Castor oil and fractions market in Southern Asia, 2026

Earlier Report Observations

The castor oil market in Southern Asia opened the period with strong production of 777.7 thousand tonnes in 2018, bolstered by the entry of new manufacturer Rajgor Castor Derivatives Ltd., which began sourcing castor seeds from local farmers and supplying oil derivatives. Production then fell to 667.1 thousand tonnes in 2019 before recovering to 814.6 thousand tonnes in 2020, showing the typical variability of agricultural commodity markets.

Output climbed further to 855.7 thousand tonnes in 2021, then retreated to 759.6 thousand tonnes in 2022 amid a period of significant price volatility where castor seed futures reached multi-year highs. A rebound to 823.5 thousand tonnes occurred in 2023, supported by a 9% increase in domestic castor seed production and India's robust export performance, which saw over 629 million kg of castor oil shipped worldwide.

During this time, the industry's focus began shifting towards higher value-added applications, such as specialty chemicals and polymers derived from ricinoleic acid, moving beyond traditional uses. By 2024, market evolution continued towards these specialized derivatives, even as cultivation area and near-term export volumes showed some contraction.

Production castor oil and fractions in Southern 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 a two-year decline, castor oil and fractions production in Southern Asia has increased. In 2020, Southern Asia produced 814.6 K t of castor oil and fractions, marking a significant 22.1% year-over-year advance. Production reached its lowest point in 2019 at 667.1 K t, which represented the largest decline of 14.2% during the period. Overall, between 2017 and 2020, production grew by 2.6%, equating to an annualized rate of 0.9%.

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

Exports castor oil and fractions from Southern Asia

Exports in kind, t

Cross-border shipments of castor oil and fractions from Southern Asia have increased for the third consecutive year. In 2020, exports amounted to 42 t, which is 45.1% higher than the previous year. Between 2017 and 2020, exports surged by 460.3%, translating to an annualized growth rate of 77.6%.

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

From 2017 to 2020, Saudi Arabia, Iraq, and Armenia were the top destinations for exports in kind, accounting for 39.9%, 12.0%, and 4.4% of the total, respectively. Together, these three countries comprised 56.3% of all export flows.

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

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

Exports in value, K $ US

The market performance showed noticeable fluctuations during this period. Exports in value terms peaked in 2019 at 86 K $ US and hit their lowest point in 2017, with a 6.2-fold difference between these years. In 2020, Southern Asia exported 76 K $ US of castor oil and fractions, representing an 11.1% drop compared to 2019. The largest increase was recorded in 2019 at 349.9%.

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

The structure of exports in value terms from 2017 to 2020 indicates a diversified set of partners. Saudi Arabia, Iraq, and Azerbaijan accounted for 24.7%, 9.4%, and 3.4% of exports in value terms, respectively, jointly making up only 37.5% of total flows. The remaining 62.5% was distributed among numerous smaller markets.

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

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

Imports castor oil and fractions to Southern Asia

Imports in kind, t

The market exhibited an unstable trend throughout the timeframe. Imports in kind peaked in 2018 at 3 620 t and reached their lowest point in 2017, with a 2.1-fold difference between these years. In 2020, Southern Asia imported 2 924 t of castor oil and fractions, up by 21.3% compared to the previous year. The largest decline occurred in 2019 at 33.4%, while the largest increase was in 2018 at 108.4%.

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

From 2017 to 2020, the geographical structure of imports in kind was highly diversified. The United Arab Emirates, Turkey, and China accounted for 8.9%, 5.8%, and 4.0% of imports in kind, respectively, together comprising only 18.6% of total flows. The remaining 81.4% was distributed among numerous smaller partner countries.

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

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

Imports in value, K $ US

In 2020, foreign castor oil and fractions supplies to Southern Asia amounted to 6 660 K $ US, up by 7.1% compared to the previous year. Imports peaked in 2018 at 7 063 K $ US and declined by 12.0% in 2019. Overall, from 2017 to 2020, imports increased by 22.6%, with a compound annual growth rate of 7.0%. The largest increase was recorded in 2018 at 30.0%.

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

From 2017 to 2020, the United Arab Emirates, Turkey, and Spain were among the largest suppliers of castor oil and fractions to Southern Asia in value terms, accounting for 8.5%, 6.6%, and 4.9% of imports, respectively. However, even combined, they represented just 20.0% of total imports in value terms, highlighting a broadly diversified partner base.

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

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