Dublin, Sept. 08, 2023 (GLOBE NEWSWIRE) -- The "Used Cooking Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global used cooking oil market size reached US$ 6.1 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 8.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.3% during 2023-2028.
Used cooking oil (UCO), or waste vegetable oil, is produced by the repeated use of cooking oils in hotels, restaurants, food processing units and household sectors. It is the leftover cooking oil and is obtained from sunflower, corn, canola, olive, palm, rapeseed, soya oils and animal fats.
Recycled and processed UCOs are widely used for the manufacturing of soaps, composts, oleochemicals, hydrogenated vegetable oils (HVO), industrial greases, biodiesels and animal feed. In comparison to the traditionally used materials, UCO is highly cost-effective, environment-friendly and readily available in bulk quantities for mass production of various products.
Used Cooking Oil Market Trends:
The increasing adoption of bio-based fuels across the globe is one of the key factors driving the market growth. The consumer preference is rapidly shifting from petroleum-based fuels toward biodiesel and green energy fuels with a lower carbon footprint due to rising environmental consciousness.
Moreover, the widespread adoption of UCO in the manufacturing of animal feed is providing a thrust to the growth of the market. Significant growth in the food and beverage industry is also creating a positive outlook for the market. Cooking oils used in the preparation of fast food and other fried products are processed and further utilized as UCOs in industrial plants.
Additionally, improvements in the processing and manufacturing technologies are acting as other growth-inducing factors. Product manufacturers are developing innovative ozone-treated oils with high calorific value and lower ignition points. UCO is also widely being used as a fermentation media component that acts as a carbon source in microorganisms for biodiesel production.
Other factors, including the implementation of favorable government policies, along with extensive research and development (R&D) activities, are anticipated to drive the market toward growth.
Key Questions Answered in This Report:
- What was the size of the global used cooking oil market in 2022?
- What is the expected growth rate of the global used cooking oil market during 2023-2028?
- What are the key factors driving the global used cooking oil market?
- What has been the impact of COVID-19 on the global used cooking oil market?
- What is the breakup of the global used cooking oil market based on the source?
- What is the breakup of the global used cooking oil market based on the application?
- What are the key regions in the global used cooking oil market?
- Who are the key players/companies in the global used cooking oil market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 143 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $6.1 Billion |
| Forecasted Market Value (USD) by 2028 | $8.9 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Competitive Landscape:
- ABP Food Group
- Arrow Oils Ltd
- Baker Commodities Inc.
- Brocklesby Limited.
- Grand Natural Inc.
- Greasecycle LLC
- MBP Solutions Ltd.
- Oz Oils Pty Ltd
- Valley Proteins Inc.
- Veolia Environment S.A
Key Market Segmentation:
Breakup by Source:
- Household Sector
- Commercial Sector
Breakup by Application:
- Biodiesel
- Oleo Chemicals
- Animal feed
- Others
Breakup by Region:
North America
- United States
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/reports/5820639/used-cooking-oil-market-global-industry-trends?utm_source=GNE&utm_medium=PressRelease&utm_code=tjxq8f&utm_campaign=1884842+-+Global+Used+Cooking+Oil+Industry+Report+2023%3a+Increasing+Adoption+of+Bio-based+Fueling+the+%248.9+Billion+Market+-+Forecasts+to+2028&utm_exec=chdo54prd
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