Global Used Cooking Oil Market (UCO) Expected to Reach US$ 11,675.7 Million by 2028

According to a recent market study published by Growth Market Reports, titled, “Global Used Cooking Oil Market – by sources, by applications, and by regions: Size, Share, Trends and Opportunity Analysis, 2018-2028”, the market was valued at US$ 6,653.2 Million in 2020 and is expected to grow at a moderate growth rate of 7.7% by the year 2028. Increasing usage of used cooking oil in biodiesel production expected to act as a driving force for the market and Rising Government Initiatives to Reduce Oil Wastage is expected to drive the market growth during forecast period.

Cooking oil is an essential ingredient used in both household and commercial kitchens, as it is used in a variety of cooking. The major use of cooking oil is in frying. In both household and commercial kitchens, the cook is faced with the problem of recycling or disposing of used cooking oil. Used cooking oil (UCO) are fats and oils that have been used for frying or cooking.

Used cooking oil is used in the food processing industry such as fast foods and restaurants, and at a consumer level, in households. UCO is in the form of both animal fats and vegetable oil such as palm oil, corn oil, canola oil, and olive oil. Used cooking oil is used as lamp oil, household lubricant, leather preservative, car cleaner, animal feed, biodiesel fuel, composting, soap making, non-stick gardening tools, key lock lubricant, furniture polish and conditioner, pot and pan protector, and hair moisturizer.

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Biodiesel is an alternative fuel derived from animal fats or vegetable oils. Used cooking oil has always been an environmental problem in food factories. Converting waste vegetable oil to biodiesel is expected to resolve this issue. Biodiesel from used cooking oil reduces the assembly cost, as 70-95% of the overall cost of producing biodiesel is the cost of raw materials. In May 2021, Indian Oil Corporation Limited launched biodiesel made from used cooking oil (UCO). Used cooking oil is widely used in producing biodiesel, which is expected to drive the market during the forecast period.

The global Used Cooking Oil market is fragmented based on sources, applications, and regions. Based on sources, the global used cooking oil (UCO) market is segmented into household sector and commercial sector. The commercial sector holds a significant market share during the forecast period, owing to the large production of used cooking oil in commercial settings as compared to home kitchens. Based on applications, the global used cooking oil (UCO) market is segmented into biodiesel, oleochemical, animal feed, and others.

The others segment is further divided into soap making, cosmetics, house lubricant, paint removal from hands, and non-stick gardening tool. The biodiesel segment is expected to hold a significant market share during the forecast period, owing to the wide application of used cooking oil in the production of biofuel, specifically biodiesel. Based on regions the global Used Cooking Oil market has been fragmented into Europe, North America, Asia Pacific, Latin America, and Middle East & Africa.

The Used Cooking Oil market is projected to witness a slight increase in Year-on-year growth for 2020 as compared to for previous year 2019. Regulatory Bodies Anticipated to Play a Key Role in Boosting the Market is supporting growth of the market in 2020. The Used Cooking Oil market is growing at a significant pace due to growing demand for biofuel during the forecast period.

With the growth of the food industry, the number of restaurants and hotels chains continues to grow, implying high use of used cooking oil for various applications. Restaurants and hotels are producing used vegetable oil in large quantities, owing to the growing number of food products, which is expected to drive the used cooking oil market during the forecast period.

As per Growth Market Reports industry analyst Raksha Sharma, “The global Used Cooking Oil market is anticipated to witness moderate growth during forecast period 2020-2027. The Used Cooking Oil market is registering growth opportunities across the globe, owing to Increasing usage of used cooking oil in biodiesel production is expected to act as a driving force for the market.”

The first quarter of 2020 was an unforeseen turning point for the Used Cooking Oil market. Supply chains were disturbed by COVID-19 outbreaks in major regions, thus reducing the demand for various products, due to uncertainty in the global economy. Certain discrepancies in production and supply chain created mild disruptions across some areas in the supply chain of the Used Cooking Oil market. However, after second quadrant due to increasing product demand for industries has boosted market growth in 2020.

Key Takeaways from the Study

• The players including Olleco, Baker Commodities, inc., Valley Proteins, Inc., Greenergy International Ltd, and Quatra among others hold significant share of global Used Cooking Oil market in year 2020.
• Europe is a key region of the market. It accounted for a market share of 48.9% in 2020. The regional market growth is owing to the presence of prominent market players in and across the region. Additionally, the factors such as the rising preference for the biofuel are expected to foster regional market growth and development.
• In terms of sources, the commercial segment held a considerable share of the market in 2020 and is projected to account for a substantial share of the market during the forecast period owing to the large production of used cooking oil in commercial settings as compared to home kitchens.

Report Scope

Target Audience

• Supply-side: Manufacturers, raw material suppliers, and distributors
• Demand Side: Biofuel and oleochemical manufacturer.
•  Regulatory Side: Concerned government authorities, and other regulatory bodies, U.S. Food and Drug Administration, American Medical Association, British Society of Gastroenterology, Food Safety and Standards Authority of India (FSSAI), REGULATION (EC) No 1013/2006 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL.