Used Cooking Oil Market-Overview
Used cooking oils are increasingly being recycled, and they can be widely used in various industries to synthesize biodiesel, oleochemicals, and soaps. As per MRFR, the Used Cooking Oil Market will acquire a CAGR of 4.21% to reach USD 1042.3 Million in the forecast period.
Cooking oils are widely used as a biofuel for heating and electricity generation, which further intensify their development opportunities. Furthermore, leftover cooking oils are widely employed in the animal feed sector as high-energy animal feed additives to produce various animal food products. Growing demand for biofuels in developing economies adds to market expansion in the forecast period.
The segmental overview of the used cooking oil market has been segmented into sources, regions, and applications. Based on applications, the used cooking oil market is segmented into animal feed, oleochemical products, and biodiesel. Based on the source, the used cooking oil market is segmented into HORECA, household, and food manufacturers. The regions included in the used cooking oil market trends are North America, Asia Pacific, Europe, and the rest of the world.
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Detailed Regional Analysis
The regional study of the used cooking oil market trends includes North America, Asia Pacific, Europe, and the rest of the world. The European region was predicted to account for about 50.17 percent of the market. The European area is set to retain the biggest market share during the coming period, with Germany expected to hold its strong position in this region, and the Netherlands Market is projected to increase. Aside from that, the North American area reported a sizable portion of the used cooking oil market during the forecast period. Among all North American countries, the United States is anticipated to dominate the worldwide market by attaining a larger market share.
The reliance on online commerce for sales is expected to increase significantly during the forecast period, prompting market stakeholders to invest more in its growth. It is projected that the emphasis on accumulating reserves of resources to deal with unexpected crises would impact future market trends. Market developments and research are expected to generate attractive growth opportunities in the next years. Government assistance is expected to support worldwide market development in the next years. Due to the return of COVID cases in many locations, the market may exhibit constrained growth. The continuation of occasional lockdowns in numerous regions may cause the market expansion to be hampered if resources such as labor and supply chains are severely impacted. The global market is expected to diversify in operational techniques as innovative models for operation and delivery are implemented.
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The notable companies in the used cooking oil market are Darling Ingredients Inc. (U.S.), Greasecycle (U.S.), Veolia Environment S.A. (France), Baker Commodities Inc. (U.S.), Arrows Oils Ltd (U.K.), Olleco Ltd. (U.K.), Argent Energy (U.K.), Grand Natural Inc. (U.S.), Brocklesby Limited (U.K.), and Waste Oil Recyclers Inc. (U.S.).
Nov 2021 Uranus Oil Corp, a Chennai-based waste management and renewable energy solutions organization, compiles UCO for a fee and processes it to produce biodiesel, a greener version of diesel. Uranus just made history by collecting about 2.5 tonnes of UCO for one month from restaurants, hostels, canteens, and certain other similar locations mostly around Chennai. The company distributes RUCO cans to hotels, hostels, cafeterias, and other such sites to collect UCO. The gathered oil is then delivered to Pan Oleo Energy Limited (previously DCI Limited), a large-scale biodiesel manufacturer and renewable energy business in Tamil Nadu that turns UCO into biodiesel, a cleaner and healthier diesel alternative.
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