The global castor oil market reached a volume of 903.04 KMT in 2023. The market is projected to grow at a CAGR of 3.40% in the forecast period of 2024-2032.
Base Year
Historical Year
Forecast Year
Value in KMT
2024-2032
Castor Oil Market Outlook
*this image is indicative*
The castor oil market development is being propelled by the introduction of 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 showcased in its application in manufacturing processes, including the creation of polyurethane adhesives, processing oils, and cooling lubricants, thereby propelling the castor oil market expansion.
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Growing Demand for Natural and Organic Products
The increasing demand for natural and organic products in the cosmetics and personal care industry is boosting the castor oil market revenue. Due to its moisturising and hydrating, non-toxic, antioxidant, and anti-inflammatory properties, castor oil is increasingly used as a popular and natural ingredient in moisturisers, hair care products, and lotions. The rising focus on health and wellness is also boosting the usage of castor oil in various personal health applications. The product is widely used as a natural laxative to improve digestive health and in natural remedies for arthritis, joint pain, and muscle inflammation. Moreover, the growing usage of castor oil in topical treatments such as massage oils and balms in the wellness sector is driving the market expansion.
Rising Demand for Biofuels
One of the significant castor oil market trends is the growing demand for biofuels. Castor oil contains ricinoleic acid, which provides biodiesel with superior properties compared to other vegetable oils. Castor oil-based biofuels boast high stability and lubricity, oxidation stability, high viscosity, and low-temperature performance, making them ideal for use in diesel engines. In 2022, biofuel demand reached a record high of 4.3 EJ. With governments in various countries having established mandates to surge the use of renewable energy sources, including biofuels, the demand for castor oil is increasing. In 2022, ethanol production in the United States reached around 15.4 billion gallons, whereas combined biodiesel/renewable diesel production totalled 3.1 billion gallons.
Growing Trend of Sustainability
The rising focus on sustainability is creating lucrative castor oil market opportunities. Producers are increasingly sourcing castor oil from chemical-free and pesticide-free farms that preserve soil health, maintain biodiversity, and protect water sources. Castor farmers are also embracing agroecological practices such as intercropping, crop rotation, and integrated pest management to improve soil fertility, lower carbon emissions, and reduce the need for chemical fertilisers and pesticides. Furthermore, castor oil plays a vital role in the circular economy due to its biodegradable and renewable nature. The oil boasts a lower carbon footprint than fossil fuel-based chemicals, and its by-products such as castor cake can be used in sustainable ways.
Technological Advancements and Innovations
Technological advancements and innovations are shaping the castor oil market trends and dynamics. Advancements in biotechnology and genetic engineering are improving castor oil production and supporting the development of genetically modified castor seeds with improved traits. Increasing research activities aimed at making castor plants more resistant to diseases, pests, and adverse environmental conditions such as droughts and improving yield in water-scarce regions are also aiding the market. Moreover, the growing applications of smart farming techniques, including soil sensors, satellite imaging, and drone monitoring support farmers to optimise pest control, irrigation, and nutrient management and improve castor yields is propelling the market. Key players are also integrating blockchain technology into the castor oil supply chain to improve transparency and traceability.
July 2024
Casterra Ag Ltd. announced the successful completion of its current castor growing and harvesting season in Brazil. It also announced the commencement of castor harvesting season in Africa. The castor seeds produced in the regions are aimed at enabling the company to meet its existing orders, amounting to nearly USD 8.4 million.
June 2024
Casterra Ag Ltd. announced that it received an additional purchase order valued at nearly USD 440,000 from an existing customer. Through this purchase order, the company intends to expand its operations into a new African country and solidify its unique position in the biofuel market.
The global castor oil market is experiencing growth, driven by several key trends. First, the demand for natural and organic products in the cosmetics and personal care sectors is increasing, as castor oil’s moisturising, antioxidant, and anti-inflammatory properties make it a popular ingredient in skincare, hair care, and wellness products. Second, biofuel demand is rising due to castor oil's superior properties for biodiesel, including high stability, lubricity, and oxidation resistance, making it ideal for diesel engines. Additionally, the focus on sustainability is creating lucrative market opportunities, with more eco-friendly farming practices and innovations in extraction methods reducing the carbon footprint. Technological advancements, such as genetic engineering and smart farming, are enhancing castor oil production, improving yields, and ensuring resilience against environmental challenges. Furthermore, blockchain technology is being integrated to enhance supply chain transparency and traceability, contributing to the market’s overall expansion.
