Castor Oil In The Global Market
Castor is a highly commercialized product. It is cultivated around thirty different countries all around the world. As per resources, it is observed that about 88% of the world’s production is contributed by India, China, Thailand, Ethiopia, USSR, Brazil and Philippines. Further, the major consuming countries are reported to be the countries in the European Union, U.S. and Japan. However, China and India are also emerging as major consumers along with being the exporters. For domestic consumption, the castor production is dispersed across the country in India.
The castor plant is a Kharif crop. It is cultivated in semi arid and arid regions. The castor plant is sown during July to October and is harvested during October to April. The use of castor oil has a plethora of benefits. It is used worldwide for its medicinal content as it is filled with proteins, minerals, anti-bacterial, anti-fungal, anti-inflammatory properties. It is an essential ingredient used for various cosmetics, pharmaceuticals, soaps, textiles, massage oils, and so on. It is very rich in Vitamin E. Due to its beneficial element, castor production in India is a major success. There are many eminent manufacturers, organizations who deal with castor production and export. The supplied amount of castor oil is entirely pure and is of high quality.
India plays a vital role in the global sector as a castor oil and seeds exporter and also as a consumer. India has emerged as a world leader of castor oil and seed production. It tops the global international market as a producer. In India, Gujarat is the largest producer of castor in the country. It contributes about 80 to 90 percent to the commercial Indian market. It is subsequently followed by Andhra Pradesh and Rajasthan respectively. It is primarily grown in the Mehsana, Banaskantha and Saurashtra/ Kutch regions of Gujarat and Nalgonda and Mahboobnagar districts of Andhra Pradesh. Rajkot, Ahmedabad, Gondwal, Gadwal, Bhabar are the leading castor oil markets Of Gujarat. Jedcherla and Yemignoor are the major castor markets of Andhra Pradesh.
The castor oil is exported from the Kandla port in India. The world castor seed production fluctuates between 12 to 1800000 tons. India holds a major position as a producer with a massive 64 % share. Thereafter, it is followed by China and Brazil respectively. During the sowing season, the castor seed price tends to increase and as the harvesting season approaches, prices come down accordingly. The prices vary between Rs. 200 to Rs. 350 per 100 kg. Further, it should also be noted that castor price fluctuates and is elevated due to the unavailibity of the crop as well.