The global market for castor oil and other derivatives has a huge potential, but manufacturers in India not being aggressive in use of advanced technology and marketing.
The global market for castor oil and other derivatives has a huge potential, but manufacturers in India not being aggressive in use of advanced technology and marketing, the market cannot be tapped in the best possible way, believe experts.
While addressing the 7th international seminar on castor seed, castor oil and its value added products, held in Rajkot on Saturday, Ashok Sethia, president of Solvent Extractors’ Association of India (SEA), said, “India’s annual exports of castor oil and derivatives are estimated to be over Rs2,000 crore. Against this, global market for castor derivatives is believed to be around $800 million and this market is highly dependent on India for supply. This year output of castor is expected to be over 10 lakh tones and increase in domestic consumption and exports of castor oil, derivatives and castor meal is also likely.”
Over 250 delegates from all over the country and overseas attended the seminar which was organised by SEA in association with Rajkot Commodity Exchange Ltd. With advanced technological innovations, the global markets have become competitive. “Despite of exponential growth potential for the castor related business, performance of Indian manufacturers is not up to the mark due to highly volatile prices and inadequate spending on research and development (R&D) activities. Aggressive marketing strategy is also required to achieve substantial growth,” Sethia added.
“Indian entrepreneurs do not have the urge to excel and they are not ready to invest in technology and research. Unit owners do not even care to hire a technologist, which ultimately leads to inferior quality of the products,” said Haresh Vyas, director of Mumbai based Royal Castor Products Ltd.
According to him, measures should be taken to make local castor oil available in the market at competitive prices and produce high quality products. Proper R&D should also be done by the companies and foreign capital should be allowed in the field.
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