The global castor oil and derivatives market size is expected to reach USD 2.0 billion by 2025, expanding at a CAGR of 6.7%, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a fast pace owing to increasing demand from end-use industries, especially biodiesel, cosmetics, and pharmaceutical. The growth in the market can be attributed to increasing demand for biodegradable and sustainable products on account of shifting industry trends toward reducing the dependency on petrochemicals.
Mounting preference of end-use manufacturers toward bio-based chemicals can be attributed to the fluctuating prices of petrochemical-based products, which are a result of the demand-supply gap. This shift toward bio-based products has caused distress in the global chemical industry and has fueled the demand for vegetable oils, especially castor oil. Favorable regulatory support from developed economies of North America and Europe, owing to the resolutions for reducing environmental hazards related to petrochemicals and conventional sources, is anticipated to fuel the market growth in the near future.
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The product is primarily found in semi-tropical and tropical regions across the globe. India is the largest manufacturer of castor oil and the production is anticipated to rise on account of high availability of seeds in the country. According to the Amisy Group, prominent producers in 2018 were Brazil, China, and India, which account for over 80% of the global castor oil production volume. Plant cultivation is dependent on the climate and its harvesting requires approximately six months, resulting in an unpredictable supply of raw material. Fluctuating prices of the raw material owing to inconsistency in supply chain and high dependency on climatic conditions are projected to restrain the market growth.
Castor Oil & Derivatives Market Growth & Trends
• The castor oil and derivatives market demand is anticipated to reach 1,079.9 kilotons by 2025, at a CAGR of 4.1% from 2019 to 2025
• In terms of revenue, the undecylenic acid product segment is projected to ascend at a revenue-based CAGR of 7.5% over the forecast period
• In terms of volume, plastics and resins emerged as the largest application segment in 2018, owing to growing preference for biodegradable plastics across the globe
• Europe is projected to witness a remarkable revenue-based growth rate of 6.5% in the near future, owing to the increasing consumption of personal care and cosmetic products in the region
• Jayant Agro Organics, NK Proteins Limited, and Adani Wilmar Limited are the market leaders owing to their strong product portfolio. Adani Wilmar Limited has a broad product portfolio of castor oil and derivatives and operates in over 50 countries, globally
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Castor Oil & Derivatives Market Growth & Trends
Grand View Research has segmented the global castor oil and derivatives market on the basis of product, application, and region:
Castor Oil & Derivatives Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• Sebacic acid
• 12HSA
• Ricinoleic Acid
• Hydrogenated Castor oil (Castor wax)
• Undecylenic acid
• Dehydrated Castor Oil
• Others
Castor Oil & Derivatives Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• Lubricants
• Surface Coatings
• Biodiesel
• Cosmetics and Pharmaceuticals
• Plastics and Resins
• Others
Castor Oil & Derivatives Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Netherlands
• Asia Pacific
o China
o India
o Japan
o South Korea
o Australia
o Singapore
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o South Africa
o Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.