SpendEdge Releases Procurement Research Report for the Castor Oil Market

LONDON–(BUSINESS WIRE)–#castor–Global procurement intelligence advisory firm, SpendEdge,
has announced the release of their ‘Castor
Oil Procurement Research Report.' The insights and data in this
report provide a strategic analysis of the supply markets, factors
influencing purchasing decisions, procurement best practices, pricing
models, supplier landscape, and an analysis of the supplier capability
matrix for the agro
commodities and raw materials industry. This report breaks down
the data and analysis behind the strategic procurement of castor oil and
acts as an all-inclusive guide for making smart purchasing decisions.

“Businesses in multiple industries are shifting toward castor oil due
to its robust physical and chemical properties,” says SpendEdge
procurement research analyst A Kowshik. “The spread of these
applications in niche and new markets will drive the market growth,”
added Kowshik.

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Report Insights

• The global castor oil market is projected to grow majorly due to the
  transition towards sustainable and biodegradable products in
  industries such as industrial applications and chemicals. Moreover,
  the reduction in the dependence on non-renewable sources of energy
  such as petrochemicals will fuel the castor oil market.
• To engage with suppliers that invest in technology and processes to
  improve yield can prove to be an effective strategy. Suppliers must
  invest in biotechnological innovation and genetical engineering in oil
  production to achieve better yield and quality in production.
• The castor oil supply market has inter-seasonal variation in the price
  of castor oil due to inconsistent rainfall and climatic conditions
  across seasons. This results in rapid fluctuations in the price of
  castor seed and castor oil in subsequent seasons. Moreover, certain
  small-scale and regional suppliers may hoard castor seeds and oil to
  keep prices in the high range.

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Castor Oil Pricing Trends

The most widely implemented pricing model in the castor oil market is
the volume-based pricing. It protects purchasing managers against
dynamic nature of market prices of raw materials as they can fix the
price over the engagement of the contract. It also allows to them
negotiate for a discount on the price if the demand is significantly
higher than the minimum order quantity. Furthermore, purchasing managers
can reserve production capacities with the supplier to ensure the
availability of the product during demand-supply fluctuations.

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About SpendEdge

SpendEdge shares your passion for driving sourcing and procurement
excellence. We are a preferred procurement market intelligence partner
for Fortune 500 firms and other leading companies across numerous
industries. Our strength lies in delivering robust, real-time
procurement market intelligence that helps sourcing and procurement
professionals make informed decisions. These innovative procurement
solutions help enterprises transform structural capabilities, improve
execution efficiency, and fast-track time to savings.

Contacts

SpendEdge
Shilpa Balakrishnan
US: +1 (844) 746-0600
[email protected]