A recent report published by Infinium Global Research on the used cooking oil market provides in-depth analysis of segments and sub-segments in the global as well as regional used cooking oil market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional used cooking oil market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global used cooking oil market. According to the report, the global used cooking oil market is projected to grow at a CAGR of 6.73% over the forecast period of 2021-2027. The global used cooking oil market was valued at 6.0 USD billion in 2021 and is expected to reach USD 8.8 billion in 2027, with a CAGR of 6.73% during the forecast period.
Used Cooking Oil, are oils and fats that are been used for cooking or frying. used cooking oil is usually found in the food processing industry such as in restaurants and fast foods, as well as in households. They can be in the form of both vegetable oil such as corn oil, canola oil, olive oil, palm oil, etc and also animal fats. Leftover cooking oil that should not be used too many times. In probably most households, dealing with the disposal of used cooking oil (UCO) is inevitable as many people still process their food by frying. Hence, people need to understand how to dispose of them in the proper way. It is an important source of raw material for the production of biodiesel. It is a renewable fuel produced from vegetable oils (soybean, canola, corn, grapeseed, sunflower, and palm) and animal fats. COVID-19 impacted the global supply chain significantly across various industries in the globe. Governments imposed nationwide lockdowns around the world also caused a shutdown of the food service industry for a particular period of time. While the food service picked up again in the form of delivery establishments, the supply chains still remained impacted significantly. The used cooking oil industry also suffered a steep decline in the last two years. The renewal of the foodservice industry post-pandemic does indicate the slump, but the used cooking oil market might show average growth. Despite the awareness about all sorts of biofuels and increasing preference for cleaner energy, it will be difficult for the UCO industry to bounce back. It is only the re-establishment of the food service and revival of the edible oil production industry; that has led to the renewed demand for UCO post-pandemic
The large restaurants consume a huge amount of vegetable oil for frying and thus, are projected to remain one of the best sourcing mediums over the forecast period. The push to connect these commercial settlements with refiners is expected to remain one of the vital factors driving the growth of this segment. Lack of awareness regarding the proper usage of UCO is likely to hinder short-term growth. The rising focus on improving animal health, increasing awareness regarding clean energy applications, and growing demand from emerging economies are expected to be lucrative opportunities in this market during the forecast period
Europe is the major region contributing to the growth of the used cooking oil market growth due to increasing environmental concerns, and supportive regulations. Furthermore, the increasing demand for biodiesel and growing awareness regarding animal health have accelerated the growth of the market in this region. Currently, around 90% of cooking oils and fat used in the EU are produced from vegetable oils. Furthermore, Asia Pacific is anticipated to grow at a substantial rate over the forecast period due to the rising number of companies entering into the processing of UCO along with growing awareness among people regarding sustainable energy resources and environmental wellbeing. In Asia-Pacific, China holds the largest share of vegetable oil consumption, as well as production
The report on the global used cooking oil market covers segments such as source, and application. On the basis of source, the sub-markets include food manufacturers, horeca, household, and others. On the basis of application, the sub-markets include biodiesel, oleochemical products, animal feed, and others.
The report provides profiles of the companies in the market such as 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, and Fuji Oil Holding Inc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the used cooking oil market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.