Used Cooking Oil Market Report by Technology, Industry Share and Size Expansion to 2027 | Fortune Business Insights™
Used Cooking Oil Market size isprojected to reach USD 8.48 billion by the end of 2027. The presence of severallarge scale UCO refineries will have a massive impact on the growth of theoverall market. According to a report published by Fortune Business Insights,titled “Used Cooking Oil Market Size,Share & COVID-19 Impact Analysis, By Source (Food Services and Households),Applications (Industrial Usage, Animal Feed & Others), and RegionalForecast, 2020-2027,” the market was worth USD 5.50 billion in 2019 andwill exhibit a CAGR of 6.0% during the forecast period 2020-2027.
Used cooking oil can be put to severalapplications across diverse industry verticals. With the gradual, yet seriousdepletion of natural resources that are non-renewable, there has been a severeneed for recycling and sustainable product use. The amount of cooking oil thatis wasted globally has resulted in the need for recycling the product for furtheruse.
The rise of the food and beverageindustry across the world has led to the massive consumption of the product.Technological advancements have made it possible for the recycling of UCO andalso allowed applications such as domestic use. The rising awareness regardingenvironmental pollution and depletion of non-renewable resources has emerged infavor of the growth of the overall market in the coming years.
Reduced Consumption of Restaurant andFast Foods during the Covid-19 Pandemic will Restrict Market Growth
The recent coronavirus outbreak hascreated a sense of panic across the world. With several major countriesimplementing strict measures to curb the spread of the disease, businessesacross all sectors have been affected. With measures such as lockdowns andsocial distancing practices adopted in almost all countries, SMEs as well aslarge scale businesses have found it hard to operate seamlessly. The reducedconsumption of restaurant foods has been daunting to businesses in the food andbeverage sector. Thus, manufacturers in the UCO market have found it difficultof late to find ways of generating revenues or even sustain current challenges.
Global Number for CompanyCollaborations is Rising; Analysts Attributing the Stat to Rising Demand forSustainable Energy
The report encompasses several factorsthat have contributed to the growth of the overall market in recent years.Accounting to the increasing demand for sustainable product use, there havebeen several company collaborations in the global used cooking oil market inthe past few years. Major businesses are looking to collaborate with techcompanies that are loaded with resources that can extract and process UCO forapplications in diverse industries.
In May 2020, SPAR announced that it haspartnered with E&P UCO Recycling. The collaboration is aimed at reducingthe impact of disposed cooking oil in sewer and drainage. The efforts taken tominimize the effects of UCO as well as maximize the applications of UCO areconsequential to the rising demand for sustainable energy use. Increasingnumber of such company collaborations will bode well for the growth of theoverall market in the coming years.
Europe Accounts for Largest MarketShare; Increasing Government Initiatives Towards Promoting Use of UCO will Bodewell for Market Growth
The report analyses the ongoing markettrends across five major regions, including North America, Latin America,Europe, Asia Pacific, and the Middle East and Africa. Among all regions, themarket in Europe holds the largest market share. The massive investmentsin technological intervention by large scale companies towards the integrationof UCO refineries will emerge in favor of the growth of the regional market.The presence of several large scale UCO processing refineries will alsocontribute to market growth. As of 2019, the market in Europe was worth USD2.84 billion and this value is projected to rise at a considerable pace in thecoming years.
List of the Leading Companies Profiledin the Global Used Cooking Oil Market are:
- Valley Proteins, Inc. (Virginia, U.S.)
- Proper Oils Co. Ltd. (London, U.K.)
- ABP Food Group (County Louth, Ireland)
- Arrow Oils Ltd. (Manchester, U.K.)
- Baker Commodities, Inc. (California, U.S.)
- Grand Natural, Inc. (California, U.S.)
- Oz Oils Pty. Ltd. (Queensland, Australia)
- Brocklesby Limited (Brough, U.K.)
- GreaseCycle (North Carolina, U.S.)
- MBP Solutions Ltd.(Neuchatel, Switzerland)
Industry Developments:
March 2020: Neste announced that it has completed theacquisition of Mahoney Environmental, a US-based collector and recycler ofcooking oil. This acquisition is aimed at creating a global waste and residueraw material platform that can fulfill the growing demand for renewableproducts.
Browse Detailed Summary of ResearchReport With TOC:
https://www.fortunebusinessinsights.com/used-cooking-oil-market-103665
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the 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 amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Used Cooking Oil Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Source
- Food Services
- Households
- By Application
- Industrial Usage (Biodiesel, Oleoresins)
- Animal Feed
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
TOC Continued…!
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