IMARC Group, a leading market research company, has recently releases report titled, “: Global Size, Share, Growth, Industry Trends, Opportunity and Forecast 2023-2028“, the global used cooking oil market size reached US$ 6.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.3% during 2023-2028.
What is Used cooking oil?
Used cooking oil, also known as waste cooking oil or recycled cooking oil, refers to oil that has been previously used in cooking or frying processes. It is typically collected, filtered, and processed to remove impurities before it can be repurposed or recycled. It is also a byproduct of food preparation in homes, restaurants, and other food establishments. Additionally, it is derived from several common sources, including vegetable oils such as soybean oil, canola oil, sunflower oil, corn oil, and olive oil. Moreover, it can be used in the production of animal feed, as a raw material for the manufacturing of detergents, soaps, and cosmetics, or even as an ingredient in certain industrial processes. Consequently, used cooking oil is also employed as biodiesel that is combined with regular diesel fuel to reduce the overall carbon footprint.
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What are the growth prospects and trends in the used cooking oil industry?
The global used cooking oil market is driven by the growing awareness regarding environmental sustainability and eco-friendly alternatives. Additionally, the widespread adoption of used cooking oil as a feedstock for biodiesel production presents an ecological solution for reducing carbon emissions and dependence on fossil fuels contributing to the market growth. In line with this, the escalating demand for renewable energy sources, like biodiesel derived from used cooking oil, offers a cleaner-burning and renewable fuel option, an ideal alternative for transportation and industrial sectors seeking to reduce their carbon footprint, thus influencing market growth. Moreover, several governments are implementing stringent regulations regarding the disposal of used cooking oil into the environment by providing tax rebates, subsidies, and financial incentives to promote the collection and recycling of used cooking oil into cleaner energy solutions representing another major growth-inducing factor. Some of the other factors driving the market further are expanding hotel restaurants and cafes (HoReCa) and household sectors.
Who are the key players operating in the industry?
ABP Food Group
Arrow Oils Ltd
MBP Solutions Ltd.
OZ OILS Pty. Ltd.
Baker Commodities Inc.
Brocklesby Ltd
Grand Natural Inc.
Greasecycle, LLC
Valley Proteins, Inc.
Veolia Environment S.A.
The report has segmented the market on the basis of source, application and region.
Breakup by Source:
Household Sector
Commercial Sector
Breakup by Application:
Biodiesel
Oleo Chemicals
Animal feed
Others
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Key highlights of the report:
Market Performance (2017-2022)
Market Outlook (2023-2028)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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