Castor oil and fractions market in Western Asia

Earlier Report Observations

The market for castor oil and fractions in Western Asia expanded consistently between 2018 and 2022, with total volume growing from 8 739 t to 13 955 t. This increase was fueled by a steady rise in imports, which offset relatively stable domestic production and a significant decline in exports over the same period.

Market volume contracted to 12 841 t in 2023, a shift that occurred alongside reported disruptions in the supply chain for critical raw materials, affecting availability. During the same year, strategic agreements by companies such as Casterra Ag Ltd. to sell proprietary castor seed varieties pointed to investments aimed at enhancing long-term production capacity, particularly in Africa, which could influence future regional supply.

By 2024, import volumes jumped sharply to 17 799 t, signaling a strong rebound in demand. This surge aligned with the region's established dominance in the global castor oil market, driven by high production and consumption levels, abundant seed supply, and increased use in sectors like paints, plastics, and cosmetics. Broader factors, including OPEC+ supply cuts and fuel pricing reforms in the Gulf Cooperation Council states, also influenced production and distribution costs within the market.

Production castor oil and fractions in Western Asia

In kind, 2017-2020, t

Top producers of castor oil and fractions, 2017-2020

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

In Western Asia, castor oil and fractions production reached 571.0 t in 2020, marking a 1.9% increase from 2019. Over the 2017-2020 period, production declined by 13.3%, with an average annual decrease of 4.6%. The lowest production level was recorded in 2019 at 560.3 t, while the highest was in 2018 at 690.5 t. The most significant drop occurred in 2019 with an 18.9% decrease, whereas the largest growth was seen in 2018 with a 4.9% increase.

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

In value, 2017-2020, K $ US

Castor oil and fractions production in Western Asia declined for the second consecutive year. In 2020, the output was valued at 1 145 K $ US, representing a 6.9% decrease from 2019. Between 2017 and 2020, production fell by 20.2%, corresponding to an average annual decline of 7.2%. The peak value was recorded in 2018 at 1 774 K $ US. The most substantial decrease occurred in 2019 with a 30.6% drop, while the largest increase was in 2018 with a 23.6% rise.

Annual dynamics of production in Western Asia in value, 2017-2020, K $ US

Exports castor oil and fractions from Western Asia

Exports in kind, t

The market showed an unstable trend throughout the period. The lowest export volume was observed in 2017, while the highest was in 2019, with a 3.3-fold difference between these years. In 2020, Western Asia exported 1 182 t of castor oil and fractions, which is 29.1% lower than the previous year. The maximum value was recorded in 2019 at 1 668 t. The largest increase occurred in 2018 with a 216.4% surge.

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

From 2017 to 2020, India, Iran, and Pakistan accounted for the largest share of exports in kind, comprising 68.4% of total flows. India led with 37.7% of exports, followed by Iran at 17.4%, and Pakistan at 13.3%.

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

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

Exports in value, K $ US

Market performance exhibited noticeable fluctuations during this period. The lowest value was recorded in 2017, while the peak was in 2018, showing a 3.7-fold difference. In 2020, castor oil and fractions deliveries from Western Asia amounted to 2 371 K $ US, marking a 35.3% decrease from the previous year. The maximum value was in 2018 at 4 072 K $ US. The largest increase occurred in 2018 with a 272.9% rise.

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

Throughout 2017-2020, India, Iran, and Pakistan remained the key destinations for exports in value terms, together accounting for 65.8% of total flows. India held 36.2% of exports, Iran 15.8%, and Pakistan 13.8%.

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

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

Imports castor oil and fractions to Western Asia

Imports in kind, t

Cross-border shipments of castor oil and fractions to Western Asia increased for the second consecutive year. In 2020, imports reached approximately 11 187 t, showing a solid uptick of 10.3% compared to 2019. Between 2017 and 2020, imports grew by 11.6%, equating to an average annual increase of 3.7%. The lowest import volume was recorded in 2018 at 9 634 t. The largest decline occurred in 2018 with a 3.9% decrease.

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

From 2017 to 2020, castor oil and fractions imports to Western Asia were largely oriented towards India, which accounted for 95.0% of total imports in kind.

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

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

Imports in value, K $ US

In 2020, Western Asia imported approximately 16 605 K $ US of castor oil and fractions, equivalent to a 4.4% decrease from 2019. The lowest value was recorded in 2018 at 15 671 K $ US, while the highest was in 2019 at 17 375 K $ US. The most significant decline occurred in 2018 with a 5.3% drop, and the largest increase was in 2019 with a 10.9% rise.

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

From 2017 to 2020, India was the almost exclusive supplier of castor oil and fractions to Western Asia, taking 92.1% of total imports in value terms.

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

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