Castor seeds market in Southern Asia

Earlier Report Observations

The castor seed market volume in Southern Asia began at 1.2 million tonnes in 2018, limited by drought conditions and lower planting area in major producing regions like Gujarat, which constrained supply. Production and market volume then surged to 1.8 million tonnes in 2019. A moderation to 1.6 million tonnes followed in 2020, with efforts to improve productivity through model farms and the adoption of hybrid seed technologies helping to sustain output levels.

After a slight decline to 1.6 million tonnes in 2021, influenced by domestic market challenges including GST implementation and irregular supply, the market rebounded strongly to nearly 2.0 million tonnes in 2022. This growth was driven by technological advancements in biotechnology and genetic engineering, alongside stringent governmental regulations advocating for eco-friendly products that propelled market development. Volume stabilized at around 2.0 million tonnes in 2023, supported by sustainable farming initiatives such as the Pragati programme, which expanded certified cultivation area and farmer training to improve yields.

Production castor seeds in Southern Asia

In kind, 2017-2020, K t

Top producers of castor seeds, 2017-2020

World map of production of castor seeds, 2017-2020

In 2020, Southern Asia produced 1,650 thousand tonnes of castor seeds, marking a significant year-on-year decline of 10.5%. Production reached its lowest point in 2018 at 1,199 thousand tonnes, then surged to a peak of 1,843 thousand tonnes in 2019, representing a substantial increase of 53.8%. The largest decline occurred in 2018, with a drop of 23.6%. Overall, between 2017 and 2020, production grew by 5.1%, which translates to an annualized growth rate of 1.7%.

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

Exports castor seeds from Southern Asia

Exports in kind, t

Cross-border shipments of castor seeds from Southern Asia increased for the second consecutive year in 2020, totaling 1,532 tonnes, a 23.2% rise compared to 2019. Exports hit their lowest level in 2018 at 956 tonnes, which saw the largest decline of 55.9%. The largest increase was recorded in 2019, with a growth of 30.0%. Over the period from 2017 to 2020, exports decreased by 29.4%, equating to an annualized decline rate of 11.0%.

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

From 2017 to 2020, China was by far the main destination for castor seed exports from Southern Asia, accounting for 93.1% of total 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

After a two-year decrease, Southern Asia's castor seed exports rebounded in 2020, reaching 1,360 thousand US dollars, a 61.6% increase over the previous year. The lowest value was recorded in 2019 at 842 thousand US dollars, while the largest decline occurred in 2018 with a drop of 62.3%. Between 2017 and 2020, exports decreased by 45.1%, which corresponds to an annualized decline rate of 18.1%.

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

During 2017–2020, China was the key buyer of castor seeds from Southern Asia, taking 89.0% of total exports in value terms, with a diverse group of other countries accounting for the remainder.

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 seeds to Southern Asia

Imports in kind, t

The data reveals irregular changes, indicating a volatile market environment. Imports reached their lowest point in 2017 and peaked in 2019, showing a 4,411-fold swing between these years. In 2020, imported castor seed volumes in Southern Asia totaled 8 tonnes, reflecting a sharp reduction of 97.5% compared to the previous year. The maximum value was recorded in 2019 at 344 tonnes, which also saw the largest increase of 54,246.8%.

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

Throughout 2017–2020, Kazakhstan was the single largest supplier of castor seeds to Southern Asia, taking 83.9% of total imports in kind.

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

There were noticeable fluctuations in market performance during the period. Imports hit their lowest point in 2017 and peaked in 2019, changing by a factor of 98 between these years. In 2020, castor seed deliveries to Southern Asia totaled 23 thousand US dollars, representing a steep year-on-year fall of 86.4%. The maximum value was recorded in 2019 at 172 thousand US dollars, which also experienced the largest increase of 3,793.6%.

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

In 2017–2020, Kazakhstan and Turkey formed the leading pair of markets for castor seed imports to Southern Asia in value terms, with Kazakhstan accounting for 75.9% and Turkey for 1.1% of total flows.

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

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