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Global Castor Oil Market Size, Share, Trends, Analysis: By End Use: Pharmaceuticals, Lubricants, Paints, Soaps, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Value Chain Analysis, Price Analysis, Competitive Landscape; 2024-2032
Global Castor Oil Market Outlook
The global castor oil market size reached a volume of 903.04 KMT in 2023. The market is currently being driven by the increasing demand for various industrial applications such as paints, soaps, lubricants, biofuels, and other sectors. The market is projected to grow at a CAGR of 3.4% in the forecast period of 2024-2032.
Key Takeaways
- India is ranked the highest producer of castor oil seeds, amounting to 1,618,760 tonnes and covering 85% of the global production in 2022.
- The global total castor oil seed production in 2022 reached 1,829,522 tonnes, a reduction of 1.78% since 2021.
- India exported more than 50 MT of castor oil in January 2024.
Castor oil is a pale-yellow liquid extracted from the seeds of castor oil plant, Ricinus Communis. It is a valuable chemical feedstock that finds applications in many industries like cosmetics, surface coatings, toiletries, pharmaceuticals, perfumes, soaps, and medicines, among others. It is also used in the food processing sector either as an additive for flavouring or as a mould inhibitor.
The global castor oil market is being driven primarily by the increasing use of beaver oil for biodiesel production. Beaver oil, known for its multifaceted applications, serves not only as a flavour enhancer and food additive but also plays a crucial role as a mould inhibitor within the food and beverage sector.
The method of homogeneous alkaline transesterification into biodiesel additives is widely synthesised. In addition, the confluence of numerous factors, including a growing emphasis on sustainability and substantial growth in the automotive sector worldwide, contributes to the rising demand for biodiesels among end-users.
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Key Trends and Developments
Sustainable sourcing of castor oil, biopolymer innovations, pharmaceutical sector growth, and the rising demand for natural cosmetics are positively impacting the market
| Date | Event |
| May 5th 2023 | Kenya's Agriculture Ministry signed an MoU with ENI to boost biofuel crops like castor oil and cotton in arid regions, leveraging 80% of the country's land for increased production. |
| Jul 3rd 2023 | Casterra Ag Ltd., under Evogene, secured $2.2M in orders to supply castor seeds in new African territories during 2023, expanding its integrated cultivation solutions. |
| Jan 19th 2023 | Casterra partnered with a top energy firm to scale its unique castor seeds for biofuel, leveraging extensive cultivation expertise for sustainable energy production. |
| Jun 9th 2021 | Arkema boosted sustainable farming for bio-based polyamide 11, using eco-friendly castor oil to reduce environmental impact and food supply competition. |
| Topic | Information |
| Rising demand for sustainable castor oil | The global castor oil market is witnessing a shift towards sustainable sourcing practices as consumers increasingly prefer products with minimal environmental impact, driving demand for organic castor oil. |
| Biopolymers innovation fuels castor oil use | Innovative use of castor oil in biopolymers is on the rise, offering eco-friendly alternatives for plastics in the automotive, textiles, and packaging industries. |
| Castor oil's growth in pharmaceuticals | Castor oil's role in pharmaceuticals expands beyond traditional uses, into novel drug delivery systems and bio-based excipients, enhancing drug efficacy and patient compliance. |
| Natural ingredients revolutionise the cosmetics sector | The demand for natural ingredients in cosmetics propels castor oil's usage in formulations for its hydrating properties, supporting the trend towards organic and natural beauty products. |
Castor Oil Market Trends
The market growth of castor oil is significantly propelled by stringent governmental regulations advocating the adoption of eco-friendly products. Castor oil, being a natural, renewable resource, aligns with these environmental goals. Its use in various industries, from bio-based polymers to lubricants, is supported by policies aimed at reducing chemical reliance and promoting sustainability.
