How Big is The Used Cooking Oil Market?
IMARC Group, a leading market research company, has recently releases report titled, “Used Cooking Oil Market: Global Size, Share, Growth, Industry Trends, Opportunity and Forecast 2024-2032“, The global used cooking oil market size reached US$ 6.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11.2 Billion by 2032, exhibiting a growth rate (CAGR) of 6% during 2024-2032.
What is Used cooking oil?
Used cooking oil, also known as waste vegetable oil, is previously used in cooking processes, such as frying. It is a renewable and potentially lower-cost energy source and has a higher percentage of free fatty acids compared to fresh oil and its viscosity increases due to polymerization and oxidation reactions. It supports energy security and promotes a shift toward renewable energy sources. It offers an economical source of nutrition in animal feed. It is used as a feedstock for biodiesel, a greener alternative to fossil fuels. It provides a cost-effective raw material and is used in soap production, especially in small-scale and artisanal operations.
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What are the growth prospects and trends in the used cooking oil industry?
The expansion of the food industry is leading to increasing cooking oil consumption, which represents one of the key factors positively influencing the market. Along with this, rapid urbanization is resulting in escalating food consumption in restaurants, which is contributing to the higher generation of used cooking oil. Additionally, the rising awareness among the masses about the importance of proper waste disposal, including cooking oil, is offering a favorable market outlook. Apart from this, used cooking oil is an ingredient in animal feed, which provides an economical and nutritional option for farmers. Furthermore, governing bodies of various countries are providing incentives for collecting and processing used cooking oil, which is creating a positive outlook for the market. They are also imposing several stringent environmental regulations against the disposal of used cooking oil in drains to encourage proper recycling and utilization. The regulatory bodies are enforcing fines and penalties for improper disposal to encourage businesses and households to participate in organized used cooking oil collection programs. Moreover, the rising utilization of used cooking oil in bio-lubricants as an eco-friendly alternative to petroleum-based products is strengthening the growth of the market. Besides this, the cultural shift towards recycling in communities is increasing the participation of individuals in used cooking oil collection programs, which is favoring market growth. In addition, the widespread adoption of used cooking oil in cosmetics and personal care products is supporting the market growth. Refined and processed used cooking oil is a source of fatty acids and emollients in skincare products. Furthermore, the introduction of advanced technologies that efficiently process used cooking oil into usable products lower costs and increases its economic value, is propelling market growth. Moreover, increasing collaboration with schools and universities to educate about the importance of used cooking oil recycling is creating awareness and promoting responsible disposal habits.
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:
- Oleo Chemicals
- Animal feed
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
- Market Outlook
- 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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