India Castor Oil & Derivatives Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Country: (India)

Description

The castor oil and derivatives market in India is poised for steady growth over the coming years. Valued at approximately USD 122.97 million in 2024, the market is projected to reach USD 171.6 million by 2031, with a CAGR of 4.90%.Known for its extensive applications in the pharmaceutical, industrial, and cosmetics sectors, castor oil's appeal is rooted in its numerous medicinal and industrial uses. Derived from castor seeds, this vegetable oil is highly valued, particularly in the pharmaceutical industry for its wound-healing properties, thanks to its main component, ricinoleic acid, which is known for its anti-inflammatory and pain-reducing properties.

Market Dynamics The market has experienced favorable growth, driven by the shift towards eco-friendly practices and the search for renewable resources. The volatile prices of conventional oil and concerns about global warming have heightened the demand for renewable sources, with castor oil emerging as a viable feedstock for biodiesel. This has been catalyzed by the high oil yield of castor seeds and their ability to produce a substantial amount of oil per acre without threatening food crop production.

Environmental Impact and Crop Cultivation Castor plants are notable for their dual growing cycles per year and significant CO2 absorption capability. The biodiesel derived from castor oil has been shown to reduce greenhouse gas emissions substantially when compared to petroleum diesel, bolstering the market's growth trajectory. Furthermore, India, a leading producer of castor seeds, offers the ideal climatic conditions for their cultivation, predominantly in regions like Gujarat, Rajasthan, and Andhra Pradesh.

Key Market Trends

1. Corporate Shift Toward Sustainability: Businesses are increasingly driven by a need to reduce their carbon footprint, leveraging renewable resources such as castor oil to meet their sustainability goals.

2. Biofuels Advancement: The properties of plant oils like castor oil are being harnessed to replace petro-fuels in applications ranging from diesel engines to turbine engines. This shift is partially influenced by biofuels' sulfur-free nature, which avoids the corrosive by-products of combustion seen with traditional fuels.

3. Burgeoning Demand for Biomaterials: There is a growing market for biomaterials across various industries, driven by environmental concerns and regulatory policies. Castor oil is integral to the production of eco-friendly polymers and has made significant inroads into the biomaterials market due to its sustainable properties.

4. Challenges with Price Volatility: Despite its potential, the market faces challenges such as price fluctuations, which particularly affect small and medium-sized enterprises. Dependency on climatic conditions and agricultural practices also contribute to market instability, influencing pricing and production levels.

Market Insights by Category

End Use Analysis: The lubricants and greases segment dominates the market due to castor oil's efficacy in high-temperature applications and superior low-temperature viscosity. This segment utilizes castor oil extensively in high-performance applications like racing engines and aerospace.
Product Insights: Castor oil itself represents the largest share of the market, attributed to its anti-oxidant and anti-inflammatory properties which are crucial in pharmaceutical applications and are also widely used in cosmetics and other industrial applications.

Competitive Analysis The market is characterized by intense competition and strategic collaborations. Key players are focusing on enhancing their production capacities and expanding their market footprint through strategic alliances and acquisitions.

Recent Developments: Notable developments include Adani Wilmar Ltd.'s acquisition of Bangladesh Edible Oil Limited, aiming to expand its presence in the Bangladesh market. Similarly, Jayant Agro-Organics Limited has engaged in multiple joint ventures to bolster its offerings in industrial and specialty grades of castor oil.

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

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

1. Executive Summary

1.1. India Castor Oil & Derivatives Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value and Volume, 2024
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Economic Overview
- 2.6.1. World Economic Projections
2.7. PESTLE Analysis

3. Price Analysis, 2019 - 2023

3.1. India Average Price Analysis, by Product Type, US$ Per Unit, 2019 - 2023
3.2. Prominent Factor Affecting Castor Oil & Derivatives Prices
3.3. India Average Price Analysis, by Zone, US$ Per Unit

