The global used cooking oil market size is expected to reach USD 9.55 billion by 2028 according to a new study by Polaris Market Research. The report “Used Cooking Oil Market Share, Size, Trends, & Industry Analysis Report By Application (Biodiesel, Oleo Chemicals, Animal Feed, Others); By Source; By Region; Segment & Forecast, 2021 - 2028” provides a thorough and detailed analysis with an overview of present trends and future insights.
Increasing urbanization and industrialization coupled with growing demand for biofuels majorly drives the UCO industry growth. The increasing population, and rising awareness regarding use of renewable resources further support the growth of this market. Increasing demand for sustainable energy solutions, and environmental awareness boosts the market growth.
The growth in the global food & beverage industry and a significant increase in restaurants and food outlets also accelerate the development of the used cooking oil industry. Increasing use as additive in animal feed, rising focus on improving animal health, accelerating demand from emerging countries, and growing initiatives to promote sustainable energy sources are expected to provide growth opportunities in the used cooking oil industry during the forecast period.
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Biodiesel dominated the industry in 2020 and is expected to maintain its dominance over the forecast period owing to the wide usage of UCO in the creation of fuels and UCO is more readily available and less expensive than vegetable fats, which enables biodiesel producers to use it as a key input in biodiesel manufacturing.
Europe generated the highest market share in terms of revenue in the global used cooking fats industry in 2020 and is expected to lead the industry throughout the forecast period. The growing population, urbanization, and industrialization increase the demand for UCO in the region.
The rising environmental concerns and favorable government regulations is generating numerous opportunities for the UCO industry in the region. Increasing demand for biodiesel also boosts industry growth in Europe.
The well-known companies profiled in the UCO industry report include Baker Commodities Inc., Greenergy International Ltd, Darling Ingredients, Uptown Biodiesel Limited, Proper Oils, Argent Energy, Brocklesby Ltd, Devon Biofuels, Biomotive Fuel Ltd., and Lywood Consulting. These companies are consistently launching new products to enhance their offerings in the global UCO industry.
With the advancement of technologies, companies are innovating and introducing new customized solutions to cater the growing needs of the customers. Leading companies are also acquiring other companies and enhancing their product offerings to improve their industry reach. Acquisitions enable key players to increase their industry potential in terms of geographic expansion and expansion of customer base.
Polaris Market Research has segmented the used cooking oil market report on the basis of source, application, and region:
Used Cooking Oil, Source Outlook (Revenue - USD Billion, 2016 - 2028)
Used Cooking Oil, Application Outlook (Revenue - USD Billion, 2016 - 2028)
Used Cooking Oil, Regional Outlook (Revenue - USD Million, 2016 - 2028)