Theglobal ''usedcooking oil price 2017 market'' size is projected to reach USD 8.48 billionby the end of 2027. The presence of several large scale UCO refineries will havea massive impact on the growth of the overall market. According to a reportpublished by Fortune Business Insights, titled“Used Cooking Oil Market Size, Share and COVID-19 ImpactAnalysis, By Source (Food Services and Households), Applications (IndustrialUsage, Animal Feed and Others), and Regional Forecast, 2020-2027,”themarket was worth USD 5.50 billion in 2019 and will exhibit a CAGR of 6.0%during the forecast period 2020-2027.
COVID-19 Impact Analysis:
Theemergence of COVID-19 has brought the world to a standstill. We understand thatthis health crisis has brought an unprecedented impact on businesses acrossindustries. However, this too shall pass. Rising support from governments andseveral companies can help in the fight against this highly contagious disease.There are some industries that are struggling and some are thriving. Overall,almost every sector is anticipated to be impacted by the pandemic.
Weare taking continuous efforts to help your business sustain and grow duringCOVID-19 pandemics. Based on our experience and expertise, we will offer you animpact analysis of coronavirus outbreak across industries to help you preparefor the future.
Reduced Consumption of Restaurant and Fast Foods during theCovid-19 Pandemic will Restrict Market Growth
Therecent coronavirus outbreak has created a sense of panic across the world. Withseveral major countries implementing strict measures to curb the spread of thedisease, businesses across all sectors have been affected. With measures suchas lockdowns and social distancing practices adopted in almost all countries,SMEs as well as large scale businesses have found it hard to operateseamlessly. The reduced consumption of restaurant foods has been daunting tobusinesses in the food and beverage sector. Thus, manufacturers in the UCOmarket have found it difficult of late to find ways of generating revenues oreven sustain current challenges.
Global Number for Company Collaborations is Rising; AnalystsAttributing the Stat to Rising Demand for Sustainable Energy
Thereport encompasses several factors that have contributed to the growth of theoverall market in recent years. Accounting to the increasing demand forsustainable product use, there have been several company collaborations in theglobal used cooking oil market in the past few years. Major businesses arelooking to collaborate with tech companies that are loaded with resources thatcan extract and process UCO for applications in diverse industries.
InMay 2020, SPAR announced that it has partnered with EandP UCO Recycling. Thecollaboration is aimed at reducing the impact of disposed cooking oil in sewerand drainage. The efforts taken to minimize the effects of UCO as well asmaximize the applications of UCO are consequential to the rising demand forsustainable energy use. Increasing number of such company collaborations willbode well for the growth of the overall market in the coming years.
Regional Insights
Europe Accounts for Largest Market Share; Increasing GovernmentInitiatives Towards Promoting Use of UCO will Bode well for Market Growth
Thereport analyses the ongoing market trends across five major regions, includingNorth America, Latin America, Europe, Asia Pacific, and the Middle East andAfrica. Among all regions, the market in Europe holds the largest market share.The massive investments in technological intervention by large scale companiestowards the integration of UCO refineries will emerge in favor of the growth ofthe regional market. The presence of several large scale UCO processingrefineries will also contribute to market growth. As of 2019, the market inEurope was worth USD 2.84 billion and this value is projected to rise at aconsiderable pace in the coming years.
Usedcooking oil can be put to several applications across diverse industryverticals. With the gradual, yet serious depletion of natural resources thatare non-renewable, there has been a severe need for recycling and sustainableproduct use. The amount of cooking oil that is wasted globally has resulted inthe need for recycling the product for further use.
Therise of the food and beverage industry across the world has led to the massiveconsumption of the product. Technological advancements have made it possiblefor the recycling of UCO and also allowed applications such as domestic use.The rising awareness regarding environmental pollution and depletion ofnon-renewable resources has emerged in favor of the growth of the overallmarket in the coming years.
Industry Developments:
March 2020:Neste announced that it hascompleted the acquisition of Mahoney Environmental, a US-based collector andrecycler of cooking oil. This acquisition is aimed at creating a global wasteand residue raw material platform that can fulfill the growing demand forrenewable products.
Browse Detailed Summary of Research Report :
https://www.fortunebusinessinsights.com/used-cooking-oil-market-103665
