Castor Oil Market Analysis By Industry Size, Share, Revenue, Demand & Forecast To 2024
The global castor oil market is currently witnessing a positive growth.
By: IMARC Group
According to the global castor oil market report by IMARC Group, the market reached a volume of 855 thousand tons in 2018. The report further anticipates the market to reach a volume of 1101 thousand tons by 2024, at a projected CAGR of 4.4% over the forecast period.
Global Castor Oil Market Drivers/Constraints:
There has been a significant increase in the demand for sustainable and biodegradable products in order to reduce dependency on petrochemicals. This is one of the primary factors which is driving the growth of the global castor oil market.
Manufacturers have started launching various new products which are formulated with the help of castor oil. This, in turn, has contributed towards an augmented worldwide demand for castor oil.
Some of the other factors which are positively supporting the growth of the market include rising costs of other renewable resources and implementation of strict regulations regarding the use of eco-friendly products by governments across various nations.
However, unstable prices of castor plant, weather uncertainties and shortage of working capital are some of the factors which act as a hindrance towards the market growth.
For more information about this report visit https://www.imarcgroup.com/