Used Cooking Oil Market was pegged at $6.04 billion in 2019, and is projected to garner $8.88 billion by 2026, growing at a CAGR of 5.0% from 2019 to 2026.
Increase in use of UCO as raw material in biodiesel, low cost of production as compared to vegetable oils, and wide application of used cooking oil have boosted the global used cooking oil market. However, surge in theft of used cooking oil and dearth of awareness regarding the use of used cooking oil hamper the market. On the contrary, initiatives taken by government and increase in adoption of used cooking oil in the oleochemical industry would open new opportunities for the market players in the coming years.
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The global used cooking oil market is divided on the basis of source, application, and geography. Based on source, the market is segmented into household sector and commercial sector. The household sector is expected to manifest the highest CAGR of 5.4% from 2019 to 2026. However, the commercial sector held the largest share in 2019, accounting for more than half of the total market. This is due to rise in number of food & service industries and hotels that resulted in huge production of used cooking oil across the world.
On the basis of application, the market is categorized into biodiesel, oleochemicals, animal feed, and others. The oleochemical segment is estimated to portray the highest CAGR of 6.2% during the forecast period. However, the bio-diesel segment dominated the market in 2019, accounting for around two-fifths of the market and is expected to maintain its dominance by 2026.
The global used cooking oil market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across the Asia-Pacific region would is expected to register the highest CAGR of 5.9% during the forecast period. However, the market across North America dominated in 2019, holding more than one-fourth of the market.
Top Key Players: Oz Oils Pty Ltd., GREASECYCLE, Olleco, Waste Oil Recyclers, Grand Natural Inc., Proper Oils Company Ltd., Baker Commodities Inc., Valley Proteins, Inc., Brocklesby Limited, and Arrow Oils Ltd.
Key Findings of the Study:
- By source, the commercial sector segment accounted for the highest used cooking oil market share in 2018, growing at a CAGR of 4.7% from 2019 to 2026.
- By application, the bio diesel segment occupied the maximum share in used cooking oil market analysis in 2018 and is expected to dominate the used cooking oil market forecast.
- By region, Europe accounted for about 30% in 2018 of the used cooking oil market by share and is expected to grow at a CAGR of 4.4%.
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