Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

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.

Castor Oil Market

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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.

Castor Oil Market by Segments

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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.

Castor Oil Market by Region

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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:

  • End Use
  • Region
Breakup by End Use
  • Pharmaceuticals
  • Lubricants
  • Paints
  • Soaps
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • HOKOKU Co.,Ltd
  • Jayant Agro-Organics Limited
  • Gokul Overseas.
  • Thai Castor Oil Industries Co.,Ltd. 
  • Others
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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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.

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