Global Used Cooking Oil Market – Invention Analysis, Size, Share, Evolution, Prediction 2027
A recent report by Infinium Global Research dives deep into the used cooking oil market, analyzing its various segments and sub-segments across the globe and in specific regions. It also explores the short-term and long-term impact of factors like drivers, restraints, and key economic indicators. The report offers a comprehensive look at market trends, forecasts, and the overall value of the used cooking oil market globally. The market is expected to grow at a healthy rate of 6.73% CAGR between 2021 and 2027, reaching a projected value of USD 8.8 billion by 2027 from USD 6.0 billion in 2021.
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Used cooking oil, once seen as just waste, is now a significant player in the global market, with applications beyond the kitchen. This byproduct from homes, restaurants, and food industries is now recognized as a valuable resource that contributes to sustainability and renewable energy. The market for used cooking oil is on a strong upswing, with projections indicating a jump from $6.2 billion in 2023 to a substantial $10.7 billion by 2028, reflecting a remarkable CAGR of 11.8%. This impressive growth mirrors the increasing demand for eco-friendly materials, highlighting the important role used cooking oil plays in various industries worldwide. As we explore this market further, we will examine the key factors, businesses, and trends propelling used cooking oil to a central position in how resources are utilized globally.
Several key factors are driving the robust growth of the Used Cooking Oil Market. A major driver is the rising demand for biodiesel, a clean and renewable fuel. Biodiesel production relies heavily on used cooking oil as a raw material, and as the world seeks cleaner energy solutions, the demand for this sustainable feedstock is growing significantly. Furthermore, there's a growing global awareness about environmental sustainability and the need for effective waste management. This is leading to a shift towards recycling and reusing used cooking oil, not just for biodiesel but also for various industrial applications, showcasing the versatility and environmental benefits of repurposing this used oil.
The increasing focus on food security and changing food preferences are further fueling the used cooking oil market. More used cooking oil (UCO) is being generated from households and the food service industry, highlighting the role this byproduct plays in our daily lives. Finally, the development of recycling facilities and efficient collection systems are crucial for market growth. These advancements ensure that UCO is efficiently processed and distributed for various applications, contributing to a more sustainable and circular approach to waste management.
In addition to these market drivers, supportive government policies and initiatives are providing a strong foundation for the widespread adoption of UCO as a resource in a circular economy. Governments around the world are recognizing the environmental benefits of using UCO and are implementing measures to incentivize its responsible management and repurposing. As these factors work together, the used cooking oil market is poised for continued expansion, solidifying its role in building a greener and more sustainable future.
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The report also explores regional trends. Europe is a major contributor to the market's growth, driven by growing environmental concerns and supportive regulations. The increasing demand for biodiesel and growing awareness regarding animal health have further accelerated the market's growth in this region. Additionally, Asia Pacific is expected to grow significantly due to the rising number of companies entering the UCO processing sector and growing public awareness about sustainable energy resources and environmental well-being. Notably, China holds the largest share of vegetable oil consumption and production in the Asia Pacific region.
Market Segmentation: The report breaks down the used cooking oil market into two main categories: source and application. Looking at source, the market is divided into used cooking oil from food manufacturers, hotels, restaurants, and cafes (HORECA), households, and other sources. In terms of application, the market is divided into used cooking oil used for biodiesel production, oleochemical products (chemicals derived from fats and oils), animal feed, and other applications.
Opportunities:
- Animal Health: The growing focus on animal well-being creates a demand for better healthcare products and services. This presents an opportunity for animal health companies to develop and sell innovative solutions as the market expands.
- Clean Energy: As people become more aware of the environmental impact of traditional fuels, interest in clean energy alternatives is rising. This opens doors for companies involved in clean energy technology and services, as more consumers and industries shift towards sustainable solutions, driving market growth.
- Emerging Markets: Rapid economic growth in developing countries is leading to the expansion of their consumer markets. This surge in demand creates opportunities for businesses to enter or expand their presence in these markets, further propelling market growth.
Challenges:
- Production Costs: The cost of producing usable cooking oil (UCO) can be a hurdle to market expansion.
- Health Concerns: There are some health concerns associated with excessive consumption of animal feed derived from UCO. This needs to be addressed to avoid hindering market growth.
Market Keyplayers:
- Baker Commodities Inc
- Brocklesby Limited
- Greasecycle
- Darling Ingredients Inc.
- Waste Oil Recyclers Inc
- Wilmar International Limited
- Nisshin Oillio Group Ltd
- Xiwang Foodstuffs Co., Ltd
- GrainCorp Limited
- Fuji Oil Holding Inc
Contact Us:
Infinium Global Research LLP
Mob: +91 9923950043
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