Pune, India, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The global used cooking oil market size is expected to reach USD 10.08 billion by 2028 from USD 5.97 billion in 2021, exhibiting a CAGR of 7.76% during the forecast period. The growing cognizance regarding sustainable energy resources can have an excellent impact on the market growth, states Fortune Business Insights™, in a report, titled “Used Cooking Oil Market, 2021-2028.” The market size stood at USD 5.16 billion in 2020.
Rising utilization of cooking oil in several processed and ready to eat foods are likely to boost demand. The rising adoption of the product from households, restaurants, food joints, and café are likely to boost edible oil’s adoption. These factors are likely to foster the market’s development.
The latest coronavirus outbreak has hampered the global supply chain for used cooking oil. The statewide lockdowns in virtually all nations have resulted in the closure of the foodservice business, greatly reducing the supply of used UCO to UCO processing companies. Because of limited product availability and a lack of staff, UCO recycling witnessed a dramatic drop. The impact on the foodservice business is similar to the impact on this market. Once the epidemic is under control, the re-establishment of the foodservice business and the re-production of UCO are likely to contribute to the increased demand for UCO.
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The Report Lists the Key Companies in the Used Cooking Oil Market:
- Valley Proteins, Inc. (Virginia, U.S.)
- Proper Oils Co. Ltd. (London, U.K.)
- ABP Food Group (County Louth, Ireland)
- Arrow Oils Ltd. (Manchester, U.K.)
- Baker Commodities, Inc. (California, U.S.)
- Grand Natural, Inc. (California, U.S.)
- Oz Oils Pty. Ltd. (Queensland, Australia)
- Brocklesby Limited (Brough, U.K.)
- GreaseCycle (North Carolina, U.S.)
- MBP Solutions Ltd. (Neuchatel, Switzerland)
Based on the source, the used cooking oil market is divided into two segments: food service and households. The growing dining-out culture has an impact on the expansion of the foodservice segment, thus uplifting the used cooking oil market share. The global expansion of cafes and restaurants has increased the demand for various UCOs.
Based on application, the market is classified into industrial usage, animal feed, and others. The extensive use of UCO in the manufacturing of fuels propels the expansion of the industrial application segment.
Geographically, the used cooking oil market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
What Does the Report Highlight?
The study provides a detailed analysis of the industry, focusing on the variables that drive, repel, obstruct, and provide market possibilities. It also clarifies the segmentation table, the list of leading categories with statistics, and the variables that influence them. The competitive landscape of the market, the list of prominent players, and the major steps are also included in the study. Besides this, the report highlights the major industry developments of the market, current market trends, and other interesting insights into the used cooking oil market.
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Increasing Initiatives to Thwart Oil Wastage and Bolster Business
Several governments throughout the world are increasing their efforts to raise public awareness by enacting legislation and regulations that encourage the use of recycled used UCOs. For example, in August 2019, the Indian government launched a scheme in 100 Indian cities to transform wasted UCO into biodiesel. The government also launched the Repurpose Used Cooking Oil (RUCO) app in 2018 to collect the UCO. Channeling wasted UCO into biodiesel production also keeps used cooking oil out of the food chain. The UK Environmental Agency has established criteria for restaurants to follow when it comes to UCO disposal. The agency is sponsored by the Department for Environment, Food, and Rural Affairs (DEFRA) and works to prevent improper waste UCO disposal.
Growing Focus on Sustainable Energy Sources to Push Development in Asia Pacific
Because of rising awareness about environmental welfare and sustainable energy resources, the Asia Pacific market is predicted to grow at a rapid pace. The growing number of enterprises in this region engaged in the collection, refinement, and processing of UCO will boost growth. Companies in North America and Europe are investing in the acquisition of UCO from Asian countries in order to meet their raw material need for biodiesel manufacturing. The evolution of the food and foodservice industries throughout the region also contributes to market growth.
The ABP Food Group is investing in the growth of spent UCO processing for the creation of renewable energy. For example, in October 2017, the company committed USD 28.8 million to establish a green energy facility in the United Kingdom. The presence of several minor companies in the market, as well as their extensive production and distribution capacities, has resulted in market fragmentation around the world. Like Valley Proteins, Inc., Proper Oils Co. Ltd., and Baker Commodities, Inc., other significant competitors are focused on facility expansions, unique processing technology innovation, and collaborations to increase their market presence.
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Key Industry Development:
- March 2020: Neste, a leading company in sustainability, announced the purchase of a U.S.-based collector and recycler of UCO, Mahoney Environmental, to create global waste and residue raw material platform that can fulfill the growing demand for renewable products.
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain Analysis
- Recent Industry Developments - Policies, Partnerships, and Mergers & Acquisitions
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Used Cooking Oil Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Source
- Food Services
- By Application
- Industrial Usage
- Animal Feed
- By Region
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Source
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