Increase in use of Used Cooking Oil (UCO) as a raw material in biodiesel, wide application of UCO, and low cost of production as compared to vegetable oils drive the growth of the global used cooking oil market
PORTLAND, Oregon, Feb. 18, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Used Cooking Oil Market by Source (Household Sector and Commercial Sector) and Application (Bio Diesel, Oleo Chemicals, Animal Feed, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global used cooking oil industry garnered $6.04 billion in 2019, and is estimated to reach $8.88 billion by 2026, witnessing a CAGR of 5.0% during the forecast period, 2019–2026.
Drivers, restraints, and opportunities-
Rise in 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 fuel the growth of the global used cooking oil market. On the other hand, rise in theft of used cooking oil, and dearth of awareness regarding the use of the same impedes the growth to some extent. Nevertheless, various Initiatives taken by government, and surge in adoption of used cooking oil in oleochemical industry are expected to usher in lucrative opportunities in the industry.
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The bio-diesel segment to lead the trail till 2026-
Based on application, the bio-diesel segment contributed to two-fifths of the global used cooking oil market share in 2019, and is expected to retain its dominance by the end of 2026. This is due to low cost of used cooking oil over vegetable oil, which encourages biodiesel manufacturers to use the same as a major feedstock in biodiesel production. The oleochemical segment, on the other hand, would grow at the fastest CAGR of 6.2% during 2019–2026. Rise in environmental concern and increase in focus on the use of sustainable and renewable raw materials in the chemical industry has encouraged oleochemicals industry for the utilization of used cooking oil in producing products such as soap, candles, plastic materials, and others. This factor has boosted the growth of the segment.
The commercial sector segment to dominate during the estimated period-
Based on source, the commercial sector accounted for more than half of the global used cooking oil market revenue in 2019, and is anticipated to rule the roost throughout the forecast period. Increase in number of food & service industries and hotels has resulted in huge production of used cooking oil across the world which is collected in bulk quantity by the suppliers. This factor has played a significant role in driving the segment growth. Simultaneously, the household sector would cite the fastest CAGR of 5.4% till 2026. This is attributed to the logistics that are involved in the collection of small amounts of used cooking oil from a large number of individual households.
Europe, followed by North America, garnered the major share in 2019-
Based on geography, Europe, followed by North America, held the major share in 2019, garnering more than one-fourth of the global used cooking oil market. This is due to the presence of oleochemical regulations in this region. At the same time, the Asia-Pacific region is projected to register the fastest CAGR of 5.9% during the study period. Rise in consumption of energy in the Asia-Pacific region has triggered the focus of government for the production of renewable energy including biodiesel.
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Leading players in the market-
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