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The Castor oil Market in Africa

The castor oil market in Africa is experiencing growth, driven by its increasing demand in various industrial applications. 

Here are some insights into the market:

South Africa: The retail price range for castor oil in South Africa is between US$ 13 and US$ 24 per kilogram, or between US$ 5.9 and US$ 10.88 per pound. 

The wholesale price range for 2023 is estimated to be between US$ 9.8 and US$ 16.8 per kilogram. The export price of castor oil from South Africa has been predicted to be around US$ 4.50 per kilogram for 2023.

Global Market: The global castor oil market size is projected to reach USD 2.84 billion by 2027, growing at a CAGR of 4.3% from 2020 to 2027.

 Nigeria, being part of the African continent, has the opportunity to tap into this growing market by increasing its production and export of castor oil.

Market Drivers: The demand for castor oil is being driven by its utilization in biodiesel feedstock, as well as in paints, soaps, lubricants, and other sectors. The market value is expected to grow at a CAGR of 3.4% in the forecast period of 2024-2032.

These insights indicate that the castor oil market in Africa, particularly in countries like South Africa and Nigeria, holds significant potential for growth and expansion in the coming years. 

The increasing global demand for castor oil and its derivatives, especially for sustainable applications like biodiesel, paints a promising picture for the African castor oil market...click here to continue reading

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