The growth of the castor oil industry can be challenged by the volatile prices of castor seeds, which can be influenced by factors such as pests, weather conditions, and diseases. The production of castor oil is sensitive to climatic conditions such as droughts, extreme temperatures, and reduced rainfall. Castor oil and its derivatives are subjected to stringent regulations, especially for use in sectors like biofuels, pharmaceuticals, and personal care, which can increase production costs. Moreover, castor oil faces increased competition from alternative vegetable oils such as soybean oils, palm oils, and rapeseed oils in industries such as biofuels, pharmaceuticals, and cosmetics.
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The EMR’s report titled “Global Castor Oil Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by End Use
Market Breakup by Region
By End Use Insights
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. As per the castor oil market analysis, castor oil plays an essential role in ensuring the smoothness of paints, reducing uneven finishes and streaks. Paints containing castor oil also boast enhanced durability, flexibility, versatility, and eco-friendly benefits.
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North America Castor Oil Market Dynamics
The castor oil market forecast in North America is being aided by the increasing shift towards bio-based and sustainable alternatives in the consumer goods, industrial, and automotive sectors. Governments in the region are increasingly focusing on reducing carbon emissions and meeting renewable energy targets, surging the use of castor oil-based biodiesel to provide a more sustainable and cleaner alternative to traditional fossil fuels. In 2020, Canadian ethanol plants produced around 1.7 billion litres, whereas fuel ethanol consumption reached 2.7 billion litres. Besides, the rising demand for bio-based chemicals and polymers such as polyurethanes, nylon-11, plasticisers, and epoxy resins, among others, in sectors such as construction, automotive, and consumer goods is surging the usage of castor oil in North America.
Asia Pacific Castor Oil Market Overview
As per the castor oil market regional analysis, the Asia Pacific region benefits from favourable climatic conditions for castor plant cultivation, extensive agricultural expertise, and a well-established castor oil processing sector. According to SEA’s (Solvent Extractors’ Association of India) Castor Crop Survey 2023-24, India is assessed to produce around 20.54 lakh tonnes of castor seed during 2023-24 against 18.81 lakh tonnes in 2022-23. Gujarat is the most castor oil-producing state, representing 75% of the total domestic production, followed by Rajasthan and Andhra Pradesh. Furthermore, the rising demand for organic and natural personal care products amid the growing environmental and health consciousness is fuelling the castor oil demand growth.
Key castor oil market players 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.
HOKOKU Co., Ltd, founded in 1940 and headquartered in Osaka, Japan, is a company renowned for the production and supply of castor oil and its derivatives. Recognised for its commitment to high-quality manufacturing processes and sustainability, the company caters to different sectors, including pharmaceuticals, automotive, chemicals, and biofuels.
Jayant Agro-Organics Limited, headquartered in Mumbai, India, is a company that is engaged in the production a...
Gokul Overseas, established in 1995, is a leading company that exports and manufactures castor oil and its der...
Thai Castor Oil Industries Co., Ltd, headquartered in Bangkok, Thailand, and founded in 1977, is one of the le...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
May 2024
India initiated the World Castor Sustainability Forum (WCSF), aimed at establishing a traceable and sustainable castor supply chain to improve the economic, environmental, and social aspects of castor oil production.
November 2022
Casterra Ag Ltd. signed a royalty agreement with Zambian cultivator, manufacturer and distributor of castor oil, Titan Castor Farms Limited. Under the agreement, Casterra aims to provide Titan with advanced castor seeds for cultivation, know-how, processing equipment, and technical support to improve the production of castor oil.
*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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The global market attained a volume of 903.04 KMT in 2023.
The market is projected to grow at a CAGR of 3.40% 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.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| 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:
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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