The shift in dietary preferences, coupled with an increase in per capita income, underscores the escalating demand for beaver oil. Furthermore, its utility extends beyond culinary uses, marking its presence in the production of beauty and personal care items such as moisturisers, soaps, and toiletries. The oil's versatility is further evidenced in its application in manufacturing processes, including the creation of polyurethane adhesives, processing oils, and cooling lubricants, thereby propelling the castor oil market expansion.
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Market Segmentation
“Global Castor Oil Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| Market Breakup | Categories |
| End Use | Pharmaceuticals, Lubricants, Paints, Soaps, Others |
| Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
The pharmaceutical sector is likely to dominate the castor oil market share in the forecast period
The pharmaceutical sector is expected to be a major utiliser of castor oil in the coming years. Castor oil's unique chemical structure makes it highly valuable in pharmaceutical formulations, including as a carrier for drugs and in the production of various medicinal and cosmetic products.
The ricinoleic acid in castor oil possesses anti-inflammatory and antimicrobial properties, making it beneficial for various skin conditions like acne, dryness, and irritation. Meanwhile, castor oil is extensively utilised in lubricants due to its natural lubricity, stability at high temperatures, and ability to blend with other oils, making it ideal for high-performance industrial and automotive lubricants.
Competitive Landscape
Major players in the market are increasingly expanding their manufacturing facilities to meet the increasing demand
| Company | Founded | Headquarters | Specialisation | Focus |
| HOKOKU Co., Ltd | 1940 | Osaka, Japan | Production of high-quality castor oil and its derivatives | Innovation and sustainability |
| Jayant Agro-Organics Limited | 1992 | Mumbai, India | Producer and exporter of castor oil and derivatives | State-of-the-art technology to meet diverse customer needs |
| Gokul Overseas | 1995 | Gujarat, India | Manufacturing and exporting premium castor oil and its products | Quality and sustainability |
| Thai Castor Oil Industries Co., Ltd | 1977 | Bangkok, Thailand | Manufacturer of castor oil and its derivatives | Commitment to quality and innovation |
Owing to the increasing demand across sectors and the introduction of new applications, manufacturers are scaling up their production facilities to meet the growing demand for castor oil and its derivatives. Moreover, companies in the market are increasingly establishing strategic alliances for the development of various products, including sustainable biofuel.
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Castor Oil Market Analysis by Region
The Asia Pacific is the leading region in the market. This dominance is primarily due to India, which is not only the largest producer of castor seeds but also the biggest exporter of castor oil worldwide. The region benefits from favourable climatic conditions for castor plant cultivation, extensive agricultural expertise, and a well-established castor oil processing sector.
Meanwhile, North America and Europe are expected to remain key regions in the castor oil market, primarily driven by the growing cosmetic, pharmaceutical, and industrial applications of the product.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Castor Seed Market Overview
