Demand and Trend Analysis of Castor Oil & Derivatives in India
Study on Castor Oil & Derivatives in India by Castor Oil and Derivatives for Industrial and Pharmaceuticals From 2024 to 2034
Analysis of Castor Oil & Derivatives Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Castor Oil & Derivative Sales Outlook for India (2024 to 2034)
Expanding at a CAGR of 4.8%, the revenue from the demand for castor oil & derivatives is projected to increase from a valuation of US$ 124.2 million in 2024 to US$ 198.5 million by 2034.
The pharmaceutical industry holds castor oil and its derivatives in high regard for their capacity to facilitate wound healing and serve as a lubricant for tablets and capsules. The anti-inflammatory and analgesic qualities of ricinoleic acid help reduce pain and fight inflammation of the skin. Vegetable oil called castor oil is made from castor seeds and is used in several industrial, pharmacological, and medical applications. The need for castor oil and its derivatives is increasing because of its useful qualities, which is making it an excellent element in several applications.
Due to the sharp rise in demand for castor oil derivatives in North America and Asia, including the United States, Japan, South Korea, and China, players in India are focusing on exports. It is projected that rising product usage in biodiesel feedstock is also driving demand for castor oil and derivatives. Liquid biofuels are utilized in communication means such as trucks, ships, and airplanes as well as other combustion engines that run on gasoline, diesel, and kerosene as an alternative fuel.
Liquid biofuel known as biodiesel is made from vegetable or animal fats and is mixed with diesel fuel or used directly in diesel engines. Because castor oil is inedible and has a unique chemical structure, it is employed as a bio-based raw material for the manufacturing of biodiesel.
The pharmaceutical and cosmetics industries are contributing to the increased demand for castor oil. This is because the demand for pharmaceutical and cosmetic goods is increasing along with healthcare expenditures and public awareness of self-management and preventative care. Demand for the product is rising in unison with its growing application in the production of skincare, cosmetic, and soap products.
The product's potent anti-inflammatory properties aid in lowering pain and swelling and speeding up the healing of wounds. Moreover, castor oil facilitates the movement of the muscle that pushes solid food through the intestines and helps loosen the bowels since it acts as a natural laxative.
The market is expanding due to an increase in the use of the product to lessen constipation symptoms, lower sensations of incomplete bowel movements, and ensure less strain during defecation. The substance is utilized in the production of several cosmetics such as lubricants, sunscreens, hair oils, lipsticks, lip gels, deodorants, soaps, and fragrances. Moreover, the demand for castor oil is also driven by its increasing use in cosmetic goods, particularly those that cater to non-comedogenic cosmetics.
Report Attributes | Details |
---|---|
Castor Oil & Derivative Sales in India (2024E) | US$ 124.2 Million |
Projected Sales (2034F) | US$ 198.5 Million |
Demand Growth (2024 to 2034) | 4.8% CAGR |
Demand Growth for Castor Oil Segment (2024 to 2034) | 5% CAGR |
Sales in Industrial Segment (2034F) | US$ 92.7 Million |
Revenue Share of Pharmaceutical Segment (2034F) | 53.3% |
Key Companies Profiled | Adani Wilmar Ltd.; Ambuja Solvex Pvt. Ltd.; Amee Castor & Derivatives Ltd.; Arvalli Castor Derivatives Pvt. Ltd.; Cristol; Girnar Industries; Globexo India; Gokul Agri International Ltd.; Guru Raghavendra Chemicals; Jayant Agro-Organics Limited; Kisan Agro; NK Industries Limited; Royal Castor Products Limited; Shri Bhagwati Oil Mill; Silverline Chemicals; Uday Oils. |
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Why is There a Steady Increase in the Demand for Castor Oil and Derivatives?
“Growing Preference for Environment-Friendly Products among More Consumers”
Demand for castor oil and derivatives is increasing with growing business and government movements toward environment-friendly practices and the discovery of renewable resources. The need for renewable fuel sources is attributed to the volatile pricing of oil and fossil fuel supply, together with rising worries about global warming. This edible oil is utilized as a feedstock for biodiesel.
Because of growing concerns over deforestation and greenhouse gas emissions, there is a considerable demand for alternative feedstock. Castor seeds are contributing to a high crop yield of castor oil of about up to 140 gallons per acre and a high oil content of 50%. This element is forecasted to expand biodiesel's potential without endangering food crops.
Castor bean plants are estimated to absorb 34.6 tons of CO2 per hectare when they are a two growth cycles annually. The analysis of the biodiesel lifecycle made from castor showed a 90% reduction in greenhouse gas emissions when compared to petroleum fuel. Because of this, castor oil consumption is rising around the world and creating prospects for market players in the country.
“Best Substitute for Petro-fuels in Turbine Engines and Alternative of Feedstock”
Plant oils are consumed as a substitute for petro-fuels in turbine engines and as an alternative feedstock for the synthesis of biofuels that are utilized in diesel. Comparing biofuels to conventional fuels reveals several benefits. They are devoid of aromatics and sulfur, which create corrosive acids while burning, and they are superior lubricants utilized for high-pressure injection system components.
