Global castor oil derivatives market set to grow to USD 2325.5 million by 2033

From GlobeNewswire: 2024-07-16 13:00:00

The Global Castor Oil Derivatives Market is set to grow from USD 1349.2 million in 2023 to USD 2325.5 million by 2033, at a CAGR of 5.60%. Castor oil, derived from the castor plant’s seeds, is a versatile ingredient used in cosmetics, pharmaceuticals, and manufacturing due to its natural properties. The market is driven by consumer demand for chemical-free products and the benefits of castor oil, such as omega-6 fatty acids. However, challenges like poor extraction processes and rising demand for chemical-based alternatives exist. The sebacic acid segment is predicted to dominate the market, with applications in lubricants, cosmetics, and polymers. The cosmetics & pharmaceuticals segment is expected to hold the highest market share due to castor oil’s moisturizing and emollient properties, driving consumer demand for natural and sustainable products. Asia Pacific is forecasted to lead the market, driven by increased usage and production of castor oil derivatives. North America is expected to experience the highest CAGR growth, fueled by rising demand for bio-based products like bio-plastics, lubricants, fuel, and cosmetics. Recent developments include Casterra Ag Ltd. partnering with Titan Castor Farms Limited to enhance castor bean seed types. The market segmentation includes product types like sebacic acid, ricinoleic acid, hydrogenated castor oil, among others, and applications such as cosmetics & pharmaceuticals, surface coatings, and plastic & resins. For further insights and analysis, visit Spherical Insights & Consulting.



Read more at GlobeNewswire: Global Castor Oil Derivatives Market Size To Worth USD