4. India Castor Oil & Derivatives Market Outlook, 2019 - 2031

4.1. India Castor Oil & Derivatives Market Outlook, by Product Type, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 4.1.1. Key Highlights
  - 4.1.1.1. Castor Oil
    - 4.1.1.1.1. Refined Castor Oil
    - 4.1.1.1.2. Cold Pressed Castor Oil
    - 4.1.1.1.3. First Special Grade (F.S.G) Castor Oil
    - 4.1.1.1.4. Pale Pressed Grade (P.P.G) Castor Oil
    - 4.1.1.1.5. Others
  - 4.1.1.2. Derivatives
    - 4.1.1.2.1. Deodorized Castor Oil
    - 4.1.1.2.2. Hydrogenated Castor Oil
    - 4.1.1.2.3. Dehydrated Castor Oil
    - 4.1.1.2.4. Stearic Acid
    - 4.1.1.2.5. Ricinoleic Acid
    - 4.1.1.2.6. Others
4.2. India Castor Oil & Derivatives Market Outlook, by Classification, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 4.2.1. Key Highlights
  - 4.2.1.1. Industrial
  - 4.2.1.2. Pharmaceutical
4.3. India Castor Oil & Derivatives Market Outlook, by End-use, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 4.3.1. Key Highlights
  - 4.3.1.1. Cosmetics & Personal Care Industry
  - 4.3.1.2. Pharmaceutical Industry
  - 4.3.1.3. Biomaterials
  - 4.3.1.4. Lubricants & Greases
  - 4.3.1.5. Inks, Paints, and Coatings
  - 4.3.1.6. Other Industrial Applications
4.4. India Castor Oil & Derivatives Market Outlook, by Zone, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 4.4.1. Key Highlights
  - 4.4.1.1. North
  - 4.4.1.2. East
  - 4.4.1.3. West
  - 4.4.1.4. South

5. North India Castor Oil & Derivatives Market Outlook, 2019 - 2031

5.1. North India Castor Oil & Derivatives Market Outlook, by Product Type, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Castor Oil
    - 5.1.1.1.1. Refined Castor Oil
    - 5.1.1.1.2. Cold Pressed Castor Oil
    - 5.1.1.1.3. First Special Grade (F.S.G) Castor Oil
    - 5.1.1.1.4. Pale Pressed Grade (P.P.G) Castor Oil
    - 5.1.1.1.5. Others
  - 5.1.1.2. Derivatives
    - 5.1.1.2.1. Deodorized Castor Oil
    - 5.1.1.2.2. Hydrogenated Castor Oil
    - 5.1.1.2.3. Dehydrated Castor Oil
    - 5.1.1.2.4. Stearic Acid
    - 5.1.1.2.5. Ricinoleic Acid
    - 5.1.1.2.6. Others
5.2. North India Castor Oil & Derivatives Market Outlook, by Classification, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Industrial
  - 5.2.1.2. Pharmaceutical
5.3. North India Castor Oil & Derivatives Market Outlook, by End-use, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 5.3.1. Key Highlights
  - 5.3.1.1. Cosmetics & Personal Care Industry
  - 5.3.1.2. Pharmaceutical Industry
  - 5.3.1.3. Biomaterials
  - 5.3.1.4. Lubricants & Greases
  - 5.3.1.5. Inks, Paints, and Coatings
  - 5.3.1.6. Other Industrial Applications
- 5.3.2. BPS Analysis/Market Attractiveness Analysis

