Analysis of Potential Impact of COVID-19 on Castor Oil Market

Castor Oil Market

Castor Oil Market: Introduction

Castor oil is a vegetable pressed oil derived from castor seeds which grow in Ricinus communis, a flowering species of the spurge family, Euphorbiaceae. Castor is a native plant of India and eastern Africa where castor oil is produced in large quantities.  Castor oil is used in a wide variety of applications. The major use of castor oil is found in the industrial application where it is used for the production of paints, soap, cosmetics, varnishes, adhesives, lubricants etc. Castor oil is also used for the production of castor oil derivatives which again are valuable chemicals used for industrial application.

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The Asia Pacific region is estimated to contribute around 46.7% value share as it is the major consumer of castor oil in the world. Owing to the supply chain system and versatility in castor oil applications in the region, the demand for the castor oil is expected to grow significantly.

castor oil market

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Castor Oil: Market Outlook

Production of hydrogenated castor oil has played a very crucial role in the cosmetic and chemical industry. The purpose of hydrogenation of castor oil is not only to improve the keeping qualities, taste and odor of the castor oil but also to raise the melting point of the oil.  On the other hand, the use of Jamaican black castor oil has witnessed an upsurge in sales, owing to its unadulterated method of processing and its antifungal and antibacterial properties. Key players of castor oil market are anticipating strong performance in the Latin America castor oil market. Several manufacturers of castor oil are entering new markets through the acquisition of major regional players of castor oil, in order to enhance their product offerings and manufacturing facilities for castor oil. Moreover, companies are currently focusing on opening new innovation centers for castor oil in order to expand and boost their regional presence accordingly. Innovation and advancement to create a superior product from castor oil have been a vital strategy implementation by major companies. Companies in the castor oil market are investing significantly in research & development to gain competitive advantage and create novel applications.

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High Availability of Castor Seeds for Production of Castor Oil

Gujarat is a small geographic region in India, where the global production of global castor oil is concentered. Factors such as subtropical climate conditions and labour-intensive cultivation methods are favouring the cultivation of castor seed and castor oil, which either way becomes a challenge for castor processors in the U.S. and Latin America. Approximately 73% of the castor oil produced in India is concentrated in Gujarat itself. According to data published by the Government of Gujarat, castor seed production in India increased by almost 10% to reach 1.5 million tonnes for the year 2016-17, which clearly signifies the fact that, the availability of castor seeds is in copious, resulting in large production of castor oil, which is anticipated to boost the overall growth of the castor oil market, globally.

Rise in the Requirements for Biodiesel to Boost the Demand for Castor Oil

Being a clean-burning, biodegradable, and renewable fuel, the demand for biodiesel is increasing across the globe as a better replacement for petroleum or diesel. A majority of governments are encouraging the use of biodiesel as a substitute for conventional, air-polluting fuels such as petroleum and diesel. Owing to its ease of use, environmental benefits, increasing power generation applications, and government subsidies on biodiesel, the consumption and requirements of biodiesels have grown substantially across the globe. Biodiesel is produced by converting animal fats or castor oil into fatty acid methyl esters or FAME. FAME is referred to as biodiesel when it is used as a source of fuel in various applications. Due to a wide range of benefits and applications of biodiesel, its production and distribution has increased extensively, which will augment the demand for castor oil in the near future.

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