About Castor Oil
Castor oil is extracted from castor bean which is considered as the important commercial value primarily for the manufacturing of soaps, lubricants, coatings and others. It is used commercially as a highly renewable resource for the chemical industry. Further, it is a vegetable oil obtained by pressing the seeds of the castor oil plant that is mainly cultivated in Africa, South America, and India. Castor is known as one of the oldest cultivated crops; however, it contributes to only 0.15% of the vegetable oil produced in the world. The oil produced from this yield is considered to be of importance to the global specialty chemical industry since it is the only commercial source of a hydroxylated fatty acid
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies Analyst at AMA Research estimates that Asia Pacific Vendors will contribute the maximum growth to Global Castor Oil market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Ambuja Solvex Pvt Ltd (India), Arvalli Castor Derivatives Pvt. Ltd (India), Adani Group (India), Hokoku Corporation (Japan), NK Industries Limited (India), Alberdingk Boley (Germany), Kanak Castor Products Pvt., Ltd (India), Jayant Agro Organics (India), Xingtai Lantian (China) and RPK Agrotech (India) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Gokul Overseas (India), Adya Oil (India), Taj Agro Products (India) and Girnar Industries (India).
Segmentation Overview
AMA Research has segmented the market of Global Castor Oil market by Type (Cold Pressed Castor Oil, Hydrogenated Castor Oil, Jamaican Black Castor Oil, Dehydrated Castor Oil and Others), Application (Chemical Industry, Pharmaceutical, Cosmetic and Personal Care, Food and Beverage and Other) and Region.
On the basis of geography, the market of Castor Oil has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Hypermarket/Supermarket will boost the Castor Oil market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising demand for castor oil in aromatherapy and essential oil
Market Growth Drivers:
Growing demand for renewable and sustainable source, Growing petrochemical prices and The growth of major end-use industries
Challenges:
Rising government stringent rules and regulations related to the environment
Restraints:
Volatile raw material prices and Seasonality factors
Opportunities:
Rising technological advancement in the extraction of the castor oil process
Market Leaders and their expansionary development strategies
Adani Group will be pouring more resources into acquisitions as it doubles down on its bet on the food staples business. It plans to buy manufacturing facilities in food staples and expand a playbook it followed in the edible oil business, which commands a dominant share of India’s organized market.
National Commodity and Derivatives Exchange (NCDEX) launched trading in the futures contract on Refined Castor Oil on Monday, initially with four monthly expiries from April to July 2022. The exchange already has a successful contract in Castor Seed and the launch of Refined Castor Oil will enhance the castor complex in the futures segment of NCDEX.
Castor oil is classified by Food and Drug Administration (FDA) as generally recognized as safe and effective for use as a stimulant laxative. The Joint Food and Agriculture Organization (FAO)/World Health Organization (WHO) Expert Committee on Food Additives established an acceptable daily castor oil intake (for man) of 0 to 0.7 mg/kg body weight.
Key Target Audience
Castor Oil Industry Investors, Castor Oil Providers/Vendors, Research Professionals, Emerging Companies, Raw Material Suppliers/ Buyers, Product Suppliers/ Buyers, Research Institutes, Original Equipment Manufacturer, Component Supplier, Distributors, Government Body & Associations and End-user
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.