Wilmington, Delaware, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Used Cooking Oil Market by Source (Househel Sector and Commercial Sector), and Application (Biodiesel, Oleo Chemicals, Animal Feed and Others): Global Opportunity Analysis and Industry Forecast, 2024-2034". According to the report, the used cooking oil market was valued at $6.4 billion in 2023, and is estimated to reach $11.8 billion by 2034, growing at a CAGR of 5.8% from 2024 to 2034.
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Prime determinants of growth
Increase in awareness of environmental sustainability drives interest in recycling resources such as cooking oil, reducing waste and promoting circular economy principles. Concurrently, the demand for biodiesel as a renewable energy source has surged, with recycled cooking oil serving as a crucial feedstock owing to its environmental benefits and potential to reduce greenhouse gas emissions. Government regulations mandating the use of renewable fuels further boost the market growth by creating a stable demand for biodiesel, encouraging industries to recycle and repurpose used cooking oil. Technological advancements in recycling processes have also improved efficiency and lowered costs, making it economically feasible to convert used cooking oil into valuable products like biodiesel, thereby promoting the expansion of the used cooking oil market on a global scale.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $6.4 Billion |
| Market Size in 2033 | $11.8 Billion |
| CAGR | 5.8% |
| No. of Pages in Report | 298 |
| Segments Covered | Source, Application, And Region. |
| Drivers | Increase In The Use Of UCO As Raw Material In Biodiesel |
| Wide Application Of Used Cooking Oil (UCO) | |
| Low Cost Of Production As Compared To Vegetable Oils | |
| Opportunities | Various Initiatives Are Taken By The Government |
| Increase In Adoption of Used Cooking Oil In The Oleo Chemical Industry | |
| Restraints | Increase In The Theft of Used Cooking Oil |
The commercial segment held the highest market share in 2023
Based on type, the commercial segment held the highest market share in 2023. The rise in the number of food & service industries and hotels results in huge production of used cooking oil globally, which is collected in bulk quantity by the suppliers. In addition, the efforts taken by the used cooking oil suppliers for making an organized collection of used cooking oil along with providing containers to the restaurants for collecting used cooking oil contribute toward the growth of the used cooking oil market opportunities.
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The Oleo chemicals segment held the highest market share in 2023
Based on application, the oleo chemicals segment held the highest market share in 2023. Oleochemicals, derived from fats and oils, are integral to numerous industries, including personal care, detergents, lubricants, and biodiesel production, which has driven the demand for this segment. The increase in demand for sustainable and biodegradable products has boosted the growth of oleochemicals as eco-friendly alternatives to petrochemicals in the used cooking oil industry. Used cooking oil is a cost-effective and readily available raw material for producing oleochemicals, which has made it economically advantageous. In addition, stringent environmental regulations and growth in consumer awareness about sustainability have driven the adoption of oleochemicals. These factors collectively contribute to the dominant market share of the oleochemicals segment in the global used cooking oil market.
Europe held the highest market share in 2023
Based on region, Europe held the highest market share in terms of revenue in 2023. The European Union's Renewable Energy Directive promotes the use of renewable fuels, including biodiesel made from used cooking oil, incentivizing its collection and recycling. The strong focus on sustainability and circular economy principles in Europe further encourages the repurposing of waste materials such as used cooking oil into valuable resources. The region benefits from a well-developed infrastructure for collecting and processing used cooking oil, facilitating biodiesel production. Moreover, using waste oils reduces reliance on food crops for biofuels, addressing concerns about food security and land use. Europe's high population density enhances the efficiency of collection efforts, while public awareness and environmental consciousness contribute to increased participation in recycling programs for used cooking oil.
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Players: -
- ARROW OILS LTD.
- Baker Commodities Inc.
- Oz Oils Pty Ltd.
- Grand Natural Inc.
- Waste Oil Recyclers, Inc.
- Quatra
- Brocklesby Limited.
- Valley Proteins, Inc.
- Greasecycle LLC
- Olleco Limited
The report provides a detailed analysis of these key players in the global used cooking oil market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Dev
- In June 2023, ORLEN Unipetrol partnered with Czech Technical University in Prague and the Czech University of Life Sciences to launch a pilot project for cooking oil collection, which aims to examine the recycling options of the product and its effective conversion into biofuel and petrochemicals.
- In November 2022, Neste produced from leftover raw materials, agreed to acquire the UCO collection and aggregation business and related assets in the U.S. from Crimson Renewable Energy Holdings, LLC to strengthen the presence and operations of Neste in the U.S.
- In January 2020, BioD Energy, an Indian biodiesel producer, announced to start two new biodiesel processing plants to manufacture biodiesel by utilizing this waste oil.
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