Castor Oil Price Trend and Forecast
Get the latest insights on price movement and trend analysis of Castor Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).
Castor Oil Price Trend for the October - December of 2023
Castor oil prices experienced a swift dip in the terminal quarter of the year 2023. Since castor oil is derived from castor seeds, the price trend are closely aligned for both. Castor crop requires less water to grow, so semi-arid regions like Gujrat and Rajasthan are apt for castor cultivation. At the global level, India and the Philippines are the major suppliers. China, Brazil, and Russia are also among the leading producers.
However, during the discussed span of Q4’23, the castor oil industry witnessed some fall in market demands as the inventories were being regularly supplied, resulting in overflow. In the Indian castor oil market, the monthly average prices went from around 1496 USD/MT (FOB, India) in October to about 1455 USD/MT in December’23, exhibiting a marginal decline of around 2%. Overall, borderline stagnancy was witnessed in the castor oil market during the said time period.
Analyst insight
According to Procurement Resource, the market analysis suggests positive projections for the Castor Oil market in the coming months. The demands from the skincare, healthcare, and food industries are expected to see a rise.
Castor Oil Price Trend for the July-September of 2023
Castor Oil, as the name suggests, is extracted by cold-pressing castor seeds. Because of its various health benefits, castor oil is widely used in various food, pharma, skincare, cosmetics, etc. industries. Since India is the biggest exporter of castor oil, the market behavior here is reflected in the global castor oil price graphs.
During the said period of the third quarter of the year 2023, the Indian market dynamics for castor oil were observed to be fairly stable and positive. Some occasional demand-driven fluctuations were seen but were limited to a very narrow range. The price of castor oil averaged around 1526 USD/MT (FOB, India) in September’23. Both domestic and offshore demands were flourishing. A healthy supply and demand equation was observed for castor oil throughout the said quarter.
Analyst Insight
According to Procurement Resource, the price trend for Castor Oil are likely to fluctuate in the coming months since the inventory stocks will start dominating the market outlook, given the current demand variations.
Procurement Resource provides latest prices of Castor Oil. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
Castor oil or Ricinus Oil is a vegetable oil derived from Ricinus communis, a common plant native to the Eastern regions of the world. It is a viscous oil that appears to be clear, colourless to amber or greenish and has a subtle distinct smell. It is widely known for its laxative properties and has many other applications.
Report Features | Details |
Product Name | Castor Oil |
Industrial Uses | In the production of hair oils, cosmetics, fungistatic (fungus-growth-inhibiting) compounds, paints, cold-resistant plastics, printing inks, embalming fluid, dyeing aids, soap, lubricants, perfumes, pharmaceuticals, waxes, greases and hydraulic brake fluids, and textile finishing materials; as a food preservative, additives, and flavouring; in packaging, and mould inhibitors of food items. |
Chemical Formula | C57H104O9 |
CAS Number | 8001-79-4 |
Synonyms | Castorbean oil, 8001-79-4, Ricinus oil, Oleum Ricini, Oil of palma christi, Ricinus communis oil, Tangantangan oil, Cosmetol, Crystal O |
HS Code | 15153090 |
Molecular Weight | 933.43026 g/mol |
Supplier Database | HOKOKU Co., Ltd, Jayant Agro-Organics Limited, Thai Castor Oil Industries Co., Ltd., Tongliao Tonghua Castor Chemical Co., Ltd., Taj Agro Products Limited, Kanak Castor Products Pvt., Ltd., Liaoyang Huaxing Chemical Co., Ltd. |
Region/Countries Covered | Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru Africa: South Africa, Nigeria, Egypt, Algeria, Morocco |
Currency | US$ (Data can also be provided in local currency) |
Supplier Database Availability | Yes |
Customization Scope | The report can be customized as per the requirements of the customer |
Post-Sale Analyst Support | 360-degree analyst support after report delivery |
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Castor oil is obtained by screw pressing dehulled and cleaned castor seeds. The seeds are cooked, dried, and then pressed to extract the oil.
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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