail
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In May 2019, Patanjali Ayurved announced that they had acquired Ruchi Soya for an insolvency auction bid of approximately Rupees 4,325 crores. This acquisition is expected to improve their capabilities especially in offering oil-based products, due to the manufacturing plants associated with Ruchi Soya.
- In 2016, Adani Wilmar Ltd announced that they had entered into a joint venture with Ruchi Soya, a company of edible oil maker to become one of India’s leading consumer goods companies. This would benefit to their procurement, marketing, sales and distribution businesses together for products such as grains, oil seeds, soya foods, oleochemicals, biodiesel and castor oil.
Competitive Analysis: Global Castor Oil Market
Global castor oil market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of castor oil market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Castor Oil Market
Few of the major competitors currently working in the global castor oil market are N.K.Proteins Pvt Limited., JAYANT AGRO-ORGANICS LIMITED., AMBUJA solvex pvt. ltd., Adani Group, Wilmar International Ltd, www.rpkagrotech.com, Gokulrefoil, Adya Oils & Chemicals Ltd., www.tajagroproducts.com, Girnar Industries, Kisan Agro., Gokul Agro Resource Ltd., ITOH OIL CHEMICALS CO., LTD., HOKOKU Co.,Ltd., NK Industries Limited. and others.
Research Methodology: Global Castor Oil Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, top to bottom analysis and vendor share analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Competitive analysis of key competitors involved in the market
- Complete analysis of market segmentation and which segments are set to flourish in the forecast period of 2019 to 2026
- Market drivers and restraints analysis along with the analysis of the market structure