Castor Oil Prices

Castor Oil Prices June 2024

The castor oil prices in the United States for Q2 2024 reached 1817 USD/MT June. The market showed resilience despite restrictions faced by the supply chain. Major industries, including personal care and pharmaceutical, maintained steady demand, keeping prices stable. However, supply restrictions on account of logistical issues, such as rising charges of freight and higher costs of transportation. Seasonal demands and end use industry acquisition further supported price stability. The fall of the US dollar also added to import costs, influencing prices. Despite these challenges, the market remained stable, supported by strong demand.

The price trend for castor oil in South Korea for Q2 2024, reached 1593 USD/MT in June. The market positioned itself as a castor oil trade hub, leveraging its strategic location. The market experienced price shifts, but manufacturers took leverage on the fluctuations by improving logistics and expanding into emerging applications, ensuring future market stability and growth.

During Q2 2024, the castor oil market in France reached 1633 USD/MT in June and saw price adjustments due to oversupply and lower adoption from key industries. Gradually, this correction phase opened up avenues for reasonable prices, ultimately helping the market stabilize and creating opportunities for expansion in new sectors.

Castor Oil Prices December 2023

The castor oil prices in the United States for Q4 2023 reached 1685 USD/MT in December. The market experienced fluctuating prices, influenced by both supply constraints and rising energy costs. Although demand from downstream sectors initially pushed prices upward, a global reduction in castor oil consumption and lower imports from major suppliers like India led to a notable price drop by November.

The price trend for castor oil in China for Q4 2023, reached 1550 USD/MT in December. The market faced significant challenges, specifically on account of reduced downstream demand. A sluggish economy and lower consumption from industrial sectors contributed to a decline in import volumes. Despite these factors, prices stabilized toward latter portion of December, influenced by increased inquiries from key industries.

The price trend for castor oil in the Netherlands for Q4 2023, reached 1585 USD/MT in December. The market saw a price drop, reaching its lowest in November. Reduced acquisition from end use sectors and a fall in imports pressured prices. However, a late-year rise in consumer demand contributed to a modest market rebound by December’s close.

Regional Coverage

The report provides a detailed analysis of the castor oil market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the castor oil price trend.

Global Castor Oil Price

The report offers a holistic view of the global castor oil pricing trends in the form of castor oil price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into castor oil historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into castor oil price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed castor oil demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Castor Oil Price

Q2 2024:

The market in Europe experienced a fluctuating quarter, beginning with declining demand that lowered prices in major industries like manufacturing, personal care, and pharmaceuticals. Economic challenges and high energy costs exacerbated this trend. Nonetheless, strategic adjustments in inventory and competitive pricing later stabilized the market. Geopolitical disruptions further prompted enhancements in supply chain resilience. By quarter's end, these factors converged to stabilize prices, reflecting an adaptation to the shifting economic landscape and signaling potential for future growth through novel downstream applications in the region.

Q1 2024:

In Europe, the price for castor oil fluctuated due to a combination of factors. The market saw a negative start in early 2024 as reduced procurement and the upcoming harvest in key producing countries led to expectations of oversupply. Geopolitical tensions, specifically in the Red Sea region, added to the uncertainty by disrupting trade routes. However, by mid-quarter, demand from sectors including cosmetics and pharmaceuticals began to revive prices. Currency volatility and high shipping rates further affected the price dynamics, maintaining a challenging environment for importers.

Q4 2023:

In Europe, the market experienced a downward shift, hitting its lowest mid-quarter. However, a strong recovery was seen by December. The price drop was primarily influenced by declining export prices from major producers like India. Additionally, reduced demand from downstream industries in October, following a similar trend in September, prompted domestic suppliers to cut prices in order to move excess inventories and stabilize the market locally.

This analysis can be extended to include detailed castor oil price information for a comprehensive list of countries.

