Oil is a big commodity business whether it’s from plant or fossil sources.
Jamaica has recently sensed that they could gain competitive advantage in the Castor Oil business and subsequently conducted a study of the local industry.
The global market of the commodity is expected to value an estimated US$1.81 billion by 2020, a study commissioned by the marketing arm of the Jamaica government Jamaica Promotions Corporation (JAMPRO) revealed, according to a press report.
JAMPRO’s manager of market development for agriculture and non-food manufacturing, Berletta Henlon Forrester, said heightened interest shown in JBCO had prompted her agency to conduct the study.
“We got questions from how to grow the product, how to process it …(to) where we could find markets. How can we market our Jamaican Black Castor Oil has been the most critical question,” Henlon-Forrester told the press.
She also noted that there has been interest from local stakeholders over time about the production and marketability of the product.
“Importantly, we have been getting enquiries from within the Caribbean for imports of bulk castor oil from Jamaica. We’ve got enquiries from buyers and distributors who want to take it to market,” she added.
The report noted that JAMPRO wants to seize on the many opportunities a lucrative castor oil industry could provide for the people of Jamaica.
“It’s the kind of product that can engage Jamaicans right across the island. It has the potential to create new enterprises,” she said, adding that JAMPRO will facilitate the organization of stakeholders into an association, which will enable greater leverage of the industry.
Carol Maye, Readers Bureau, Fellow
Edited by Jesus Chan
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