Pune, India, Jan. 27, 2022 (GLOBE NEWSWIRE) — The world used cooking oil market The size is expected to reach USD 10.08 billion by 2028 from USD 5.97 billion in 2021, showing a CAGR of 7.76% during the forecast period. Growing knowledge of sustainable energy resources can have excellent impact on market growth, says Fortune Business Insights™, in a report titled “Used Cooking Oil Market, 2021-2028”. The market size stood at USD 5.16 billion in 2020.
The growing use of cooking oil in several processed and ready-to-eat foods is expected to drive demand. Growing adoption of the product by households, restaurants, eateries and cafes is expected to drive adoption of the edible oil. These factors are likely to promote the development of the market.
COVID-19 IMPACT:
The latest coronavirus outbreak has hampered the global used cooking oil supply chain. Statewide shutdowns in virtually every country have resulted in the closure of the restaurant business, dramatically reducing the supply of used UCO to UCO processing companies. Due to limited product availability and lack of staff, UCO recycling has dropped dramatically. The impact on the restaurant sector is similar to the impact on this market. Once the outbreak is contained, the restoration of catering activity and the reproduction of HCU will likely contribute to the increase in demand for HCU.
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The report lists the leading companies in the Used Cooking Oil Market:
- Valley Proteins, Inc. (Virginia, USA)
- Proper Oils Co. Ltd. (London, UK)
- ABP Food Group (County Louth, Ireland)
- Arrow Oils Ltd. (Manchester, UK)
- Baker Commodities, Inc. (California, USA)
- Grand Natural, Inc. (California, USA)
- Oz Oils Pty. ltd. (Queensland, Australia)
- Brocklesby Limited (Brough, UK)
- GreaseCycle (North Carolina, USA)
- MBP Solutions SA (Neuchâtel, Switzerland)
Market segments:
According to the source, the used cooking oil market is divided into two segments: catering and household. The growing restaurant culture is impacting the expansion of the restaurant segment, thereby increasing the used cooking oil market share. The global expansion of cafes and restaurants has increased the demand for various UCOs.
Based on application, the market is categorized into industrial use, animal feed, and others. The extensive use of UCO in the manufacture of fuels is propelling the expansion of the industrial application segment.
Geographically, the used cooking oil market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
What does the report highlight?
The study provides a detailed analysis of the industry, focusing on the variables driving, repelling, hindering and providing market opportunity. It also clarifies the segmentation table, the list of main categories with statistics and the variables that influence them. The market competitive landscape, list of major players and key milestones are also included in the study. In addition to this, the report highlights key market industrial developments, current market trends, and other interesting insights about the used cooking oil market.
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DRIVING FACTOR:
Increase initiatives to counter oil waste and support business
Several governments around the world are stepping up their efforts to raise public awareness by enacting laws and regulations that encourage the use of recycled UCO. For example, in August 2019, the Indian government launched a program in 100 Indian cities to turn wasted UCO into biodiesel. The government also launched the Repurpose Used Cooking Oil (RUCO) app in 2018 to collect UCO. Diverting wasted UCO to biodiesel production also keeps used cooking oil out of the food chain. The UK Environment Agency has established criteria for restaurants to follow when disposing of UCOs. The agency is sponsored by the Department for Environment, Food and Rural Affairs (DEFRA) and works to prevent improper disposal of UCO waste.
REGIONAL OVERVIEW:
Increased focus on sustainable energy sources to drive development in Asia-Pacific
Due to the growing awareness about environmental wellbeing and sustainable energy resources, the Asia-Pacific market is expected to grow at a rapid rate. The growing number of companies in this region engaged in the collection, refining and processing of HCUs will drive growth. Companies in North America and Europe are investing in acquiring UCO from Asian countries to meet their raw material needs for biodiesel manufacturing. The evolution of food and food service industries in the region is also contributing to the growth of the market.
COMPETITIVE LANDSCAPE:
The ABP Food Group is investing in the growth of used UCO processing for the creation of renewable energy. For example, in October 2017, the company committed $28.8 million to establish a green energy facility in the UK. The presence of several small companies in the market, along with their large production and distribution capacities, has led to market fragmentation around the world. Such as Valley Proteins, Inc., Proper Oils Co. Ltd. and Baker Commodities, Inc., other significant competitors are focusing on facility expansion, unique processing technology innovation and collaborations to increase their market presence.
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Industry key development:
- March 2020: Neste, a leading sustainability company, has announced the purchase of US-based UCO collector and recycler, Mahoney Environmental, to create a global raw material waste and residue platform capable of meet the growing demand for renewable products.
Detailed Table of Contents:
- introduction
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Summary
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Overview of parent/related markets
- Industry SWOT Analysis
- Supply chain analysis
- Recent Industry Developments – Policies, Partnerships and Mergers & Acquisitions
- Qualitative analysis related to COVID-19
- Impact of COVID-19 on the market
- Supply chain challenges during a pandemic
- Potential opportunities due to this global crisis
- Global Used Cooking Oil Market Analysis, Outlook and Forecast, 2017 – 2028
- Main results/summary
- Market size estimates and forecasts
- By origin
- By app
- Industrial use
- animal feed
- Others
- By region
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
TOC Continued…!
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