Castor oil and fractions market in Asia

Earlier Report Observations

The castor oil and fractions market in Asia experienced significant volatility from 2018 to 2020. After reaching 967 thousand tonnes in 2018, market volume dropped sharply to 689 thousand tonnes in 2019. This decline was driven by inherent instability in raw material supply, price volatility, and price sensitivity among Indian farmers, which severely constrained imports. The market rebounded to 998 thousand tonnes in 2020, as demand for medical and personal care products rose during the COVID-19 pandemic. Simultaneously, investments by Indian processing companies in production efficiency and government agricultural support policies helped stabilize the supply chain.

Market volume surged to a peak of 1,128 thousand tonnes in 2021. This growth was propelled by increasing industrial, cosmetic, and pharmaceutical demand across the Asia-Pacific region, alongside the expansion of bio-based plastic and high-performance polyurethane product launches. The entry of new players into castor oil processing further intensified market activity. However, in 2022, volume contracted to 824 thousand tonnes. Global supply chain instability and raw material price volatility directly impacted Indian export and production, leading to this downturn.

A moderate recovery followed in 2023, with the market reaching 868 thousand tonnes. This increase was supported by continued investment in new production facilities and technological innovation by key Indian processors. Growing export demand for castor oil-based bio-lubricants, coatings, and plastic feedstocks, particularly from China, Europe, and Japan, provided additional momentum. Throughout the period, tightening environmental regulations and a sustained consumer shift toward sustainable and bio-based products shaped product development and market access.

Production castor oil and fractions in Asia

In kind, 2017-2020, K t

Top producers of castor oil and fractions, 2017-2020

World map of production of castor oil and fractions, 2017-2020

After two years of decline, Asia's production of castor oil and fractions increased. In 2019, production reached its lowest point at 689.2 thousand tons, marking a 13.1% decrease. However, in 2020, production rebounded strongly to 830.8 thousand tons, representing a 20.5% increase compared to the previous year.

Annual dynamics of production in Asia in kind, 2017-2020, K t

Exports castor oil and fractions from Asia

Exports in kind, K t

The market displayed an unstable trend throughout the period. In 2019, exports hit their minimum at 2.3 thousand tons, with the largest decline recorded at 49.3%. By 2020, exports surged to 5.3 thousand tons, a sharp increase of 131.3% from the prior year. Overall, there was a 3.5-fold variation between the peak in 2017 and the low in 2019.

Annual dynamics of product's exports from Asia in kind, 2017-2020, K t

From 2017 to 2020, Asia (not elsewhere specified), Nigeria, and South Africa consistently held leading positions in the export structure by volume. Asia accounted for 1.6% of exports, Nigeria for 1.0%, and South Africa for 0.8%, collectively making up 3.4% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Asia in kind, 2017-2020

Exports in value, M $ US

After two years of decline, Asia's export value of castor oil and fractions increased. In 2019, exports reached their lowest point at 8.8 million US dollars, with the largest decline recorded at 39.4%. In 2020, exports rose to 12.6 million US dollars, a 43.7% increase from the previous year. Over the 2017-2020 period, exports decreased by 34.6%, with a compound annual growth rate (CAGR) of 13.2%.

Annual dynamics of product's exports from Asia in value, 2017-2020, M $ US

From 2017 to 2020, Asia (not elsewhere specified), Nigeria, and South Africa were the main destinations for Asia's castor oil and fractions exports by value. Asia accounted for 2.0% of exports, Nigeria for 1.4%, and South Africa for 1.2%, together absorbing 4.6% of total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Asia in value, 2017-2020

Imports castor oil and fractions to Asia

Imports in kind, K t

The market showed volatility during the observed period. In 2019, imports hit their lowest point at 1.9 thousand tons, with the largest decline recorded at 98.9%. By 2020, imports surged to 172.9 thousand tons, a massive increase of 9,046.6% year-over-year. Overall, there was a 97-fold gap between the peak in 2017 and the trough in 2019.

Annual dynamics of product's imports to Asia in kind, 2017-2020, K t

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Asia in kind, 2017-2020

Imports in value, M $ US

Asia's import value of castor oil and fractions declined for the third consecutive year. In 2020, imports amounted to 456.9 million US dollars, down by 5.7% compared to the previous year. Over the 2017-2020 period, imports decreased by 8.2%, with a compound annual growth rate (CAGR) of 2.8%.

Annual dynamics of product's imports to Asia in value, 2017-2020, M $ US

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Asia in value, 2017-2020