New York, United States , April 20, 2023 (GLOBE NEWSWIRE) -- The Global Used Cooking Oil Market Size is to grow from USD 6.2 billion in 2022 to USD 11.6 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.4% during the projected period. The market expansion for used cooking oil is being driven by rising demand for sustainable and environmentally friendly energy sources, as well as an increased need for waste management solutions. The growing awareness of the negative environmental effects of traditional fossil fuels, as well as the need to reduce greenhouse gas emissions, are driving demand for biofuels.
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The repeated use of cooking oils in hotels, restaurants, food processing units, and household sectors results in the production of used cooking oil (UCO), also known as waste vegetable oil. The global used cooking oil market is the market for collecting, processing and distributing used cooking oils generated by homes, restaurants, and food processing industries. Recycled cooking oils can be utilized as raw materials to make biofuels, feed, animal and various other industrial products. Soaps, composts, oleochemicals, hydrogenated vegetable oils (HVO), industrial greases, biodiesels, and animal feed are all made from recycled and processed UCOs. The global Used Cooking Oil (UCO) market will expand significantly due to increased awareness of sustainable energy resources and environmental conservation. The most recent technological advancements in the conversion of waste cooking oil into high-quality refined oil will benefit the overall market's growth. UCO's overall production has been directly impacted by the rapidly evolving food and food service sector, which includes novel preparations. However, used cooking oil collection necessitates a robust infrastructure that includes collection centers, transportation, and storage facilities. There is a lack of such infrastructure in many parts of the world, which may limit the growth of the used cooking oil market.
Browse key industry insights spread across 200 pages with 121 market data tables and figures & charts from the report on "Global Used Cooking Oil Market Size, Share, and COVID-19 Impact Analysis, By Source (Food Services and Households), By Applications (Industrial Usage, Animal Feed, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032” Get Detailed Report Description Here:
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The food services segment is estimated to hold the largest market over the forecast period.
The global used cooking oil market is divided into food services and households, based on the source. The food services segment is expected to have the largest market over the forecast period. The reason for the increase is that the food services sector is increasingly adopting sustainable practices, such as the use of renewable energy sources and waste product recycling.
The industrial usage segment is expected to hold the largest market during the forecast period.
The global used cooking oil market is divided into three applications: industrial use, animal feed, and others. The industrial usage segment is expected to have the largest market share during the forecast period. The rise in demand can be related to the industrial usage segment, which includes the use of used cooking oil in various industries such as chemicals, cosmetics, and pharmaceuticals.
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Europe is expected to hold the largest share of the Global Used Cooking Oil Market during the projected period.
Europe is the largest market for used cooking oil, owing to the region's high level of awareness about the importance of sustainable and eco-friendly energy sources. The European Union has enacted a number of regulations and initiatives to encourage the recycling and reuse of used cooking oil for the production of biofuels and other products. This has resulted in the establishment of a well-established used cooking oil market in the region.
Asia-Pacific is projected to expand at the highest pace in the global used cooking market throughout the period of forecasting, owing to the region's increasing demand for biofuels and other sustainable energy sources. Rapid urbanisation and industrialization in countries such as China and India have resulted in an increase in the volume of used cooking oil generated in the region. North America is another significant market for used cooking oil, owing to the region's growing demand for biodiesel and other sustainable energy sources. The United States is the region's largest market, with significant growth in the use of used cooking oil for the production of biofuels.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Used Cooking Oil Market include GreaseCycle, MBP Solutions Ltd, Oz Oils Pty. Ltd., Brocklesby Limited, Baker Commodities, Inc., Veolia Environment S.A., Olleco Ltd. (UK), Argent Energy, Grand Natural, Inc., ABP Food Group, Arrow Oils Ltd., Valley Proteins, Inc., Proper Oils Co. Ltd., and Others.
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Recent Developments
In February 2022, St1 Nordic Oy, an energy company, has acquired 100% of Brocklesby Ltd. Brocklesby is an expert in the recycling of used cooking oil and fatty food waste.
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