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At a 5.0% of CAGR| Global Castor Oil & Derivatives Market Projected to Lead USD 2.0 Billion by 2021|Top Leading Players- ITOH Oil Chemicals Co. Ltd., Taj Agro Products, NK Proteins
Research Nester
The global market of castor oil & derivatives is anticipated to reach a market valuation of around USD 2.0 Billion by the end of 2021 by flourishing at a rapid pace over the forecast period. The availability of the main raw material i.e. the castor oil seed along with the demand for bio based products are the main factors that are driving the growth of the castor oil & derivatives market and are further anticipated to propel the growth of the market with notable revenue in upcoming years.
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In terms of geography, Asia-Pacific dominated the overall castor oil & derivatives market by holding the market share of around 58.0% in the year 2015 and is further anticipated to retain its dominant position by flourishing at a compound annual growth rate of 5.0% over the period 2015-2021. This can be attributed to the rise in healthcare spending and continuous expansion of personal care sector in countries such as India & China. Further, the rapid increase in bio-diesel production in some of the major countries such as U.S., Germany, U.K., etc. is anticipated to supplement the growth of the castor oil & derivatives market in North America & Europe.
Wide Scale Applications to Boom the Growth of the Market
The growth of the castor oil & derivatives market is driven by the worldwide demand for bio-based products and biofuels combined with its wide scale applications in various industries such as food, cosmetics, lubricants, pharmaceuticals, textile and perfumeries among numerous others. Further, growing health awareness among people and booming personal care sector is believed to supplement the growth of the castor oil & derivatives market by the end of 2021.
However, global warming resulting in rain variability, increasing prices of raw materials and availability of low price alternatives are some of the factors that might deter the growth of castor oil & derivatives market over the forecast period.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the castor oil & derivatives market which includes company profiling of ITOH Oil Chemicals Co. Ltd., Taj Agro Products, NK Proteins, Adani Group, Bom Brasil, Tongliao TongHua Castor Chemical Co. Ltd., RPK Agrotech and others.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the castor oil & derivatives market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.
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