Market Overview —
Cooking oil is an essential item in all kitchens, which play an important role in preparation of a healthy human diet. These cooking oil once used are collected for recycling and further used in biofuel production, animal feeding, and other. Recycled cooking oil helps to reduce the clog sewage line caused due to build up fats from disposed oil. Moreover, used cooking oil is the main source for biofuel production. Rising demand for biofuel consumption is driving the market of used cooking oil. Also, nutritionist believe it to be the high energy food additive in livestock feeding. Additionally increasing awareness for animal protein is adding fuel to the growth of used cooking oil.
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The major players in the used cooking oil
• Greenergy International Ltd (U.K.)
• Olleco (U.K.)
• Uptown Biodiesel Limited (U.K.)
• Proper Oils (U.K.)
• Baker Commodities Inc. (U.S.)
• Argent Energy (U.K.)
• Darling Ingredients (U.S.)
Government regulations focusing on clean energy have opened the doors for new entrants. Moreover, low capital investment in the collection of used cooking oil will drive the market for cooking oil recycling operators.
Used cooking oil is refined into different types of biofuels, used for power generation and heating. Continuous rise in the biofuel demand will support the growth of cooking oil recycling during the forecast period 2017-2023. Moreover, biodiesel manufacturers are inclining towards restaurants as a source of collecting used cooking oil. This is backed up with surge in the number of restaurants and fast food joints in the market. Additionally, increasing focus on improving animal health among customers is driving the used cooking oil market. Moreover, government regulations supporting clean energy applications will boost the market of used cooking oil.
All these factors will contribute to the estimated CAGR of 3.8% of used cooking oil during the forecast period 2017-2023.
On the basis of source, used cooking oil is segmented into food manufacturers, restaurants and caterers, household, and others. Among all, food manufacturers are dominating the global market. However, restaurants are projected to grow rapidly over the forecast period 2017-2023. Increasing number of restaurants is encouraging biofuel producers towards restaurants as a major source of used cooking oil.
Based on basis of the application, used cooking oil is segmented into biodiesel, animal feeding, oleo chemicals, and others. The biodiesel is dominating the market among all. Additionally, increased consumption of biofuel supported with the environmental awareness among consumers is driving the growth of the used cooking oil market.
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Global Used Cooking Oil Market is segmented into Europe, North America, Asia Pacific, and rest of the world (RoW). Among all, Europe is projected to dominate the market followed by South America. Regulations supporting clean energy application have encouraged biodiesel production growth, which, in turn, have boosted the used cooking oil market in these regions. Moreover, high inclination of consumers towards meat consumption and awareness towards quality of products sourced from livestock have supplemented the growth of used cooking oil in European market.
Furthermore, North America is expected to grow during the forecast period 2017-2023 observing an increase in consumption of used cooking oil in the biofuel production. Additionally, Asia pacific is observing a negligible growth in the market due to lack of awareness among the population.
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