6. East India Castor Oil & Derivatives Market Outlook, 2019 - 2031

6.1. East India Castor Oil & Derivatives Market Outlook, by Product Type, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Castor Oil
    - 6.1.1.1.1. Refined Castor Oil
    - 6.1.1.1.2. Cold Pressed Castor Oil
    - 6.1.1.1.3. First Special Grade (F.S.G) Castor Oil
    - 6.1.1.1.4. Pale Pressed Grade (P.P.G) Castor Oil
    - 6.1.1.1.5. Others
  - 6.1.1.2. Derivatives
    - 6.1.1.2.1. Deodorized Castor Oil
    - 6.1.1.2.2. Hydrogenated Castor Oil
    - 6.1.1.2.3. Dehydrated Castor Oil
    - 6.1.1.2.4. Stearic Acid
    - 6.1.1.2.5. Ricinoleic Acid
    - 6.1.1.2.6. Others
6.2. East India Castor Oil & Derivatives Market Outlook, by Classification, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Industrial
  - 6.2.1.2. Pharmaceutical
6.3. East India Castor Oil & Derivatives Market Outlook, by End-use, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 6.3.1. Key Highlights
  - 6.3.1.1. Cosmetics & Personal Care Industry
  - 6.3.1.2. Pharmaceutical Industry
  - 6.3.1.3. Biomaterials
  - 6.3.1.4. Lubricants & Greases
  - 6.3.1.5. Inks, Paints, and Coatings
  - 6.3.1.6. Other Industrial Applications
- 6.3.2. BPS Analysis/Market Attractiveness Analysis

7. West India Castor Oil & Derivatives Market Outlook, 2019 - 2031

7.1. West India Castor Oil & Derivatives Market Outlook, by Product Type, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Castor Oil
    - 7.1.1.1.1. Refined Castor Oil
    - 7.1.1.1.2. Cold Pressed Castor Oil
    - 7.1.1.1.3. First Special Grade (F.S.G) Castor Oil
    - 7.1.1.1.4. Pale Pressed Grade (P.P.G) Castor Oil
    - 7.1.1.1.5. Others
  - 7.1.1.2. Derivatives
    - 7.1.1.2.1. Deodorized Castor Oil
    - 7.1.1.2.2. Hydrogenated Castor Oil
    - 7.1.1.2.3. Dehydrated Castor Oil
    - 7.1.1.2.4. Stearic Acid
    - 7.1.1.2.5. Ricinoleic Acid
    - 7.1.1.2.6. Others
7.2. West India Castor Oil & Derivatives Market Outlook, by Classification, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 7.2.1. Key Highlights
  - 7.2.1.1. Industrial
  - 7.2.1.2. Pharmaceutical
7.3. West India Castor Oil & Derivatives Market Outlook, by End-use, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Cosmetics & Personal Care Industry
  - 7.3.1.2. Pharmaceutical Industry
  - 7.3.1.3. Biomaterials
  - 7.3.1.4. Lubricants & Greases
  - 7.3.1.5. Inks, Paints, and Coatings
  - 7.3.1.6. Other Industrial Applications
- 7.3.2. BPS Analysis/Market Attractiveness Analysis

8. South India Castor Oil & Derivatives Market Outlook, 2019 - 2031

8.1. South India Castor Oil & Derivatives Market Outlook, by Product Type, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Castor Oil
    - 8.1.1.1.1. Refined Castor Oil
    - 8.1.1.1.2. Cold Pressed Castor Oil
    - 8.1.1.1.3. First Special Grade (F.S.G) Castor Oil
    - 8.1.1.1.4. Pale Pressed Grade (P.P.G) Castor Oil
    - 8.1.1.1.5. Others
  - 8.1.1.2. Derivatives
    - 8.1.1.2.1. Deodorized Castor Oil
    - 8.1.1.2.2. Hydrogenated Castor Oil
    - 8.1.1.2.3. Dehydrated Castor Oil
    - 8.1.1.2.4. Stearic Acid
    - 8.1.1.2.5. Ricinoleic Acid
    - 8.1.1.2.6. Others
8.2. South India Castor Oil & Derivatives Market Outlook, by Classification, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 8.2.1. Key Highlights
  - 8.2.1.1. Industrial
  - 8.2.1.2. Pharmaceutical
8.3. South India Castor Oil & Derivatives Market Outlook, by End-use, Value (US$ Mn) and Volume (Tons), 2019 - 2031
- 8.3.1. Key Highlights
  - 8.3.1.1. Cosmetics & Personal Care Industry
  - 8.3.1.2. Pharmaceutical Industry
  - 8.3.1.3. Biomaterials
  - 8.3.1.4. Lubricants & Greases
  - 8.3.1.5. Inks, Paints, and Coatings
  - 8.3.1.6. Other Industrial Applications
- 8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

