USD 1.09 billion
Report ID: SQMIG10C2008 | Region: Global | Published Date: April, 2023 | Pages: 242 | Tables: 62 | Figures: 75
Global Used Cooking Oil (UCO) Market size was valued at USD 1.09 billion in 2021 and is poised to grow from USD 1.14 billion in 2022 to USD 1.6 billion by 2030, growing at a CAGR of 4.45% in the forecast period (2023-2030).
The used cooking oils (UCO) are simple fats and oils that are frequently used for frying in homes, hotels, restaurants, coffee shops, and the food processing industry. Additionally, by following a crucial process, these used cooking oils can be recycled, and they can be widely applied in a variety of industries to create oleochemicals, biodiesel, and soaps.
The expansion of the used cooking oil market is anticipated to be driven by rising government initiatives to encourage UCO use for industrial purposes in the coming years. The increased awareness of renewable energy sources and environmental preservation is projected to cause a significant increase in the global market for used cooking oil (UCO). The continuously changing food and foodservice sector, which uses unique preparations, has had a direct impact on UCO's entire production. Recent developments in the technology that transforms used cooking oil into high-quality refined oil is another factor expected to encourage the expansion of the market as a whole.
US Used Cooking Oil Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 1.09 billion
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The Global Used Cooking Oil (UCO) Market is segmented based on source, application, and region. Based on the source, Used Cooking Oil Market is categorized into Household Sector and Commercial Sector. Based on the application, Used Cooking Oil Market is categorized into Biodiesel, Oleochemical Products, and Animal Feed. Based on region, Used Cooking Oil Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Used Cooking Oil Market Analysis by Source
On the basis of source, the commercial segment currently dominates the global used cooking oil (UCO) market. The growing popularity of eating out has a positive impact on the commercial sector. This is due to an increase in the number of restaurants, hotels, and other food service businesses around the world, which causes a significant production of spent cooking oil that suppliers gather in large quantities. Moreover, different activities launched to collect spent cooking oil from various restaurants boost the growth of the used cooking oil market. For instance, the restaurant aggregator Zomato, which also offers food delivery, has taken steps to collect leftover cooking oil from different eateries in India in order to turn it into biodiesel. This encourages the growth of the used cooking oil market.
Used Cooking Oil Market Analysis by Application
On the basis of application, the biodiesel segment currently dominates the global used cooking oil (UCO) market. This is because spent cooking oil is more readily available and less expensive than vegetable oil, which encourages producers of biodiesel to use it as a main feedstock. This in turn increases demand for used cooking oil. Additionally, there is an increase in the manufacture of biodiesel from spent cooking oil because it uses 96 percent less energy than fossil diesel production while saving 21 percent of fossil energy 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.
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Based on the region, the North American region currently dominates the global used cooking oil (UCO) market with respect to market share, due to recent legal reforms that support the use of used cooking oil for sustainable fuel generation.
Followed by North America, Europe is projected to lead the global used cooking oil market over the forecast period, due to its widespread use of waste-to-energy goods. The EU is making significant efforts to expand biodiesel production throughout Europe. According to the European Commission, biodiesel will replace a large portion of diesel usage by EU27. Governments in this region are developing regulations to encourage the collection and processing of used cooking oil from cafés, restaurants, lodging facilities, catering companies, and hotels. The regional market is expanding as a result of advertising activities that raise knowledge about the recycling of used cooking oil.
Apart from this, a large CAGR is anticipated in the Asia Pacific market due to the region's growing attention to environmental protection and renewable energy sources. Growth will be aided by the rising number of businesses engaged in the region's waste cooking oil collecting, processing, and refinement. To meet their demand for raw materials for the manufacturing of biodiesel, businesses with operations in North America and Europe invest in UCO purchases from Asian nations. The development of the regional food and foodservice industries also aids the growth of the used cooking oil market.
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Used Cooking Oil Market Drivers
Used Cooking Oil Market Restraints
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Several significant market leaders, currently active in the market, are competing with each other to increase their company's footprint in the international market. These market participants are implying new techniques and tactics, In order to lead the Used Cooking Oil Market trend in the upcoming years. They are also collaborating with other businesses to form partnerships and take on innovations to advertise their products. Overall, these industry leaders are concentrating on expanding their global reach by entering untapped markets.
Used Cooking Oil Market Top Players Company Profiles
Used Cooking Oil Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the global used cooking oil (UCO) market is currently led by countries in the North American region, due to the recent legal reforms that support the use of used cooking oil for sustainable fuel generation. Along with this,the commercial segment dominates the global used cooking oil (UCO) market, due to an increase in the number of food service businesses around the world.
|Market size value in 2021||USD 1.09 billion|
|Market size value in 2030||USD 1.14 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Used Cooking Oil (UCO) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Used Cooking Oil (UCO) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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