Castor Oil and Derivatives Global Market Report 2024

The castor oil and derivatives market size has grown strongly in recent years. It will grow from $1.31 billion in 2023 to $1.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. During the historical period, growth in the application of castor oil can be linked to several factors, including its expanded industrial usage, heightened demand in pharmaceutical and cosmetic sectors, increasing utilization within the textile industry, the global expansion of agriculture, and the emergence and rising demand for specialty chemicals.

The castor oil and derivatives market size is expected to see strong growth in the next few years. It will grow to $1.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. Anticipated growth in the upcoming period is expected to be fueled by several factors, including the expanding cosmetic and personal care industry, rising demands for bio-based plastics, the increased adoption of castor oil within agriculture, expanding applications in the pharmaceutical sector, and a heightened focus on renewable resources. Key trends projected in the forecast period encompass the growing demand for bio-based products, technological advancements in extraction methods, advancements in biodiesel production utilizing castor oil, ongoing research and development in castor cultivation techniques, as well as increased demand within the textile industry for castor oil derivatives.

The increasing demand for cosmetic products is anticipated to drive the growth of the castor oil and its derivatives market. Cosmetics encompass a wide range of products intended to enhance or modify the appearance of skin, hair, nails, or teeth, including beauty preparations and grooming aids. Castor oil and its derivatives find significant use in the production of cosmetics such as lotions, makeup, and cleansers due to their hydrating properties. This demand surge in cosmetics is evident in the US, where skincare product sales saw a 13% increase, and makeup items sales rose by 1% in the previous year, as reported by Automat.ai in January 2021. With a notable 24% growth in online beauty merchants, particularly in the skincare segment, the rising demand for cosmetic products acts as a driving force for the castor oil and derivatives market.

The expanding aerospace sector is poised to contribute to the growth of the castor oil and its derivatives market. Encompassing the design, development, manufacturing, testing, and operation of aircraft and spacecraft, the aerospace sector relies on castor oil and its derivatives as lubricants in various applications. These derivatives boast a high viscosity index, excellent oxidation resistance, and a low pour point, making them ideal for lubricating moving components in aircraft engines, spacecraft, and other aerospace systems. Notably, Airbus SE, a Netherlands-based aerospace corporation, reported a significant increase in gross and net orders for commercial aircraft in 2022 compared to the previous year. With 1,078 gross orders and 820 net orders, up from 771 and 507, respectively, in 2021, the growing aerospace sector is identified as a key driver for the castor oil and its derivatives market.

The anticipated increase in healthcare expenditure is set to drive the growth of the castor oil and derivatives market. Castor oil, known for its natural properties, is utilized in the healthcare industry for treating arthritis pain, inflammation, and joint pain. Additionally, it is employed to stimulate digestion and provide relief from temporary constipation. The 2021-2030 National Health Expenditure (NHE) report by the Centers for Medicare & Medicaid Services (CMS), a US-based Department of Health and Human Services department, reveals that national health spending is projected to grow at an average annual rate of 5.1% between 2021 and 2030, reaching approximately $6.8 trillion by 2030. During the same period, Medicare expenditures are expected to expand at a 7.2% annual rate, while Medicaid spending is forecasted to grow at a 5.6% annual rate. This upward trend in healthcare expenditure serves as a significant driver for the growth of the castor oil and derivatives market.

Innovation emerges as a prominent trend in the castor oil and derivatives market, with major companies focusing on developing novel products to maintain their market position. A notable example is Hennes & Mauritz AB (H&M Group), a Sweden-based clothing company, which introduced the Innovation Stories platform in March 2021. This platform features themed collections dedicated to promoting sustainable materials, technologies, and production processes. Under the Science Story collection, H&M launched a new vegan collection made of cactus leather and castor oil yarn in which castor oil serves as a source for specifically created monomers used in polymerization. This innovative approach highlights the commitment of major players to sustainability and the utilization of castor oil in pioneering product development within the market.

Major players in the castor oil and its derivatives market are strategically engaging in partnerships to enhance their geographical presence and gain a competitive advantage. These collaborations enable companies to harness synergies in technology, distribution networks, and research and development (R&D) capabilities, fostering innovation to meet the increasing demand for castor oil and its derivatives. A notable example is the partnership between Casterra Ag Ltd., an Israel-based castor seed technology developer, and Titan Castor Farms Limited, a Zambia-based cultivator, manufacturer, and distributor of castor oil. Formed in November 2022, this partnership focuses on castor oil sales in South-Eastern Africa. Casterra, leveraging its technology, supports Titan by covering processing equipment costs, providing expertise, technical assistance, and enhanced castor seeds for cultivation. Titan gains end-to-end capabilities, from development to castor oil production, while Casterra receives royalties from Titan on castor oil product sales. This strategic alliance marks a significant move for Casterra in entering the growing global castor oil market in Africa, contributing to Titan's goal of maintaining its position as a leading producer in the region.

Major companies operating in the castor oil and derivatives market report are Rpk Agrotech Exports Pvt Ltd., Adani Wilmar Limited, Hokoku Corporation, Taj Agro Products Limited, Girnar Industries, Kanak Castor Products Pvt. Ltd., N.K. Proteins Pvt. Limited, Jayant Agro Organics Limited, Gokul Agri International Ltd., ITOH Oil Chemicals Co. Ltd., Ambuja Intermediates Pvt. Ltd., Krishna Antioxidants Pvt. Ltd., Thai Castor Oil Industries Co. Ltd., Arvalli Castor Derivatives Private Limited, Xingtai Lantian Fine Chemical Co. Ltd., Kokura Gosei Kogyo Ltd., Arkema S.A., Alberdingk Boley GmbH, Vrundavan Agro International, Tongliao Meihua United Biotech Co. Ltd., Bom Brazil, Hangzhou Dayangchem Co. Ltd., YNK Castor Products, Liaoning Xinhe Chemical Co. Ltd., Hengshui Shanzhi Health Minerals Co. Ltd., Gwalior Chemical Industries Ltd., Tonghua Castor Chemical Co. Ltd., Swan Isopropyl Ltd., Biotor Industries Ltd., Sapthagiri Agro Oil Mill, Tongliao Tys Chemical Co. Ltd., Lasons India Pvt. Ltd., La International.

Asia-Pacific was the largest region in the castor oil and derivatives market in 2023. The regions covered in the castor oil and derivatives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the castor oil and derivatives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key products in the realm of castor oil derivatives include 12-HAS, dehydrated castor oil, hydrogenated castor oil, ricinoleic acid, sebacic acid, and undecylenic acid. Ricinoleic acid, constituting 90% of castor oil's triglyceride content, is an unsaturated fatty acid derived from this oil. These derivatives come in several grades such as pale pressed grade, first special grade (FSG), commercial grade, first pressed degummed grade castor oil, British pharma grade (BPG), among others. They find application in diverse sectors such as lubricants, cosmetics, pharmaceuticals, biodiesel, plastics, resins, and more. These products cater to various industries including healthcare, cosmetics, food, aerospace and defense, automotive, electrical and electronics, and others.

The castor oil and derivatives market research report is one of a series of new reports that provides castor oil and derivatives market statistics, including castor oil and derivatives industry global market size, regional shares, competitors with a castor oil and derivatives market share, detailed castor oil and derivatives market segments, market trends and opportunities, and any further data you may need to thrive in the castor oil and derivatives industry. This castor oil and derivatives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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