menu
Used Cooking Oil Market Size, Share, Emerging Trends, Demand, Revenue and Forecasts Research 2027
Used Cooking Oil Market Size, Share, Emerging Trends, Demand, Revenue and Forecasts Research 2027
The global used cooking oil market size is projected to reach USD 8.48 billion by the end of 2027. The presence of several large scale UCO refineries will have a massive impact on the growth of the overall market.

The global used cooking oil market size is projected to reach USD8.48 billion by the end of 2027. The presence of several large scale UCOrefineries will have a massive impact on the growth of the overall market.According to a report published by Fortune Business Insights, titled “UsedCooking Oil Market Size, Share & COVID-19 Impact Analysis, By Source (FoodServices and Households), Applications (Industrial Usage, Animal Feed &Others), and Regional Forecast, 2020-2027,” the market was worthUSD 5.50 billion in 2019 and will exhibit a CAGR of 6.0% during the forecastperiod 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 forfurther use.

The rise of the food and beverage industryacross 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 ofRestaurant and Fast Foods during the Covid-19 Pandemic will Restrict MarketGrowth

The recent coronavirus outbreak has created asense of panic across the world. With several major countries implementingstrict measures to curb the spread of the disease, businesses across allsectors have been affected. With measures such as lockdowns and socialdistancing practices adopted in almost all countries, SMEs as well as largescale 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 difficult oflate 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 factors that havecontributed to the growth of the overall market in recent years. Accounting tothe increasing demand for sustainable product use, there have been severalcompany collaborations in the global used cooking oil market in the past fewyears. Major businesses are looking to collaborate with tech companies that areloaded with resources that can extract and process UCO for applications indiverse 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 LargestMarket Share; Increasing Government Initiatives Towards Promoting Use of UCOwill Bode well for Market Growth

The report analyses the ongoing market trendsacross five major regions, including North America, Latin America, Europe, AsiaPacific, and the Middle East and Africa. Among all regions, the market inEurope holds the largest market share.  The massive investments intechnological intervention by large scale companies towards the integration ofUCO refineries will emerge in favor of the growth of the regional market. Thepresence of several large scale UCO processing refineries will also contributeto market growth. As of 2019, the market in Europe was worth USD 2.84 billionand this value is projected to rise at a considerable pace in the coming years.

Industry Developments:

March 2020: Nesteannounced that it has completed the acquisition of Mahoney Environmental, aUS-based collector and recycler of cooking oil. This acquisition is aimed atcreating a global waste and residue raw material platform that can fulfill thegrowing demand for renewable products.

Browse Detailed Summary ofResearch Report With TOC:

https://www.fortunebusinessinsights.com/used-cooking-oil-market-103665