Global Castor Oil Market by Product (Cold Pressed Castor Oil, Hydrogenated Castor Oil, Jamaican Black Castor Oil, Dehydrated Castor Oil and Others), End Use, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
The global Castor Oil market is expected to grow from USD 1,293.1 Million in 2017 to USD 1,726.6 Million by 2025 at a CAGR of 3.7% during the forecast period from 2018-2025.Increasing disposable income and favourable policies of government with supportive socio- economic trends and growth of pharmaceutical and healthcare sectors across the globeare two factors affecting the demand for the castor oil in the market.
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The hydrogenated castor oil segment is dominating the market with the share of 34.50% in 2017
The product segment is classified into cold pressed castor oil, hydrogenated castor oil, jamaican black castor oil, dehydrated castor oil and others. The hydrogenated castor oil segment is dominating the market in 2017.Production of hydrogenated castor oil has played a very significant role in the cosmetic and chemical industry. The hydrogenation of castor oil not only helps to improve the keeping qualities, taste and odor of the castor oil but also helps to raise the melting point of the oil.
The chemical industry oil segment valued around in USD 334.91 Million in 2017
The end use segment includes chemical industry, pharmaceutical, cosmetic and personal care, food and beverage, hypermarket/supermarket, convenience stores, traditional grocery stores, discount stores, specialty stores and online retail. The chemical industry is dominating the market with the highest share in 2017. The major use of castor oil is found in the industrial application where it is used for the production of paints, soap, cosmetics, varnishes, adhesives, lubricants etc. Castor oil is also used for the production of castor oil derivatives which again are valuable chemicals used for industrial application.
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Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. TheTheAsia Pacific region is dominating the market with the highest share of 47.50% in 2017. It has high concentration of consumer of castor oil in the world. Also, the supply chain system and versatility in castor oil applications in this region affects the demand for the castor oil.
The major players ofmarketinclude Hokoku Corporation, ITOH Oil Chemicals Co. Ltd., Taj Agro Products, Adani Group, Jayant Agro Organics, Liaoyang Huaxing Chemical Co., Ltd., Gokul Overseas, Thai Castor Oil Industries Co. Ltd., NK Proteins, RPK Agrotech, TongliaoTongHua Castor Chemical Co. Ltd., Kanak Castor Products Pvt. Ltd., Bom Brazil, and Enovel.
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