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$1,101.1 million by the end of this period.
Global Castor Oil Market- Latest Trends, Industry Analysis,
Competition Tracking and Industry Analysis (2018-2026)
End-use industries such as cosmetics and pharmaceutical have been benefitting from
moisturizing, anti-fungal, and anti-inflammatory properties of castor oil. The castor
oil market is prospering on the back of the large purported medicinal value of the
oil that drives in demand in wide range of medicinal use, notes Transparency Market
The competitive ecosystem in the castor oil market has been witnessing key players
adopting a range of strategies to consolidate their shares or position. Numerous
players have been cavorting to ensure a steady supply of raw materials, which also
imparts a competitive edge over other rivals. To this end, they are inking deals and
long-term partnerships with castor seed producers in various parts of the world.
Several of the top players in the castor oil market are also focusing on measures and
strategic moves that will ensure consistent availability of raw materials to keep the
prices steady for end consumers.
Some of the key players in the global castor oil market are Tonghua Castor Chemical
Co. Ltd., BDI Enterprises, Girnar Industries, and Adani Wilmer Ltd.
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$1,101.1 million by the end of this
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Application in Cosmetic Products and Formulations Catalyze Prospects
A robust and steady momentum to the growth of the castor oil market comes from
its utilization in wide range of cosmetic products and formulations. In fact, the
prospects is so vast that the cosmetic segment is expected to chart a CAGR of 4.5%
during 2018 – 2026. The rising use of castor oil in skin care products, including facial
skin care, around the world has been boosting the market. The popularity stems from
the fact tha