8.1 Key Industry Highlights
8.2 Global Castor Seed Historical Market (2018-2023)
8.3 Global Castor Seed Market Forecast (2024-2032)
8.4 Global Castor Seed Market by Region
8.4.1 Market Share
8.4.1.1 North America
8.4.1.2 Europe
8.4.1.3 Asia Pacific
8.4.1.4 Latin America
8.4.1.5 Middle East and Africa
9 Global Castor Oil Market Analysis
9.1 Key Industry Highlights
9.2 Global Castor Oil Historical Market (2018-2023)
9.3 Global Castor Oil Market Forecast (2024-2032)
9.4 Global Castor Oil Market by End Use
9.4.1 Pharmaceuticals
9.4.1.1 Market Share
9.4.1.2 Historical Trend (2018-2023)
9.4.1.3 Forecast Trend (2024-2032)
9.4.2 Lubricants
9.4.2.1 Market Share
9.4.2.2 Historical Trend (2018-2023)
9.4.2.3 Forecast Trend (2024-2032)
9.4.3 Paints
9.4.3.1 Market Share
9.4.3.2 Historical Trend (2018-2023)
9.4.3.3 Forecast Trend (2024-2032)
9.4.4 Soaps
9.4.4.1 Market Share
9.4.4.2 Historical Trend (2018-2023)
9.4.4.3 Forecast Trend (2024-2032)
9.4.5 Others
9.5 Global Castor Oil Market by Region
9.5.1 Market Share
9.5.1.1 North America
9.5.1.2 Europe
9.5.1.3 Asia Pacific
9.5.1.4 Latin America
9.5.1.5 Middle East and Africa
10 Regional Analysis
10.1 North America
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.1.3 Breakup by Country
10.1.3.1 United States of America
10.1.3.2 Canada
10.2 Europe
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.2.3 Breakup by Country
10.2.3.1 United Kingdom
10.2.3.2 Germany
10.2.3.3 France
10.2.3.4 Italy
10.2.3.5 Others
10.3 Asia Pacific
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.3.3 Breakup by Country
10.3.3.1 China
10.3.3.2 Japan
10.3.3.3 India
10.3.3.4 ASEAN
10.3.3.5 Australia
10.3.3.6 Others
10.4 Latin America
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.4.3 Breakup by Country
10.4.3.1 Brazil
10.4.3.2 Argentina
10.4.3.3 Mexico
10.4.3.4 Others
10.5 Middle East and Africa
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.5.3 Breakup by Country
10.5.3.1 Saudi Arabia
10.5.3.2 United Arab Emirates
10.5.3.3 Nigeria
10.5.3.4 South Africa
10.5.3.5 Others
11 Market Dynamics
11.1 SWOT Analysis
11.1.1 Strengths
11.1.2 Weaknesses
11.1.3 Opportunities
11.1.4 Threats
11.2 Porter’s Five Forces Analysis
11.2.1 Supplier’s Power
11.2.2 Buyer’s Power
11.2.3 Threat of New Entrants
11.2.4 Degree of Rivalry
11.2.5 Threat of Substitutes
11.3 Key Indicators for Demand
11.4 Key Indicators for Price
12 Value Chain Analysis
13 Price Analysis
13.1 North America Historical Price Trends (2018-2023) and Forecast (2024-2032)
13.2 Europe Historical Price Trends (2018-2023) and Forecast (2024-2032)
13.3 Asia Pacific Historical Price Trends (2018-2023) and Forecast (2024-2032)
13.4 Latin America Historical Price Trends (2018-2023) and Forecast (2024-2032)
13.5 Middle East and Africa Historical Price Trends (2018-2023) and Forecast (2024-2032)
14 Manufacturing Process
14.1 Detailed Process Flow
14.2 Operations Involved
14.3 Mass Balance
15 Project Requirement and Cost Analysis
15.1 Land, Location, and Site Development
15.2 Construction
15.3 Plant Machinery
15.4 Cost of Raw Material
15.5 Packaging
15.6 Transportation
15.7 Utilities
15.8 Manpower
15.9 Other Capital Investment
16 Project Economics
16.1 Capital Cost of the Project
16.2 Techno-Economic Parameters
16.3 Product Pricing and Margins Across Various Levels of the Supply Chain
16.4 Taxation and Depreciation
16.5 Income Projections
16.6 Expenditure Projections
16.7 Financial Analysis
16.8 Profit Analysis
17 Competitive Landscape
17.1 Market Structure
17.2 Key Players
17.3 Company Profiles
17.3.1 HOKOKU Co.,Ltd
17.3.1.1 Company Overview
17.3.1.2 Product Portfolio
17.3.1.3 Demographic Reach and Achievements
17.3.1.4 Certifications
17.3.2 Jayant Agro-Organics Limited
17.3.2.1 Company Overview
17.3.2.2 Product Portfolio
17.3.2.3 Demographic Reach and Achievements
17.3.2.4 Certifications
17.3.3 Gokul Overseas.
17.3.3.1 Company Overview
17.3.3.2 Product Portfolio
17.3.3.3 Demographic Reach and Achievements
17.3.3.4 Certifications
