Growth & Jobs | Jamaican black castor oil market poised for expansion

EARLIER THIS summer, the Jamaica International Beauty Expo (JIBE), the Caribbean’s premier event for beauty, wellness and lifestyle, celebrated a successful launch with an engaging panel discussion which featured Dr Howard Reid, head of the Mona Institute of Applied Sciences (MIAS) from June 28-30. In the discourse, Dr Reid highlighted significant advancements by the MIAS in revolutionising the Jamaican black castor oil (JBCO) industry.

He provided expert insights into emerging trends and opportunities during the expo’s launch event. In his introduction to the audience, Dr Reid noted, “One of the gaps we found is that there is a lack of a history of the use of scientific research and development in ‘de-risking’ in Jamaica. When investors come, they want to have a product where the kinks have been ironed out.” His participation underscored JIBE’s role in fostering professional growth and innovation within the sector and MIAS’ dedication to the growth of our nation through research. As a platform dedicated to showcasing and celebrating beauty and wellness brands, JIBE has become a critical hub for connecting local and international stakeholders.

A notable highlight of this year’s event was the spotlight on the Mona Institute of Applied Sciences’ ground-breaking research aimed at positioning Jamaica as a dominant player in the global black castor oil market. Currently valued at an estimated US$300 million per annum, the JBCO industry has seen Jamaica’s market share dwindle to less than US$5 million, primarily due to competition from producers in China and India.

The MIAS team is spearheading research to enhance the quality and production efficiency of JBCO, aiming to reclaim and expand Jamaica’s foothold in this lucrative market by doing the necessary science of gene sequencing of Jamaican castor plants and chemical characterisation of JBCO as necessary steps towards legal protections, such as standards and intellectual property protection. Their efforts focus on leveraging advanced technologies and sustainable practices to boost local production and improve the competitive edge of JBCO on the global stage.

Dr Reid outlined a major key to success globally in his discussion of clusters. Clusters, he explained, are groups of companies small and large who work in tandem to build something. “We need to build out what is called a trading cluster; looking at the global market, looking at the value chain and how we solve bottlenecks in the value chain.” He also noted the work of Harvard Professor Michael Porter and his extensive research on the science of clusters, further compounding the need to build a beauty cluster locally.

JIBE continues to be a pivotal event for the beauty industry, drawing professionals, designers, fashionistas, and influencers from around the world. The expo’s growth since its inaugural staging in 2018 reflects its commitment to exceeding expectations and creating valuable opportunities within the multibillion-dollar beauty sector.

Dr Reid’s participation and the MIAS’s research highlight JIBE’s role in celebrating innovation and supporting industry advancement. The collaboration between industry leaders and research institutions underscores the importance of strategic development in enhancing Jamaica’s position in the global market.