New York, US, May 23, 2022 (GLOBE NEWSWIRE) -- Used Cooking Oil (UCO) Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Used Cooking Oil (UCO) Market Information by Source, Application, and Region - Forecast till 2030”, the worldwide market will acquire a CAGR of 4.45% in the assessment period. Further, the global market is registered to meet USD 1,345.9 Million by the end of the forecast year 2030.
Market Scope
Simple fats and oils are commonly used in families, hotels or restaurants, cafes, and the food processing industry for frying or cooking. Also, with the right method, leftover cooking oils can be recycled and used in a variety of sectors to generate oleochemicals, biodiesel, and soaps.
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Competitive Landscape
Many important market leaders present in the Market compete with many market giants to grow their company's presence in the global market. These market leaders are:
- Brocklesby Limited (UK)
- Greasecycle (US)
- Baker Commodities Inc. (US)
- Darling Ingredients Inc. (US)
- Arrows Oils Ltd (UK)
- Veolia Environnment S.A. (France)
- Olleco Ltd. (UK)
- Argent Energy (UK)
- Grand Natural Inc. (US)
- Waste Oil Recyclers Inc. (US)
Market Dynamics
Market Drivers
In recent years, the foodservice industry in both developed and developing countries has seen significant growth. As a result of the rise in the food business, consumer spending on dining out has soared. In addition, cooking oils are widely used as a biofuel for heating and power generation. According to the Used Cooking Oil Market report, global market growth is predicted to quicken throughout the analysis period due to developed economies' increased focus on boosting bioenergy. Because of the rise in air pollution in wealthy countries, the government is working on boosting bioenergy.
Due to the expansion of the global food service industry and the increased usage of spent cooking oils in the biodiesel production process, the Used Cooking Oil Market is expected to rise over the research period. The industry is expanding due to the efforts of several market players throughout the world who are focusing on new advancements. Furthermore, the market's growth is aided by the growing demand for biofuel in both developed and developing economies.
Furthermore, the used cooking oils are widely used as high-energy animal feed additives in the production of various animal food products in the animal feed industry. As a result, during the research period, the animal feed segment is expected to generate a considerable market share.
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Market Restraints
According to the market analysis, one of the significant barriers for the global market may be the high pricing tag. The presence of many unorganized market players and local market players, on the other hand, could stymie the Used Cooking Oil Market trend. The expansion of the used cooking oil market may be hampered by the unusual coronavirus outbreak that has affected the supply chain. Aside from that, the Market may face numerous obstacles as a result of the intense competition among market participants.
COVID-19 Analysis
The current pandemic has impacted several marketing industries, according to the Used Cooking Oil Market research. And one of them, the Market, has lost investment due to a lack of transportation, staff, and other facilities. The worldwide market has experienced turbulence in the manufacturing and supply chains during the last two years. Price fluctuation has most likely been observed as well.
However, market participants and manufacturers are employing new strategies, such as deploying promotional concepts and safety precautions, to boost Used Cooking Oil Marketing in the approaching years.
Segmentation
In terms of application, the Used Cooking Oil Market has been divided into Animal Feed, Oleochemical Products, Biodiesel, and Others. Because of the simple availability of the material and the low cost of the sector, biodiesel was reported to dominate the global market in 2018, establishing a greater Used Cooking Oil Market share. As a result, manufacturers have expressed a strong desire to expand their operations in this area. During the forecast period, this category is expected to maintain its dominance.
Based on the source sector, the market has been divided into home, HORECA, food manufacturers, and others. During the forecast period, the HORECA segment is expected to dominate the Used Cooking Oil Market. During the analysis period of 2025, this category is expected to grow at the fastest rate, reaching roughly USD 428.0 million. For example, numerous government agencies have enacted restrictions prohibiting the HORECA from reusing oils in the preparation of food.
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Regional Overview
Animal feed production has been quickly increasing in the Asia Pacific area, which is expected to grow the regional market and the entire global industry in the review period.
Alternatively, due to the introduction of the animal by-products rule in the European region, the use of used cooking oils in animal feed production is prohibited. UCO sourcing companies, cooking oil manufacturers, households, biodiesel manufacturers, cooking fats manufacturers, animal feed manufacturers, oleochemical manufacturers, governments, associations, and industrial bodies, investors and trade experts, traders, wholesalers, and distributors are all contributing to the growth of this market.
Apart from that, the North American region accounts for the largest share of the Used Cooking Oil Market during the study period. For example, between 2019 and 2025, this regional market is expected to increase at a moderate rate. The United States is expected to dominate the global market by gaining a larger market share among all North American countries.
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