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The Used Cooking Oil Market is estimated to reach $11.7 billion by 2030, growing at a CAGR of 5.2% over the forecast period 2023-2030. Cooking oil is necessary for both households
and food service kitchens since it is used in a wide variety of dishes. Given
its neutral flavor and high smoke point, it is an excellent choice for frying,
sauteing and baking. According to the Times of India, a recent study published
in 2022 discovered that approximately 60% of used cooking oil produced in India
is recycled back into the food industry. Oil from vegetables is typically a
mixed oil with a neutral flavor. As the food service industry expands, so would the number of restaurant and eatery chains, implying a greater use of used
cooking oil for various applications. Due to the growing variety of food
products, households and food services are using an excessive amount of used
cooking oil, which is projected to boost the Used Cooking Oil market during the
forecast period 2023-2030.
Geographically, Europe held the largest market share of 30% in 2022, as
recent legal changes encourage the use of Used Cooking Oil for renewable fuel
generation in the region. Asia-Pacific is anticipated to grow fastest during
the forecast period of 2023–2030, owing to the prevalent use of recycled
products in the region.
Used Cooking Oil Market – Drivers
Government Initiatives to Lower Oil Wastage Would Result in Productive Results and Support Market Expansion:
Governments and organizations are working harder to raise public
awareness by establishing laws and policies that promote the usage of recycled
materials. The used cooking oil is diverted into the creation of biodiesel,
preventing the waste from re-entering the food industry. According to the
International Energy Agency (IEA), renewable diesel demand and application have
risen by around 70% in 2022, while biodiesel demand has increased by 0.2%. Regarding
the disposal of cooking oil, the government authorities have set forth specific
regulations for restaurants to observe. The Department for Ecology, Food and
Ministry Of natural resources which sponsors the organization, wants to
stop the improper disposal of discarded oil. These initiatives by government
organizations are anticipated to fuel the growth of the Used Cooking Oil market.
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R&D Investment:
In August 2022, Argent Energy, a producer of
biofuels in the UK and the Netherlands, raised the annual production
capacity of second-generation biodiesel at the Port of Amsterdam to 540,000
tons.
Major Players in this Market:
The major companies in the Used
Cooking Oil Market include ABP Food
Group, Arrow Oils Ltd, Brocklesby, Grand Natural Inc., MBP Solutions Ltd., Valley
Proteins Inc., Darling Ingredients Inc., Veolia Environment S.A., Olleco Ltd., Argent
Energy and Others.
In May 2022, the largest independent rendering
company in the U.S., Valley Proteins, was acquired by Darling Ingredients
Inc., the world leader in turning food waste into sustainable goods and a
provider of renewable energy.
Over the years, companies have mainly focused on developing various techniques and methods to extract, recycle and reuse used cooking oils. They are making huge efforts in increasing biodiesel production. The increasing number of new producers in the industry is expected to increase competition, which is one of the major factors anticipated to boost the Used Cooking Oil market during the forecast period of 2023–2030.