LONDON--(BUSINESS WIRE)--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.
Key Report Features
|Supply Market Insights||Negotiation Strategies|
|Procurement Best Practices||Category Risk Analysis|
|Cost Saving Opportunities||Key Supplier Analysis|
|Pricing Models||Supplier Capability Matrix|
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- 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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