The global castor oil market is expected to reach USD 1,726.6 Million by 2025 at a CAGR of 3.7% during the forecast period from 2018-2025. Easy accessibility of castor seeds for the manufacture of castor oil and increasing necessities for biodiesel is propelling the demand for castor oil.
Castor oil is a vegetable pressed oil derived from castor seeds which grow in Ricinus communis, a flowering species of the spurge family, Euphorbiaceae. Castor is a natural plant of India and eastern Africa where castor oil is produced in huge quantities. Castor oil has numerous application. It is used in industries for the production of paints, soap, cosmetics, varnishes, adhesives, lubricants, etc. Castor oil is also used for the manufacture of castor oil derivatives which again are valuable chemicals used for industrial application. Other than this, it is commonly known for its hair and skin benefits. Therefore there is an upsurge in the demand of castor oil.
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- The base year for the study has been considered 2017, the historic year 2015 and 2016 and, the forecast period considered is from 2018 to 2025. The castor oil market is analyzed by value (USD Million) and volume (Kilo Tons).
- The study delivers a comprehensive analysis of the global castor oil market by products, end users and regions.
- The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2018 to 2025.
- Porter’s Five Forces model is used to recognize the competitive scenario in the global castor oil market. This report incorporates the industry analysis which is focused on providing an extensive view of the castor oil market.
- The study also includes attractiveness analysis of products, end use and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
- The report provides company profile of the key players operating in the castor oil market and a comparative analysis based on their business overviews, product offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
- The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors which are based on our extensive secondary research, primary research, and in-house databases.
- Easy accessibility of castor seeds for the manufacture of castor oil
- Rising necessities for biodiesel propel the demand for castor oil
- Increasing disposable income and supportive socio-economic trend
- Development of pharmaceutical and healthcare sectors across the globe
- Rapid fluctuation in prices of castor seed due to the imbalance in their supply chain is expected to hinder the growth of the overall market.
- Lack of credibility has limited their use to small proportions of farmers
- Changing trend of adopting of cosmetics & personal care products with natural ingredients
- The prices of unconventional renewable chemicals are estimated to impact market growth globally negatively
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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. The Asia 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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