Castor seeds market in Asia

Earlier Report Observations

Castor seed production in Asia saw substantial growth from 2018 to 2019, rising from 1.3 million tons to 1.9 million tons. This expansion was primarily driven by increasing demand for renewable and sustainable raw materials, as well as higher petrochemical prices that made bio-based alternatives more competitive. The growth of key end-use industries, including pharmaceuticals and cosmetics, further contributed to market expansion.

The COVID-19 pandemic in 2020 disrupted global supply chains, leading to a temporary production decline to 1.7 million tons. However, the crisis also accelerated a shift towards biodegradable products, supporting underlying demand. In 2021, unfavorable weather conditions affected crop yields in major producing regions, keeping production flat at around 1.7 million tons. The market rebounded sharply in 2022, with production exceeding 2 million tons for the first time, fueled by multi-year highs in castor seed futures prices and robust export demand from China, the United States, and Japan.

Production stabilized at just over 2 million tons in 2023, while downstream processing intensified, with castor oil production growing by 9% and exports surging by 39%. Consumer preferences continued to favor bio-based and sustainable products. For 2024, pre-sowing forecasts indicated increased production in regions like Telangana and Karnataka, supported by stable export demand.

Production castor seeds in Asia

In kind, 2017-2020, K t

Top producers of castor seeds, 2017-2020

World map of production of castor seeds, 2017-2020

In 2019, Asia's castor seed production reached its peak at 1 915 thousand tonnes. However, by 2020, output had declined significantly to 1 702 thousand tonnes, marking an 11.1% decrease from the previous year. Looking at the broader period from 2017 to 2020, production grew by 4% overall, which translates to an average annual increase of 1.3%. The lowest production level was recorded in 2018 at 1 261 thousand tonnes. That year also saw the largest decline of 22.9%, while 2019 experienced the most substantial growth with a 51.9% increase.

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

Exports castor seeds from Asia

Exports in kind, t

The castor seed export market in Asia displayed considerable volatility during this period. In 2019, exports hit their lowest point at just 22 tonnes, representing an 85.2% decline. By contrast, 2020 saw a dramatic turnaround with exports surging to 648 tonnes—a remarkable 2 908.1% increase from 2019. Overall, export volumes fluctuated significantly, with a 30-fold difference between the low in 2019 and the high in 2020.

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

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, K $ US

Export values for castor seeds in Asia showed noticeable fluctuations from 2017 to 2020. In 2019, exports reached their minimum at 1 714 thousand US dollars, following a 72.0% decline in 2018. By 2020, exports had recovered to 1 823 thousand US dollars, reflecting a modest 6.4% increase from the previous year. Throughout this period, export values varied by a factor of four, with the highest level recorded in 2017 and the lowest in 2019.

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

Between 2017 and 2020, Brazil and Colombia emerged as notable buyers of castor seeds from Asia, collectively accounting for 2.1% 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 seeds to Asia

Imports in kind, t

Import volumes of castor seeds into Asia experienced significant fluctuations during this period. In 2018, imports dropped to their lowest level at 4 746 tonnes, marking a 38.0% decline. The following year, 2019, saw a dramatic recovery with imports jumping by 120.1%. By 2020, imports had reached 11 216 tonnes, showing a modest 7.4% year-over-year increase. Overall, import volumes varied by a factor of 2.4, with the peak in 2020 and the trough in 2018.

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

From 2017 to 2020, Ethiopia was the leading source for castor seed imports into Asia in volume terms, representing 52.1% of total imports.

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, K $ US

The value of castor seed imports into Asia showed marked volatility from 2017 to 2020. In 2018, import value fell to its lowest point at 5 218 thousand US dollars, a 50.9% decrease. The following year, 2019, saw a sharp rebound with imports soaring to 14 942 thousand US dollars—a 186.4% increase. By 2020, import value had declined to 10 849 thousand US dollars, reflecting a significant 27.4% drop from the previous year. Throughout this period, import values fluctuated by a factor of 2.9, with the peak in 2019 and the trough in 2018.

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

During the 2017–2020 period, Ethiopia remained the key supplier of castor seeds to Asia in value terms, accounting for 53.8% of total imports.

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

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