Used Cooking Oil (UCO) Market Size Worth US$ 11.2 Billion by 2032 | CAGR of 6%

Used Cooking Oil (UCO) Market Price 2024

The global market is majorly driven by the increasing shift towards sustainable practices

SHERIDAN, WYOMING, UNITED STATES, December 4, 2023 /EINPresswire.com/ -- The global used cooking oil (uco) market size¹ 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.

The increasing product use in producing industrial greases, the heavy investments in research to enhance UCO recycling methods, the rising need for food security, and the development of recycling facilities and collection systems are some of the factors propelling the market.

Factors Affecting the Growth of the Used Cooking Oil Industry:

• Environmental awareness and biofuel demand:

A primary driver of the global used cooking oil (UCO) market is the rising environmental consciousness and the subsequent demand for renewable energy sources. UCO is increasingly recognized as a valuable feedstock for biodiesel production, a sustainable alternative to fossil fuels. This demand is further bolstered by government policies and regulations promoting biofuels to reduce greenhouse gas emissions. The Renewable Energy Directive by the European Union and the Renewable Fuel Standard by the U.S. Environmental Protection Agency are notable examples of such policies. These initiatives incentivize the collection and processing of UCO and stimulate investment in the necessary infrastructure, thus propelling the market forward.

• Waste management and sustainability practices:

The emphasis on efficient waste management and sustainability in the food and hospitality sectors is significantly contributing to the growth of the UCO market. Used cooking oil, if not properly disposed of, can lead to environmental pollution and damage to sewage systems. Recognizing these issues, restaurants, caterers, and food processing companies are increasingly adopting sustainable practices, including the recycling of UCO. This shift helps in mitigating waste management challenges and provides a steady supply of raw material for the UCO market. Additionally, corporate responsibility and consumer preference for environmentally friendly practices are encouraging more businesses to participate in UCO recycling programs.

• Technological advancements in UCO processing:

Technological advancements in the processing and conversion of UCO are also pivotal in driving the market. Innovative methods for collection, purification, and conversion of UCO into biodiesel are increasing the efficiency and cost-effectiveness of this process. These advancements are making UCO a more viable and attractive option for biofuel producers. Furthermore, the development of technologies that can handle a wider range of UCO qualities is expanding the market by allowing the use of lower quality oils that were previously deemed unsuitable. This expansion in the feedstock base is enabling a broader collection and utilization of UCO, thus fueling market growth.

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Used Cooking Oil Market Report Segmentation:

Breakup by Source:

• Household Sector
• Commercial Sector

The commercial sector represented the largest segment in the used cooking oil market on account of the high volume of oil used and disposed of by restaurants, fast-food chains, and other food service businesses, making it a significant source of raw material for recycling and biofuel production.

• Breakup by Application:

• Biodiesel
• Oleo Chemicals
• Animal feed
• Others

Biodiesel represented the largest segment in terms of application, as used cooking oil is increasingly being recognized and utilized as a cost-effective and sustainable feedstock for biodiesel production, aligning with global efforts to reduce carbon emissions and promote renewable energy sources.

Breakup by Region:

• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

Europe accounted for the largest market share in the used cooking oil sector due to stringent environmental regulations, well-established collection and recycling infrastructure, and supportive policies promoting biofuel usage, particularly in countries like Germany, the United Kingdom, and France.

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Global Used Cooking Oil Market Trends:

One significant trend in the global used cooking oil market is the integration of advanced digital technologies in the collection and recycling process. Innovations such as IoT-based collection systems and AI-driven processing techniques are enhancing efficiency and traceability, ensuring a more reliable and streamlined supply chain. This technological shift is improving the quality of the recycled oil and aiding in better market analytics and demand forecasting.

Besides this, research and development in the field are exploring the potential of UCO in producing renewable jet fuel, a development that could revolutionize the aviation industry's approach to sustainability. Additionally, the use of UCO in the production of bioplastics and other bio-based materials is gaining traction, offering a broader market scope.

Furthermore, there is an increasing trend toward global partnerships and collaborations. Companies are forming alliances to enhance UCO collection networks and share technological expertise, a strategy that is expanding market reach and fostering sustainable practices globally. These developments, coupled with growing environmental awareness and supportive government policies, are opening new avenues for the UCO market.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

Top companies Operating in Global Used Cooking Oil Industry:

• ABP Food Group
• Arrow Oils Ltd
• Baker Commodities Inc.
• Brocklesby Limited.
• Grand Natural Inc.
• Greasecycle LLC
• MBP Solutions Ltd.
• Oz Oils Pty Ltd
• Valley Proteins Inc.
• Veolia Environment S.A.

About Us

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Elena Anderson
IMARC Services Private Limited
+1 631-791-1145
email us here

¹ https://www.imarcgroup.com/used-cooking-oil-market