Rise in use of UCO as raw material in biodiesel, wide application of UCO, and low cost of production as compared to vegetable oils fuel the growth of the market
PORTLAND, OR, UNITED STATES, October 6, 2020 /EINPresswire.com/ — Used Cooking Oil Market by Source (Household Sector and Commercial Sector) and Application (Bio Diesel, Oleo Chemicals, Animal Feed, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global used cooking oil industry garnered $6.04 billion in 2019, and is estimated to reach $8.88 billion by 2026, witnessing a CAGR of 5.0% during the forecast period, 2019–2026.
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Increase in use of UCO as raw material in biodiesel, low cost of production as compared to vegetable oils, and wide application of used cooking oil have boosted the global used cooking oil market. However, surge in theft of used cooking oil and dearth of awareness regarding the use of used cooking oil hamper the market. On the contrary, initiatives taken by government and increase in adoption of used cooking oil in the oleo chemical industry would open new opportunities for the market players in the coming years.
Based on application, the bio-diesel segment contributed to two-fifths of the global used cooking oil market share in 2019, and is expected to retain its dominance by the end of 2026. This is due to low cost of used cooking oil over vegetable oil, which encourages biodiesel manufacturers to use the same as a major feedstock in biodiesel production. The oleo chemical segment, on the other hand, would grow at the fastest CAGR of 6.2% during 2019–2026. Rise in environmental concern and increase in focus on the use of sustainable and renewable raw materials in the chemical industry has encouraged oleo chemicals industry for the utilization of used cooking oil in producing products such as soap, candles, plastic materials, and others. This factor has boosted the growth of the segment.
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Based on source, the commercial sector accounted for more than half of the global used cooking oil market revenue in 2019, and is anticipated to rule the roost throughout the forecast period. Increase in number of food & service industries and hotels has resulted in huge production of used cooking oil across the world which is collected in bulk quantity by the suppliers. This factor has played a significant role in driving the segment growth. Simultaneously, the household sector would cite the fastest CAGR of 5.4% till 2026. This is attributed to the logistics that are involved in the collection of small amounts of used cooking oil from a large number of individual households.
Based on geography, Europe, followed by North America, held the major share in 2019, garnering more than one-fourth of the global used cooking oil market. This is due to the presence of oleochemical regulations in this region. At the same time, the Asia-Pacific region is projected to register the fastest CAGR of 5.9% during the study period. Rise in consumption of energy in the Asia-Pacific region has triggered the focus of government for the production of renewable energy including biodiesel.
Top key Players: Valley Proteins, Inc., Baker Commodities Inc., Proper Oils Company Ltd, Arrow Oils Ltd, Olleco, Waste Oil Recyclers, Grand Natural Inc., GREASECYCLE, Brockelsby Limited, and Oz Oils Pty Ltd.
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Key Findings of the Study:
• By source, the commercial sector segment accounted for the highest used cooking oil market share in 2018, growing at a CAGR of 4.7% from 2019 to 2026.
• By application, the bio diesel segment occupied the maximum share in used cooking oil market analysis in 2018 and is expected to dominate the used cooking oil market forecast.
• By region, Europe accounted for about 30% in 2018 of the used cooking oil market by share and is expected to grow at a CAGR of 4.4%.
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Source: EIN Presswire