Used Cooking Oil Market Outlook by Application of Top Companies, and Forecast 2032
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 15.12 billion during
the projected year 2023—2032.
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 outlook 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 market key
players
Market Segmentation:
The global used
cooking oil market insights 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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