SpendEdge has been monitoring the global castor oil market and the market is poised to experience spend growth of more than USD 200 million between 2019-2024 at a CAGR of over 3% during the forecast period. Request Free Sample Pages.
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Read the 127-page research report with TOC and LOE on "The Global Castor Oil Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend."
Buyers from end-user industries such as F&B, pharmaceutical, and FMCG are exhibiting an extensive usage of castor oil as a cheaper alternative to vegetable oil varieties. This is serving as the prime spend growth driver in the castor oil market. Inherent properties of castor oil, such as high density, viscosity, and thermal conductivity render its importance as a key constituent in the manufacturing of plastic, lubricants, and paints. This is contributing to the castor market spend growth during the forecast period.
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The Top Castor Oil Suppliers Enlisted in this Report:
Volatile prices of castor oil beans will pose as a critical accelerator of suppliers' manufacturing expenses. A majority of suppliers tend to pass a significant portion of their recurring OPEX to buyers who end up paying the excess on their procurement in the castor oil market. Considering this possibility, this report has listed the top castor oil suppliers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal and cost-effective procurement in this market.
Adani Wilmar- Buyers are advised to assess this supplier's ownership of castor seed plantations which will bear testimony to the improved control of its value chain and operating costs. This will boost its capability of producing castor oil and its derivatives by saving costs and sharing cost savings with buyers.
JAYANT AGRO-ORGANICS- Considering the price trends in the castor oil market, it is imperative for buyers to ensure that this supplier adopts automation and lean manufacturing techniques in its manufacturing process. Adoption of lean manufacturing techniques can help suppliers increase their plant productivity by 20%, which enables them to attain high economies of scale and thus lower the price of the product.
Gokul Refoils & Solvent- While negotiating with this supplier, buyers are advised to adopt the volume-based pricing model. This pricing model is functional in protecting buyers from fluctuation in the cost of raw materials as they can fix the price of the product during the contract period. The adoption of the volume-based pricing model will allow buyers to reserve production capacities with this supplier to ensure the availability of the product during demand-supply fluctuations. Buyers can negotiate for discounts on the price if the demand is significantly higher than the MOQ.
Buy 1 report and get the second for 50% off. Buy 2 reports and get the third for free. Download the free sample of this report on the castor oil market.
Some of the key topics covered in this report are:
- Castor oil market spend segmentation by region
- Castor oil supply market analysis
- Regional spend opportunity for castor oil suppliers
- Castor oil suppliers cost structure
- Total cost of ownership analysis in the castor oil market
- Castor oil pricing models analysis
- Category management objectives
- Cost saving opportunities in the castor oil market
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About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-free-proposal
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