Global Castor Oil and Derivatives Market Report and Forecast 2024-2032

Global Castor Oil and Derivatives Market Outlook

The global castor oil and derivatives market size reached a value of approximately USD 4.35 billion in 2023. The market is expected to grow at a CAGR of 10% between 2024 and 2032, reaching a value of around USD 10.29 billion by 2032. 

Key Trends in the Market

Castor oil is a viscous vegetable oil obtained from the seeds of castor beans and its derivatives are chemicals used in the formulation of lubricants, cosmetic products, paints, and coatings, among other products. Castor oil and derivatives are also used in the manufacturing of soaps and polishes, among others.

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• Demand for castor oil and derivatives is rising rapidly owing to their increasing usage in biodiesel feedstock. The rising demand for diesel engines has further increased the use of castor oil in the production of biodiesel.

• Increasing awareness about the anti-inflammatory and natural laxative properties of castor oil is propelling its utilisation in various formulations, as it helps promote healing by reducing pain and swelling, and clear out the bowel.

• Rising demand for castor oil and derivatives from cosmetic and self-care industry for the preparation of soap, shampoos, hair oils, lubricants, perfumes, and lip gels, among others is further boosting the market growth globally.

Global Castor Oil and Derivatives Market Analysis

Based on product type, the market is segmented into sebacic acid, dehydrated castor oil, hydrogenated castor oil (castor wax), ricinoleic acid, and undecylenic acid, among others. On the basis of application, the market is divided into pharmaceuticals, personal care and beauty care, lubricants, paints and varnishes, and plastics and resins, among others. By region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the castor oil and derivatives market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• NK Industries Ltd

• Thai Castor Oil Industries Co. Ltd

• ITOH Oil Chemicals Co., Ltd.

• Hokoku Corporation

• Jayant Agro-Organics Limited.

• Adani Wilmar Ltd.

• N K Proteins Pvt Ltd.

• Ambuja Solvex Pvt. Ltd.

• Taj Agro International (Taj Pharma Group)

• Others

Market Share by Product Type

Sebacic acid accounts for a significant share of the castor oil and derivatives market owing to its increasing applications in the manufacturing of resins and polyamide. Its growing use in the production of biopolymers, plastics, and other aromatic products is contributing to the sebacic acid demand and aiding the segment growth. Sebacic acid aids in improving the skin’s elasticity and surface texture, this in turn, minimises the appearance of breakouts and blemishes.

Market Share by Region

The Asia Pacific held a considerable share of the market owing to the rising production of castor seeds in countries including India, Vietnam, Cambodia, Bangladesh, China, Myanmar, and South Korea, among others. The shift from traditional methods to harvest castor seeds to the commercial methods is further fuelling the castor oil and derivatives market growth in the region. China, among other countries, is focussed on growing castor for oil seed and its leaves are further used to raise silkworms, stems to make medium density boards and paper, and roots as a natural medicine.

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Competitive Landscape

Adani Wilmar Ltd. was founded in 1999 and is headquartered in Gujarat, India. It is a food and beverage company that manufactures and provides wheat flour, soya chunks, and edible oils, among other products to its customers globally.

NK Proteins Pvt Ltd. is a food and beverage service company that was founded in 1992. The company is headquartered in Gujarat, India and is known for producing high quality edible packaged oils.

Ambuja Solvex Pvt. Ltd. was established in 2004, with its headquarters located in Gujarat, India. The chemical manufacturing company provides natural products extracts such as castor oil products to various industries.

Other players in the castor oil and derivatives market include NK Industries Ltd, Thai Castor Oil Industries Co. Ltd, ITOH Oil Chemicals Co., Ltd., Hokoku Corporation, Jayant Agro-Organics Limited., and Taj Agro International (Taj Pharma Group), among others.

Key Highlights of the Report