9.1. Company Market Share Analysis, 2024
9.2. Competitive Dashboard
9.3. Company Profiles
- 9.3.1. Adani Wilmar Ltd.
  - 9.3.1.1. Company Overview
  - 9.3.1.2. Product Portfolio
  - 9.3.1.3. Financial Overview
  - 9.3.1.4. Business Strategies and Development
- 9.3.2. Ambuja Solvex Pvt. Ltd.
  - 9.3.2.1. Company Overview
  - 9.3.2.2. Product Portfolio
  - 9.3.2.3. Financial Overview
  - 9.3.2.4. Business Strategies and Development
- 9.3.3. Amee Castor & Derivatives Ltd.
  - 9.3.3.1. Company Overview
  - 9.3.3.2. Product Portfolio
  - 9.3.3.3. Financial Overview
  - 9.3.3.4. Business Strategies and Development
- 9.3.4. Arvalli Castor Derivatives Pvt. Ltd.
  - 9.3.4.1. Company Overview
  - 9.3.4.2. Product Portfolio
  - 9.3.4.3. Financial Overview
  - 9.3.4.4. Business Strategies and Development
- 9.3.5. Cristol
  - 9.3.5.1. Company Overview
  - 9.3.5.2. Product Portfolio
  - 9.3.5.3. Financial Overview
  - 9.3.5.4. Business Strategies and Development
- 9.3.6. Girnar Industries
  - 9.3.6.1. Company Overview
  - 9.3.6.2. Product Portfolio
  - 9.3.6.3. Financial Overview
  - 9.3.6.4. Business Strategies and Development
- 9.3.7. Globexo India
  - 9.3.7.1. Company Overview
  - 9.3.7.2. Product Portfolio
  - 9.3.7.3. Financial Overview
  - 9.3.7.4. Business Strategies and Development
- 9.3.8. Gokul Agri International Ltd.
  - 9.3.8.1. Company Overview
  - 9.3.8.2. Product Portfolio
  - 9.3.8.3. Financial Overview
  - 9.3.8.4. Business Strategies and Development
- 9.3.9. Guru Raghavendra Chemicals
  - 9.3.9.1. Company Overview
  - 9.3.9.2. Product Portfolio
  - 9.3.9.3. Financial Overview
  - 9.3.9.4. Business Strategies and Development
- 9.3.10. Jayant Agro-Organics Limited
  - 9.3.10.1. Company Overview
  - 9.3.10.2. Product Portfolio
  - 9.3.10.3. Financial Overview
  - 9.3.10.4. Business Strategies and Development
- 9.3.11. Kisan Agro
  - 9.3.11.1. Company Overview
  - 9.3.11.2. Product Portfolio
  - 9.3.11.3. Financial Overview
  - 9.3.11.4. Business Strategies and Development
- 9.3.12. NK Industries Limited
  - 9.3.12.1. Company Overview
  - 9.3.12.2. Product Portfolio
  - 9.3.12.3. Financial Overview
  - 9.3.12.4. Business Strategies and Development
- 9.3.13. Royal Castor Products Limited
  - 9.3.13.1. Company Overview
  - 9.3.13.2. Product Portfolio
  - 9.3.13.3. Financial Overview
  - 9.3.13.4. Business Strategies and Development
- 9.3.14. Shri Bhagwati Oil Mill
  - 9.3.14.1. Company Overview
  - 9.3.14.2. Product Portfolio
  - 9.3.14.3. Financial Overview
  - 9.3.14.4. Business Strategies and Development
- 9.3.15. Silverline Chemicals
  - 9.3.15.1. Company Overview
  - 9.3.15.2. Product Portfolio
  - 9.3.15.3. Financial Overview
  - 9.3.15.4. Business Strategies and Development
- 9.3.16. Uday Oils
  - 9.3.16.1. Company Overview
  - 9.3.16.2. Product Portfolio
  - 9.3.16.3. Financial Overview
  - 9.3.16.4. Business Strategies and Development

10. Appendix

10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations