End-use industries such as cosmetics and pharmaceutical have beenbenefitting from moisturizing, anti-fungal, and anti-inflammatory properties ofcastor oil. The castor oil market is prosperingon the back of the large purported medicinal value of the oil that drives indemand in wide range of medicinal use, notes Transparency Market Research(TMR).
The competitive ecosystem in the castor oil market has been witnessingkey players adopting a range of strategies to consolidate their shares orposition. Numerous players have been cavorting to ensure a steady supply of rawmaterials, which also imparts a competitive edge over other rivals. To this end,they are inking deals and long-term partnerships with castor seed producers invarious parts of the world. Several of the top players in the castor oil marketare also focusing on measures and strategic moves that will ensure consistentavailability of raw materials to keep the prices steady for end consumers.
Some of the key players in the global castor oil market are TonghuaCastor Chemical Co. Ltd., BDI Enterprises, Girnar Industries, and Adani WilmerLtd.
The global castor oil market is projected to expand at a CAGR of 3.0%from 2018 to 2026, and is expected to reach worth of at least US$1,101.1million by the end of this period.
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Application in Cosmetic Products and FormulationsCatalyze Prospects
A robust and steady momentum to the growth of the castor oil marketcomes from its utilization in wide range of cosmetic products and formulations.In fact, the prospects is so vast that the cosmetic segment is expected tochart a CAGR of 4.5% during 2018 – 2026. The rising use of castor oil in skincare products, including facial skin care, around the world has been boostingthe market. The popularity stems from the fact that castor oil possess a uniquemix of antimicrobial and anti-inflammatory properties. Brands promote thepotential of castor oil in reducing acne symptoms, thus reinforcing its demandsin the castor oil market.
Further, various cosmetic and pharmaceutical are gathering steam amongconsumers on the back of growing body of animal-base studies that havedemonstrated the effectiveness of castor oil in range of applications.
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Swelling Castor Oil Manufacturing Facilities inDeveloping Regions Cements Potential
The growing popularity of hydrogenated castor oil among consumers inemerging economies has been bolstering the expansion of the castor oil market.Moreover, the proliferation of manufacturing facilities and research centers inthese economies has helped broaden the prospects. Of all the regions, AsiaPacific is expected to hold a dominating share in the global castor oil marketthroughout the forecast period. The regional market is expected to make largestrides due to the fact that a few countries in the region account for sizablevolumes of seed production, globally. On the other hand, Latin America iswitness a promising potential in the global castor oil market. Top players inthe coming few years down the line may set their focus on this regional market.
The growing prospect of castor oil as an attractive biodiesel is anotable trend cementing the potential of the castor oil market. The fact thatusing castor oil in making the biofuel reduces cloud and pour points makes theusage of oil as a useful ingredient in producing biodiesel that can be used inharsh winter conditions. Over the past few years, industry players have madesignificant progress in relation to biodiesel production and optimization ofcastor oil, which has unlocked new potential in the castor oil market.
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