Castor
Oil Market: Introduction:
Castor
oil is known to be the only source of hydroxylated fatty acid and
hence, has a great amount of demand as a feedstock in different
related industries. Castor oil is used from hair oil to lubrication
of airplane machinery. Castor oil’s 90% constituent is ricinoleic
acid, which is used in pharmaceutical industries. Rapid use of
scientific knowledge has increased the productivity of the castor
oil. But a large amount of the production yield is based on the
timely rain in the region of the castor oil harvest. The versatile
application of castor oil has produced a significant amount of market
in the last few decades. The production got increased approximately
by 50% in last 25 years. India stands as the major producer of the
castor oil, approx. 85% by quantity. The current rate of production
is not sufficient to the demand of the castor oil present in the
market. This situation creates a very lucrative opportunity for the
new players to enter the castor
oil market.
Castor
Oil Market: Segments:
The
segmentation of castor oil market can be done by the end use
industries and form.
Based
on end use industries the castor oil market can be segmented into
personal care, food and beverage, pharmaceuticals, lubricant, fuel
and others. In personal care industry, castor oil is used as a source
of moisturizer because of its high fatty acid content. Hair care
products like shampoo, hair oils and hair styling cosmetics use
castor oil. Castor oil is also used to produce body lotions and
deodorants. In food and beverage, castor oil is used for packaging,
flavoring and as viscosity additives. Ricinoleic is using as an
anti-inflammatory agent in the pharmaceutical industry which is
isolated from castor oil. Lubricating property of hydrogenated castor
oil is widely used in lubrication industry. Areas like aircraft
lubricant, jet engine lubricant, hydraulic fluid and lubricant grease
are the main use of castor oil. In fuel industry, castor oil is
determined as the best biofuel available in terms of per capita yield
in the market and it is mainly used as the fuel additive.
Based
on a form the castor oil market can be segmented on the basis of
refined oil and hydrogenated oil. The refined oil is pure, pale
yellow colored which can be used directly as feedstock. The
hydrogenated one is basically used in lubricant and cosmetic
industries which have a hard texture and waxy appearance.
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Castor
Oil Market: Region-wise Outlook:
In
the global market, India will be the key producer of the castor oil
because of its favorable ecosystem for castor plant and China will be
the largest market for the castor oil followed by Japan and Malaysia
in Asia-Pacific region. Current market trends show increased use of
natural products in Northern American and European market, hence will
surely be a boost to the already huge castor oil consumption market
in the region. In Middle East region, Saudi Arabia stands as the
biggest consumption market for the castor oil.
Castor
Oil Market: Drivers and Restraints:
Natural
and organic product trend will be the main driver of the castor oil
market. The net demand of such genre of the product has gone up in
the market with the introduction of new products involving castor
oil. Food and beverage industry is anticipated to create a great
amount of demand for castor oil as an additive and flavoring agent.
Other industries who use castor oil in their products like
pharmaceuticals and personal health will keep a steady demand of
castor oil all around the world.
The
dependency of the crop yield over the seasonal rain is a main
restrain to the castor oil market. A low yield may increase the value
of the castor oil in the market which may force producers to use
alternatives.
Castor
Oil Market: Key Players:
The
global key players of castor oil market will be Jayant Agro-Organics
Limited, Adya Oils & Chemicals Ltd, Gujarat Ambuja Exports Ltd,
N.K.Proteins Pvt Limited, RPK Agrotech exports Pvt. Ltd, Kanak Castor
Products Pvt Ltd, Sree Rayalseema Alkalies & Chemical Ltd., Taj
Agro Products, Shandong Tianxing biotechnology Co., Ltd, Tongliao
Winning Chemical Co, .Ltd.
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