North America Castor Oil Price

Q2 2024:

During Q2 2024, the North American market remained stable, with prices experiencing a gradual upward movement. This positive trend was largely due to steady demand across key sectors like personal care, cosmetics, and pharmaceuticals . However, supply chain disruptions, such as logistical delays and higher freight costs, added pressure to the market. The United States saw significant price variations, driven by seasonal demand and limited supply. The weakening US dollar further increased import costs, contributing to the overall rise in domestic prices.

Q1 2024:

In North America the castor oil market experienced a downward trend in early 2024. January saw procurement strategies shift as companies dealt with high stock levels, which dampened demand. By February, the market showed some improvement, and March concluded on a positive note. Trade activity remained low, with elevated freight costs and shipping delays due to regional disputes affecting the flow of goods. These factors led traders to focus on clearing existing inventories rather than issuing new quotations.

Q4 2023:

As 2023 progressed into its final quarter, the North American market saw various changes, initially characterized by a surge in demand propelled by a shift towards eco-friendly products and increased industrial utilization. Despite this rising demand, the prices in the United States witnessed a dip by November, driven by a global decrease in demand and fewer new orders within the local market. Moreover, lower rates from significant exporters like India affected the market dynamics. By the year's end, sufficient inventories and decreased trade activities contributed to a further price reduction, stabilizing the market.

Specific castor oil historical data within the United States and Canada can also be provided.

Middle East and Africa Castor Oil Price

The report explores the castor oil pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on castor oil prices for countries can also be provided.

Asia Pacific Castor Oil Price

Q2 2024:

In Q2 2024, the market in the Asia Pacific region showed significant flexibility. Despite earlier disruptions, the industry bounced back, with new opportunities emerging from shifts in demand across sectors like cosmetics, lubricants, and pharmaceuticals. The initially excess inventory of castor oil, which posed challenges, eventually paved the way for more competitive pricing, attracting buyers from untapped markets. Manufacturers also began exploring sustainable uses for castor oil, fostering innovation in eco-friendly products and expanding its application potential.

Q1 2024:

In the Asia-Pacific, the Q1 castor oil prices experienced fluctuations. The market in India saw a sluggish start, with prices declining until mid-quarter. This was driven by an oversupply of castor oil, especially in major states like Gujarat and Rajasthan, due to the harvest season. By March, prices rebounded significantly, while earlier, reduced demand and a drop in exports, particularly to China, contributed to the price drop, especially as markets in China closed for the Lunar New Year.

Q4 2023:

During the last quarter, the Asia Pacific region witnessed a decline in castor oil prices, which rebounded towards the end of December. The initial decline was due to diminished local consumption and an excess production adjusting to the actual needs. The price cuts in India, a leading exporter, were impacted by reduced manufacturing expenses and an oversupply of castor seeds in regions like Gujarat and Rajasthan. Despite a slow export pace initially, demand picked up sharply by year's end due to increased needs in industries including cosmetics and biodiesel, which, coupled with heightened international demand, led to restricted supplies and escalated prices.

This castor oil price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Castor Oil Price

The analysis of castor oil prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Castor Oil Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Castor Oil Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition,” offers an in-depth analysis of castor oil pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of castor oil at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of castor oil price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing castor oil price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Castor Oil Market Analysis

The global castor oil industry size reached 795 Kilo Tons in 2023​. By 2032, IMARC Group expects the market to reach 887.2 Kilo Tons, at a projected CAGR of 1.10% during 2023-2032​.

