Market Overview:
The Global Used Cooking Oil Market size is expected to grow from USD 7.29 billion in 2022 to USD 10.61 billion by 2030, at a CAGR of 4.8 % during the forecast period (2023-2030).
Used cooking oil (UCO) is the term for fats and oils that come from commercial or industrial food processing enterprises, including restaurants, and have been used for frying or cooking. UCO contains no extra fats, oils, or greases that haven't already been used for frying or cooking. Used cooking oil is also referred to as waste vegetable oil. The frequent use of vegetable oils for food preparation in both commercial and domestic settings results in the production of used cooking oil. Sunflower, palm, rapeseed, soya, and other types of vegetable oils are used to make cooking oil, which is typically a blend of these oils.
Top Key Players in Used Cooking Oil Market:
Waste Oil Recyclers Inc. (US), Brocklesby Limited (UK), Greasecycle (US), Baker Commodities Inc. (US), Veolia Environnment S.A. (France), Darling Ingredients Inc. (US), Arrows Oils Ltd (UK), Olleco Ltd. (UK), Argent Energy (UK), Grand Natural Inc. (US), Averda (Dubai), and Other Major Players.
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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels. For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.
Market Dynamics and Factors for Used Cooking Oil Market:
Drivers:
Used Cooking Oil as a Source of Energy
In order to reduce greenhouse gas emissions, new-generation fuels like hydrogen and biofuels are now being produced in more environmentally friendly ways. The idea of waste-to-energy is gaining popularity as a result of the increasing depletion of fossil fuels. Agricultural waste or other types of used oils, such as WCO (waste lubricating oil), used transformer oil, and used engine or gear oil, are frequently used as source materials for alternative fuels, which are largely based on the waste-to-energy concept. Due to the production of biodiesel, bioethanol, hydrogen gas, H2/CO, and low molecular weight hydrocarbons like methane, UCO is a potential raw material for energy production.
Opportunities:
High Application in Biofuel Business And Animal Feed Industry
Used cooking oil provides a sustainable solution in the biofuel business and may also be used for animal feed, giving producers many options to promote used cooking oil in the market and capitalize on the market's potential growth. Moreover, providing used cooking oil to an increasing number of countries can help to rise the demand for used cooking oil around the globe. Spreading awareness about the possible solutions for used cooking oil could help to improve the growth of used cooking oil manufacturers, as well as the market for used cooking oil.
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Segmentation Analysis of the Used Cooking Oil Market:
By Source, the food manufacturing segment is excepted to dominate the market. Restaurants and food businesses provide the majority of used cooking oil. To make many of human favorite snacks, deep fryers require vast vats of oil.
By Application, biodiesel is likely to dominate in this area. This is due to the low cost of spent cooking oil compared to vegetable oil, which encourages biodiesel producers to utilize it as a primary feedstock in biodiesel manufacturing.
By Source
· Food Manufacturers
· Household
By Application
· Biodiesel
· Oleochemical Products
· Animal Feed
Regional Analysis of the Used Cooking Oil Market:
Europe is excepted to dominate the market during the forecast period. By 2025, the EU27 will switch over to a significant amount of biodiesel instead of diesel, predicts the European Commission. Governments in this region are creating laws to promote the collection and processing of used cooking oil from cafes, restaurants, lodging facilities, and hotels as well as catering businesses.
· North America (U.S., Canada, Mexico)
· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
· Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
· Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
· South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
In March 2022, Averda, a prominent waste management and recycling firm launched new used cooking oil (UCO) service in the UAE to help improve trash management and reduce carbon emissions from road transportation.
In October 2021, Neste and Hesburger, a Finnish restaurant business, will collaborate heavily in the circular economy. More than 300 Hesburger restaurants in Finland and the Baltics will recycle used cooking oil to create sustainable diesel. Hesburger will begin using Neste MY Renewable DieselTM in the majority of its transport vehicles in Finland as a result of the agreement, decreasing greenhouse gas emissions in these vehicles by up to 90% when compared to fossil diesel use.
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