Used Cooking Oil Market Overview:
The worldwide Used Cooking Oil Market is expected to increase at a CAGR of 6.30%, with a value of USD 13.38 billion during the projected year 2022—2030.
The recurrent use of vegetable oils for cooking food in both commercial and domestic sectors results in the production of used cooking oil. Used cooking oil typically has a mixed composition and can be made from various vegetable oils, such as sunflower, palm, rapeseed, soya, and others. The used cooking oil market is expanding due to an increase in the use of used cooking oil as a feedstock for biodiesel manufacturing. The need for used cooking oil has also risen in these industries due to the widespread use of used cooking oil in the manufacturing of hydrogen gas, bio-lubricants, grease, oleo chemicals, animal feed, and others. This, in turn, encourages market expansion. The market for used cooking oil is expected to develop in the next years. However, problems, including the rise in used cooking oil theft and a lack of knowledge about its application, are expected to restrain it.
However, the initiatives done by governments in various nations, particularly for turning waste cooking oil into biodiesel, are anticipated to present a significant potential for the growth of the used cooking oil market. This is because spent cooking oil is more readily available and less expensive than vegetable oil, encouraging biodiesel producers to use it as the main feedstock. This, in turn, increases the demand for discarded cooking oil. Additionally, there is a rise in biodiesel manufacturing from leftover cooking oil since it uses 96% less energy than conventional diesel and saves 21% compared to crude oil. This has increased the usage of leftover cooking oil in the manufacturing of biodiesel and made it popular among producers of that fuel.
Key Companies in the Used Cooking Oil market include.
Darling Ingredients Inc., Veolia, Olleco, Baker Commodities Inc., Arrow Oils Ltd, Argent Energy, Waste Oil Recyclers, Inc, Grand Natural Inc, Greasecycle are some of the used cooking oil key market players
Market Segmentation:
The global market has been segmented into the source, application and regional basis. The source section divides the market into food manufacturers, HORECA, households and others. The application section is further divided into biodiesel, oleochemical products, animal feed and others. The regional basis is further classified into five sections Asia-Pacific, Middle East & Africa, North America, Europe and South America.
Regional Analysis:
The largest market share worldwide was in Europe. Asia-Pacific holds the greatest market share for vegetable oils globally and has the second-fastest growth rate. Due to the large concentration of the aquaculture sector in China, India, Vietnam, and Indonesia, the Asia-Pacific region has emerged as the leading market for the consumption of fish oil. Additionally, sophisticated nations like Japan and Australia use fish oil as a dietary supplement due to the growing health concerns among consumers. Due to its health advantages, olive oil, in particular, has the fastest growth rate.
This is due to increased environmental awareness, and government regulations favor consuming spent fuel, especially biodiesel, mostly made from used cooking oil. For instance, in the UK, leftover cooking oil accounts for 89% of the feedstock used to create biodiesel for transportation. As a result, this component supports the expansion of the European market.
Industrial News:
Other growth-promoting factors include advancements in processing and manufacturing technologies. Product producers are developing innovative ozone-treated oils with high calorific values and low ignition points. UCO is also frequently utilized as a component of fermentation medium that serves as a carbon source for microorganisms in biodiesel manufacture.
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