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.

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