17.3.4 Thai Castor Oil Industries Co.,Ltd.
17.3.4.1 Company Overview
17.3.4.2 Product Portfolio
17.3.4.3 Demographic Reach and Achievements
17.3.4.4 Certifications
17.3.5 Others
18 Industry Events and Developments
List of Key Figures and Tables
1. Global Castor Seed Market: Key Industry Highlights, 2018 and 2032
2. Global Castor Seed Historical Market: Breakup by Region (Kilotons), 2018-2023
3. Global Castor Seed Market Forecast: Breakup by Region (Kilotons), 2024-2032
4. Global Castor Oil Market: Key Industry Highlights, 2018 and 2028
5. Global Castor Oil Historical Market: Breakup by End Use (Kilotons), 2018-2023
6. Global Castor Oil Market Forecast: Breakup by End Use (Kilotons), 2024-2032
7. Global Castor Oil Historical Market: Breakup by Region (Kilotons), 2018-2023
8. Global Castor Oil Market Forecast: Breakup by Region (Kilotons), 2024-2032
9. North America Castor Oil Historical Market: Breakup by Country (Kilotons), 2018-2023
10. North America Castor Oil Market Forecast: Breakup by Country (Kilotons), 2024-2032
11. Europe Castor Oil Historical Market: Breakup by Country (Kilotons), 2018-2023
12. Europe Castor Oil Market Forecast: Breakup by Country (Kilotons), 2024-2032
13. Asia Pacific Castor Oil Historical Market: Breakup by Country (Kilotons), 2018-2023
14. Asia Pacific Castor Oil Market Forecast: Breakup by Country (Kilotons), 2024-2032
15. Latin America Castor Oil Historical Market: Breakup by Country (Kilotons), 2018-2023
16. Latin America Castor Oil Market Forecast: Breakup by Country (Kilotons), 2024-2032
17. Middle East and Africa Castor Oil Historical Market: Breakup by Country (Kilotons), 2018-2023
18. Middle East and Africa Castor Oil Market Forecast: Breakup by Country (Kilotons), 2024-2032
19. North America Historical Price Trends and Forecast 2018-2032
20. Europe Historical Price Trends and Forecast 2018-2032
21. Asia Pacific Historical Price Trends and Forecast 2018-2032
22. Latin America Historical Price Trends and Forecast 2018-2032
23. Middle East and Africa Historical Price Trends and Forecast 2018-2032
24. Global Castor Oil Market Structure
Key Questions Answered in the Report
The global market attained a volume of 903.04 KMT in 2023.
The market is projected to grow at a CAGR of 3.4% in terms of value during the forecast period of 2024-2032.
The major market drivers include rising disposable incomes, increasing population, rising use of beaver oil for biodiesel production, growing emphasis on sustainability, and substantial growth in the automotive sector worldwide.
The implementation of government regulations to promote the use of environmentally friendly products is a key trend guiding the growth of the market.
North America, Europe, Latin America, the Asia Pacific, and the Middle East and Africa are the major regions in the market.
The various end uses of the product include pharmaceuticals, lubricants, paints, and soaps, among others.
The major players in the market are HOKOKU Co., Ltd, Jayant Agro-Organics Limited, Gokul Overseas., and Thai Castor Oil Industries Co., Ltd., among others.
Analyst Review
The global castor oil market attained a reached a volume of 903.04 KMT in 2023, driven by the rising use of beaver oil for biodiesel production. It is expected to witness a further growth in the forecast period of 2024-2032 at a CAGR of 3.4% in terms of value. The industry is projected to be driven by the rising use of the product in the automotive sector worldwide.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of end uses, the global castor oil market can be divided into pharmaceuticals, lubricants, paints, and soaps, among others. The major regional markets for the product are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above industry include HOKOKU Co.,Ltd, Jayant Agro-Organics Limited, Gokul Overseas., and Thai Castor Oil Industries Co.,Ltd., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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