The ‘Castor Oil Derivative Market’ research report assembled by Persistence Market Research delivers a comprehensive analysis on the newest market drivers. The report also offers extracts regarding statistics, market valuation and revenue estimates, which further strengthens its status in the competitive spectrum and growth trends embraced by leading manufacturers in the business.
The castor oil & derivative report covers comprehensive information about the trends, volume (Tons), & value (US$ Mn) projections as well as market dynamics, competition and recent developments in the global castor oil & derivative market for the study period 2018 to 2026.
The global castor oil & derivative market is estimated to reach US$ 1,559.4 Mn by the end of 2026 while registering a CAGR of 4.5% for the same period. The factors which augment the growth of castor oil & derivative market are end use industry growth, increasing disposable income and favorable government policies.
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Owing to growing awareness about greenhouse gases (GHG) and deforestation, demand for alternative feedstock is growing. Continuous availability and renewability of castor oil will deliver ecological demand for the product in the coming future. Castor seeds contain more than fifty percent oil. They produce more than 140 gallons of castor oil per acre. These factors are anticipated to create more opportunities for biodiesel production in near future.
Rising Disposable Income and Favorable Socio-Economic Trends
The demand for Castor oil is expected to increase as a result of rapid urbanization, growing middle-class and increasing demand for sustainable products. Increasing purchasing power, growing economic prosperity and affordability of products has resulted in growth in demand for consumer products, such as personal care & cosmetics. Sound growth of end-user sectors is projected to fuel the demand for castor oil over the forecast period.
Growth of Pharmaceutical and Healthcare Sectors Across the Globe
The positively growing healthcare landscape is changing rapidly. Various factors, such as changing food habits, lifestyle and sleeping disorder, are contributing to this change. Globally, people are getting more health conscious and thus, the demand for pharmaceuticals is increasing across the globe, which in turn, is leading to high consumption of solvents & other chemicals used in pharmaceutical and healthcare industries.
Shifting Trend Towards the Consumption of Cosmetics & Personal Care Products with Natural Ingredients
The young generation is investing heavily to attaining better looks, grooming and styling. The demand for natural cosmetics & personal care products has been driving innovation in the cosmetics sector across the globe. The demand for cosmetics & personal care products with natural ingredients is expected to rise in the coming years with consumers becoming more concerned about personal care and the ingredients found in them. This, in turn, is expected to surge the demand for castor oil derivatives from the cosmetics & personal care industry, which will provide impetus to castor oil derivatives in the market.