Kharif Castor Sowing Rises by Over 1,00,000 Hectare in 2022-23 Season: Seai

The main reason for higher prices of castor is the tight supply of the commodity during the current 2021-22 season. Due to this factor, prices of castor oil remained higher despite a dip in exports, Baldha said. As per SEAI, exports of castor oil remained at 4,19,759 MT for the first eight months (January-August) of the current calendar year as against 5,03,420 MT during the same period of the year 2021.

Due to the recession in China, castor oil exports have plummeted but tight supply kept the prices high globally. With over 40% share in India’s total exports, China is the biggest consumer of castor oil from India. Carry forward stock of castor was less than 1,00,000 tonnes in the current 2021-22 season compared to 2,50,000 tonnes the previous year.

For the upcoming 2022-23 season, carry forward stock is likely to remain even lower. Castor oil and its derivatives are used in many industries, including air-conditioning, air-fuel, pharmaceutical, dyes & chemical, soap, paints, inks, plastic, perfumes, adhesive, paper, lubricants, food, rubber and others. The US and European countries are also importing castor oil from India.

Apart from these markets, India also exports castor oil to Middle East and Latin American countries. India is the largest producer of castor and castor oil in the world with almost 90% share. In India, Gujarat has a lion’s share of 80% in production of castor seed. Apart from Gujarat, castor is being cultivated in Rajasthan, Telangana and Andhra Pradesh in smaller quantities.