Used Cooking Oil Market to Reach $10.7 Billion, Globally, by 2032 at 5.4% CAGR: Allied Market Research

The global used cooking oil market is experiencing remarkable growth due to various factors, including an increase in the use of UCO as raw material in biodiesel, wide application of used cooking oil (UCO), and low cost of production as compared to vegetable oils.

PORTLAND, Ore., Nov. 1, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Used Cooking Oil Market by Source (Household Sector, Commercial Sector), By Application (Biodiesel, Oleo chemicals, Animal feeds, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global used cooking oil market was estimated at $6.4 billion in 2022 and is predicted to gain $10.7 billion by 2032, witnessing a CAGR of 5.4 % from 2023 to 2032.

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The used cooking oil industry refers to the buying and selling of used cooking oil for a variety of purposes. It can be recycled for biofuel production, or it can be used in other industries. The used cooking oil market is growing as sustainability and environmental issues become more prominent.

Prime Determinants of Growth:

The global used cooking oil market is experiencing remarkable growth due to various factors, including an increase in the use of UCO as raw material in biodiesel, wide application of used cooking oil (UCO), and low cost of production as compared to vegetable oils. On the other hand, the increase in the theft of used cooking oil limits market growth. Nonetheless, companies specializing in used cooking oil collection, processing, and biodiesel production have found a burgeoning market. Additionally, ongoing research and development in biodiesel production from used cooking oil continue to yield innovative solutions and cost-effective methods. As the world intensifies its commitment to sustainability, the used cooking oil market is positioned to play a pivotal role in waste reduction, eco-friendly practices, and environmental preservation, offering substantial opportunities for businesses to contribute to a more sustainable future.

Report Coverage & Details:

The commercial sector segment to maintain its leadership status throughout the forecast period-

Based on product, the commercial sector segment held the highest market share in 2022, accounting for more than half of the global used cooking oil market revenue, and is estimated to maintain its leadership status throughout the forecast period. The rise in the number of food & service industries and hotels results in huge production of used cooking oil globally, which is collected in bulk quantity by the suppliers. However, the household sector segment is projected to manifest the fastest CAGR of 5.6% from 2023 to 2032.

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The biodiesel segment to maintain its lead position during the forecast period-

Based on application, the biodiesel segment held the highest market share in 2022, contributing to more than two-fifths of the global used cooking oil market revenue, and is expected to maintain its lead position during the forecast period. Biodiesel is a fuel that can be made from pure or waste vegetable oils such as soybean oil, rapeseed oil used cooking oil, and others. However, the production of Biodiesel from used cooking oil is economical as compared to vegetable oil. On the other hand, the Oleo Chemicals segment is projected to manifest the highest CAGR of 5.8% from 2023 to 2032.

Europe to maintain its dominance by 2032-

Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global used cooking oil market revenue, and is anticipated to maintain its dominance throughout the forecast period. Europe is the key region that contributes toward the growth of the used cooking oil market. This is attributable to the rise in environmental concern and government-supportive regulation in this region. Simultaneously, the Asia-Pacific region is also expected to witness the fastest CAGR of 6.3% from 2023 to 2032. This is due to the nation like China, and India held the significant market share in used cooking oil industry in the region.

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Leading Market Players: –

Valley Proteins, Inc.Quatra, Baker Commodities Inc.Arrow Oils LtdOllecoWaste Oil RecyclersGrand Natural Inc.GREASECYCLEBrocklesby LimitedOz Oils Pty Ltd.

The report provides a detailed analysis of these key players in the global used cooking oil market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, and strategic moves of market players to showcase the competitive scenario.   

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