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Castor Oil Market Analysis
Spend growth of this market has the potential to touch a value of USD 250 million with spend momentum accelerate at a CAGR of over 3% between 2019-2024. Castor oil is being extensively utilized as the less expensive alternative to vegetable oil varieties such as olive oil, avocado oil, and argan oil. Buyers from end-user industries such as F&B, pharmaceutical, and FMCG are exhibiting an exponential demand for castor oil and its derivatives which is bringing ample investment opportunities in the castor oil market. Inherent properties of castor oil, such as high density, viscosity, and thermal conductivity render it as an important constituent in the manufacturing of plastic, lubricants, and paints. This is contributing to spend growth in the castor market during the forecast period.
Top Spending Regions in the Castor Oil Market
APAC will continue to dominate the production and consumption of castor oil, with the rising demand from the pharmaceutical industry, during the forecast period.
APAC
Climatic conditions are favoring the cultivation of castor crop across some of the APAC countries such as India which is currently assuming the title of the market leader in the production of castor oil. The continuous expansion of pharma manufacturing units across the APAC countries is creating an exponential demand and is catering to spend growth in the castor oil market in APAC.
Europe
Europe is second in lead after APAC as the largest regional consumer of castor oil. Castor oil, including its derivatives such as dehydrated alkyd resins, is finding its extensive application in the industrial production of coatings, which are used for manufacturing paints and varnishes. Buyers from the pharmaceutical industry which is one of the chief end-users import pharmaceutical-grade castor oil. This is propelling spend growth in the global castor oil market.
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Insights into Some of the Leading Castor oil Suppliers
The supply market dynamics hint at a substantial hike in suppliers' OPEX which will drive buyer's procurement spend. Keeping such dynamics in mind, strategic selection of suppliers and maintaining an effective supplier relationship management are observed to facilitate buyers with optimized procurement expenditure and better category management in the castor oil market. This castor oil market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies for the top castor oil suppliers. The top castor oil suppliers highlighted in this report include:
Criteria to select suppliers in this dynamic castor oil market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing suppliers selection criteria.
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