India Castor Oil & Derivatives Market Outlook (2022-2032)

The India castor oil & derivatives market is forecasted to expand at a CAGR of 4.8% and increase from its current size of US$ 112.2 Mn to US$ 178.5 Mn by the end of 2032. The market exhibited a compounded annual value-based growth rate (CAGR) of 3.5% during the historical period (2017-2021).

Castor oil and its derivatives are highly regarded in the pharmaceutical industry for their wound-healing abilities as it promotes healing and is also used as a tablet and capsule lubricant. Ricinoleic acid possesses anti-inflammatory and pain-reducing properties that help combat skin inflammation and aid in pain reduction.

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What are the Key Trends in the Indian Market for Castor Oil & Derivatives?

“Corporate Aspirations for Lower Carbon Footprint Driving Manufacturers to Utilize Renewable Resources”

In recent decades, the castor oil market has seen favorable growth as both government and industry have shifted toward ecologically friendly methods, with an emphasis on finding renewable resources. The fluctuating prices of oil and fossil fuel supplies, combined with growing concerns about global warming, are driving the demand for renewable fuel sources, and this edible oil is being used as a feedstock for biodiesel.

There is high demand for alternate feedstocks due to increased worries about deforestation and GHG emissions. Castor seeds have a high oil content (50 percent) and they produce a high crop output of up to 140 gallons of castor oil per acre. This factor is expected to open up additional potential for biodiesel without putting food crops in danger.

With two growing cycles per year, the estimated CO2 absorption level of castor bean plants is 34.6 tons per hectare. When compared to petroleum diesel, the lifecycle analysis of biodiesel produced from castor revealed that greenhouse gas emissions were reduced by 90%. As a result, castor oil usage has been increasing steadily over the years and will continue to do so going ahead.

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Competitive Dashboard

Leading producers of castor oil and derivatives are concentrating on processing the product while collaborating with other market players to boost production & revenue and increase their brand recognition. Working together with other companies enables businesses to integrate technology and develop a stronger worldwide brand.

• In June 2021, Adani Wilmar Ltd. acquired a Bangladesh-based company called Bangladesh Edible Oil Limited (BEOL), which is one of the largest oil players in Bangladesh. The company is also engaged in joint ventures with companies such as KTV Health Food Pvt. Ltd., Vishakha Polyfab Pvt Ltd., and KOG-KTV Foods Pvt. Ltd.
• Jayant Agro-Organics Limited has a joint venture with companies such as Ihsedu Agrochem Private Limited, Ihsedu Itoh Green Chemicals Marketing Pvt. Ltd., and Vithal Castor Polyols Private Limited for manufacturing various industrial and specialty grades of castor oil.      

India Castor Oil & Derivatives Industry Research by Category

By Product Type:

• Castor Oil
  • Refined Castor Oil
  • Cold Pressed Castor Oil
  • First Special Grade (F.S.G) Castor Oil
  • Pale Pressed Grade (P.P.G) Castor Oil
  • Others
• Derivatives
  • Deodorized Castor Oil
  • Hydrogenated Castor Oil
  • Dehydrated Castor Oil
  • Stearic Acid
  • Ricinoleic Acid
  • Others

By Classification:

• Industrial
• Pharmaceutical

By End Use:

• Cosmetics & Personal Care Industry
• Pharmaceutical Industry
• Biomaterials
• Lubricants & Greases
• Inks, Paints, and Coatings
• Other Industrial Applications

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