Castor oil & derivatives are biodegradable and produce no carbon dioxide emissions over their life cycle, thereby being considered as environmentally benign. The use of biofuels in aircraft is becoming more common in transportation. Castor oil derivatives are used by automakers including Fiat, Daimler, and Ford to reduce the amount of petrochemicals in their cars and increase their usage of renewable resources. In addition, although still not very common, the use of biofuels in the automobile sector is been steadily increasing.
“Presence in Tropics and Subtropical Countries Driving Demand”
Wild or farmed, castor seeds are present in nearly every tropical and subtropical country. Castor is one of the oilseeds that India produces in large quantities. Oilseed crops are gaining significance to India's agricultural economy in terms of acreage and production. The fact that castor seeds are resistant to pests and diseases and don't require special handling during storage is one of the key factors farmers are cultivating them.
Oil output doesn't vary even if gardeners keep these seeds for three long years in storage. However, because castor is a profitable crop and is crushed quickly to create a variety of castor oil derivatives, farmers seldom store their seeds in a warehouse for a long time. The Solvent Extractors Association of India estimates that 1,755,000 MT of castor seeds were manufactured and processed into castor oil & derivatives.
What is a Major Threat for Castor Oil and Derivative Manufacturers?
“Constant Price Fluctuations Impeding Demand for Caster Oil & Derivatives”
The market growth in India is hampered by the fluctuating pricing of castor oil. This instability notably affects small- and medium-sized purchasers, who are finding it difficult to compete with the larger companies.
Since India is one of the world's top producers of castor oil, any change in trade laws or disruption in crop production is adversely impacting the value chain of the market for derivatives extracted from castor oil. Due to several issues, such as an over-reliance on the weather and inadequate infrastructure, castor oil and its derivatives are poor competitors in the market.
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Category-wise Evaluation
Which Product Type is Primarily Getting Sold in the Indian Market?
“Derivatives are Generating More Revenue Compared to Castor Oil”
Attribute | Derivatives |
---|---|
Segment Value (2024E) | US$ 63.6 Million |
Growth Rate (2024 to 2034) | 4.6% CAGR |
Projected Value (2034F) | US$ 99.8 Million |
The derivatives of castor oil are the primary product type sold in the Indian market, and generating more revenue compared to pure castor oil. This is due to the diverse applications of castor oil derivatives in several industries such as pharmaceuticals, cosmetics, and industrial, leading to higher demand and sales.
Why are Castor Oil and Derivatives Used More in Pharmaceuticals in India?
“Extensive Consumption of Castor Oil & Derivatives in Pharmaceuticals for Exceptional Healing Properties”
Attribute | Pharmaceuticals |
---|---|
Segment Value (2024E) | US$ 66.9 Million |
Growth Rate (2024 to 2034) | 4.7% CAGR |
Projected Value (2034F) | US$ 105.8 Million |
In India, the pharmaceutical classification of castor oil and its derivatives is widely common. The pharmaceutical industry holds castor oil and its derivatives in high regard due to their capacity to facilitate wound healing. They serve as a lubricant for tablets and capsules and provide anti-inflammatory and analgesic properties. The widespread use of castor oil and derivatives in pharmaceutical applications has contributed significantly to its prominence in the Indian market, making it the more widely used classification compared to other sectors.
Market Competition
Prominent manufacturers of castor oil and its derivatives in India are focusing on product processing and working together with other participants to enhance production and income along with brand awareness. Collaborating with other firms helps organizations integrate technologies and build a more powerful global brand.
- Adani Wilmar Ltd. purchased one of the prominent oil companies, Bangladesh Edible Oil Limited (BEOL) from Bangladesh, in June 2021. Moreover, the business has joint ventures with businesses including Vishakha Polyfab Pvt Ltd., KOG-KTV Foods Pvt. Ltd., and KTV Health Food Pvt. Ltd.
- For the purpose of producing several industrial and specialized grades of castor oil, Jayant Agro-Organics Limited has entered into a collaboration with businesses, including Ihsedu Itoh Green Chemicals Marketing Pvt. Ltd., Ihsedu Agrochem Private Limited, and Vithal Castor Polyols Private Limited.
Fact.MR provides detailed information about the price points of leading companies offering castor oil & derivatives positioned in India, sales growth, production capacity, and speculative technological expansion, in this new market report.
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Segmentation of Castor Oil & Derivatives Study in India
-
By Product Type :
- Castor Oil
- Derivatives
-
By Classification :
- Industrial
- Pharmaceuticals
-
By Region :
- North India
- South India
- East India
- West India
- FAQs -
How are castor oil and derivative sales in India estimated to reach in 2024?
The sales revenue for castor oil and derivatives is estimated to reach a valuation of US$ 124.2 million in 2024.
What is the projected revenue for castor oil and derivatives by the year 2034?
By 2034, key players in the market are forecasted to see a revenue of US$ 198.5 million.
How much is the compound annual growth rate for the castor oil and derivatives industry?
The market in India for castor oil and derivatives is analyzed to advance at a CAGR of 4.8% between 2024 and 2034.
How much is the estimated share of castor oil segment in India?
The market share for castor oil in India is expected to hold a share of 48.8% in the year 2024.
What is the demand growth rate for pharmaceutical classification in India?
Pharmaceutical classification is projected to progress at a CAGR of 4.7% between 2024 and 2034.
What is the estimated revenue for industrial classification in 2024?
Industrial classification is expected to reach US$ 57.3 million in 2024.