• Castor oil's unique chemical properties make it suitable for various industrial applications, including lubricants, cosmetics, pharmaceuticals, and the manufacturing of bioplastics and biofuels. As the market for lubricants expands, projecting a growth rate of 4.1% annually, the demand for castor oil will also rise. Moreover, the escalating use of lubricants in the automotive industry is also showcasing a positive trajectory for the market growth. As per IMARC Group, the passenger vehicle industry is growing at a rate of 7.17%, which is boosting the demand for automotive lubricants, projecting to reach US$ 104.7 billion by 2032.
• The castor oil demand is further amplified by its utilization in the cosmetic industries because of its anti-inflammatory, antimicrobial, and moisturizing properties. The market for cosmetics is projected to reach US$ 618.7 bn by 2032, showcasing an upward move in demand for castor oil. Regionally, Europe was valued at €88 billion at a retail sales price in the year 2022, with Germany accounting for €14.3 billion, France €12.9 billion, Italy €11.5 billion, the UK €10.5 billion, and Spain €9.3 billion., increasing the use of castor oil in Europe.
• Castor oil is also becoming increasingly popular in the pharmaceutical sector for its therapeutic qualities and as a carrier or base for medicinal formulations. The demand for castor oil in India is growing as the country becomes the largest provider of generic medicines globally, occupying a 20% share. It hosts 500 active pharmaceutical ingredients (API) manufacturers that contribute about 8% to the industry. The country also manufactures approximately 60,000 different generic brands across 60 therapeutic categories.
• The castor oil market share is further being reinforced by rising environmental concerns and the search for sustainable energy sources. It has emerged as a viable option for biofuel production. Europe is consistently investing in biofuels to achieve a climate-neutral Europe by 2050. Biofuels are expected to contribute to reaching this target, accounting for 24.5 Mtoe in 2030 and 48.3 Mtoe in 2050. Similarly, the International Energy Agency (IEA) unveiled its latest insights on the future of biofuels, signaling a significant increase in demand for biofuels globally over the next five years. The report estimates an expansion of 38 billion liters (equivalent to 10.4 billion gallons) between 2023 and 2028, with the overall biofuel demand rising by 23% to reach 200 billion liters by 2028.
• In addition, castor oil production is showing an upward trajectory as governments worldwide increasingly support the use of bio-based materials through regulations and incentives. Castor oil, being a renewable resource, benefits from such policies, encouraging its adoption across industries. In June 2023, the Environmental Protection Agency (EPA) announced a final rule to establish biofuel volume requirements and associated percentage standards for cellulosic biofuel, biomass-based diesel (BBD), advanced biofuel, and total renewable fuel for the years 2023 to 2025.

Castor Oil News

The report covers the latest developments, updates, and trends impacting the global castor oil industry, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in castor oil production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the castor oil price trend.

Latest developments in the castor oil industry:

• In June 2024, Mangalam Global Enterprises signed a strategic acquisition deal to purchase assets from Shree Gurukrupa Oil and Foods. The agreement includes the acquisition of plant machinery, buildings, and approximately 19,833 square yards of land in Mehasana, Gujarat. This move aims to enhance Mangalam Global's agricultural operations, which focus on producing various oils, including castor oil, and agricultural products such as wheat, rice, and cotton ginning.
• In February 2024, Gokul Agro Resources Limited acquired 10,000 equity shares of Riya Agro Industries Private Limited. This acquisition, which encompasses 100% of Riya Agro's paid-up capital, positions Gokul Agro to broaden its offerings within the oils and seeds market segment.

Product Description

Castor Oil is a vegetable oil pressed from the seeds of the castor oil plant. It is a pale-yellow liquid, distinguished by its versatility and unique chemical composition, primarily consisting of ricinoleic acid. Castor oil is available in multiple types, including cold-pressed, Jamaican black castor oil, and hydrogenated castor oil. Its viscosity, coupled with its ability to remain stable under a wide temperature range, makes it highly valuable across various industries.

Castor oil finds application in industrial machinery, cosmetics and skincare products, pharmaceuticals, leather, food, biodiesel production, pesticides, hair care products, textile, and art supplies. It aids in promoting skin and hair health, offering anti-inflammatory and antimicrobial properties, facilitating wound healing, enhancing immune function, providing relief from constipation, reducing pain associated with arthritis, and supporting overall health.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of castor oil pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting castor oil price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The castor oil price charts ensure our clients remain at the forefront of the industry.