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Climate change and increasing efforts toward sustainabledevelopment are the major factors that will influence the global castoroil market during the forecast market. Fortune Business Insights sharescrucial market analysis in its report, titled “Castor Oil Market Size, Shareand Global Trend By Product Type (Hydrogenated Castor Oil, Dehydrated CastorOil, Cold Pressed Castor Oil, Jamaican Black Castor Oil), By Application(Surface Coatings, Cosmetics & Pharmaceuticals, Lubricants, Biodiesel), AndGeography Forecast Till 2026”. The report also highlights the market trendsthat are expected in the forecast period, along with information on the mostpromising market segments.
Castor oil is a vegetable oil that is extracted throughpressing processes performed on castor seeds, also called as castor beans.These seeds primarily grow in tropical and subtropical climates. India is thelargest producer of castor seeds, followed by China and Brazil. The derived oilis known for its multi-purpose characteristics, since it can be used forindustrial, medicinal, and pharmaceutical purposes. It is most commonly used inskin care products and as a food additive.
Some of the majormarket players covered by Fortune Business Insights include
· Adani Group
· Jayant Agro-Organics Limited
· Itoh Oil Chemicals Co. Ltd.
· Hokoku Corporation
· Kanak Castor Products Pvt. Ltd.
· Liaoyang Huaxing Chemical Group Corp
· Thai Castor Oil Industries Co. Ltd., and others.
Growing Focus onEnvironmental Sustainability to Boost Market Growth
The global castor oil stands to benefit from the increasingconcerns for conservation of environment and resources. The properties ofcastor oil have been found to be sustainable in nature. As a result, theproduct is finding increasing application as an environment-friendly rawmaterial in a wide range of industries. For example, the production ofbiodiesel requires castor oil to be used as feedstock. With additionaleco-friendly properties of castor oil such as biodegradability, the globalcastor oil market is poised to grow at significant rate.
Proven HealthBenefits to Enhance Market Potential
Consumption of castor oil through different foods has majorhealth benefits. For example, castor oil is a natural laxative, which makes itthe ideal cure for constipation. Furthermore, castor oil promotes wound healingby stimulating tissue growth, thereby preventing infections. This bodes wellfor the global castor oil market as the scope of the market gets moreamplified. Moreover, castor oil is often used in skin care products such aslotions and moisturizers as the oil promotes hydration and prevents water loss.Owing to these factors, the cosmetics and pharmaceutical market segments areexpected to register substantial growth in the forecast period.
Limited Technologiesto Impede Market Growth
The global castor oil market may experience restrainedgrowth on account of lack of advancements in extraction technologies of theproduct. This restriction makes producing castor oil economically unviable forcompanies, as the processes for conventional raw materials are well-establishedand financially accessible. Further, even though castor oil is one of the leastexpensive vegetable oils, it suffers from frequent price fluctuations, whichmakes companies wary of investing in the product.
Additionally, castor oil is also known to have seriousside-effects on human health. For example, skin rashes and irritation alongwith allergic reactions are common side-effects of castor oil. These factorscan greatly hinder the growth of the global castor oil market.
Research andInnovation to Drive Market Competition
In June 2018, 1,019 Indian farmers have successfullycompleted the world’s first sustainable Castor bean program through a jointeffort by Arkema, BASF and Jayant Agro-Organics, and CSO Solidaridad. This isexpected to boost investment in research in developing sustainable manufacturingprocesses and eco-friendly end products by leading companies. Companies arealso looking to increase their market presence and diversify their productsthrough acquisitions. For example, Patanjali Ayurved recently acquired RuchiSoya to widen their product base in different oils. These factors are expectedto augment the global castor oil market during the forecast period.
Asia-Pacific toDominate Among Regions
The Asia-Pacific region is anticipated to hold a dominantmarket share in the global castor oil market till 2026. This is owing tofavourable climatic conditions for growing castor seeds, presence of majorplayers in India, Thailand, China, and Japan, increasing government support forsustainable raw materials, and rising demand for renewable energy. Fast growthof pharmaceutical and cosmetics industries are also going to be importantboosting factors for the global castor oil market.
Source:
https://www.fortunebusinessinsights.com/industry-reports/castor-oil-market-100537
