Used Cooking Oil Market will exhibit a CAGR of 6.0% during the forecast period 2020-2027, and reach USD 8.48 billion by the end of 2027, and the Market value as per 2019 was USD 5.50 billion
Fortune Business Insights™ in its report, titled “Used Cooking Oil Market Size, Share & Industry Analysis, By Source (Food Services and Households), Applications (Industrial Usage, Animal Feed & Others), and Regional Forecast, 2020-2027.
Used Cooking Oil Market Drivers and Restraint:
Increasing Use of UCO in Biodiesel Production Drives the Market Growth
Recent technological advancements in waste recycling have encouraged people to recycle waste products and convert them into useful products that are beneficial for the environment. The product has a massive potential to be refined into various biofuels to generate power. Biodiesels that are produced using used-cooking oil have a lower carbon footprint and burn cleaner. They also release less amount of carbon monoxide and are cost-effective as compared to petroleum diesel. The increasing demand for recycled used cooking oil for biodiesel production primarily drives the growth of the market. The recycling process generates by-products, which are useful in the manufacturing of soap and glycerine which increases their demand. According to the Biomass Board of Research and Development, the global biodiesel supply reached 39,654 million litres in 2015 and is expected to reach 50,334 million litres by 2025.
Rising Government Efforts to Reduce the Oil Wastage Will Emerge in Favor of Market Growth
Governments in several countries across the world are putting in more efforts to create public awareness by enabling policies and regulations to encourage the use of recycled waste cooking oils. For instance, in August 2019, the government of India launched a program to convert this type of oil into biodiesel in 100 cities of India. In 2018, the government also launched the Repurpose Used Cooking Oil (RUCO) app for collection of the oil. Channeling the used cooking oil into biodiesel production also prevents it from re-entering in the food chain. The UK Environmental Agency has laid out certain guidelines for restaurants regarding cooking oil disposal. The agency is sponsored by the Department for Environment, FoodRural Affairs (DEFRA) and aims at preventing inaccurate disposal of waste oil.
List of Key Players Covered in the Used Cooking Oil Market Report:
- 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)
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/used-cooking-oil-market-103665
Some of the key industry developments in the Used Cooking Oil Market Include:
- March 2020: Neste announced that it has completed the acquisition of Mahoney Environmental, a US-based collector and recycler of cooking oil. This acquisition is aimed at creating a global waste and residue raw material platform that can fulfill the growing demand for renewable products.