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The global used cooking oil market size is projected to reach USD 8.48 billion by the end of 2027. Recent technological advances in the extraction of UCO will emerge in favour of market growth. According to a report published by Fortune Business Insights, titled “Used Cooking Oil Market Size, Share & COVID-19 Impact Analysis, By Source (Food Services and Households), Applications (Industrial Usage, Animal Feed & Others), and Regional Forecast, 2020-2027,” the market was worth USD 5.50 billion in 2019 and will exhibit a CAGR of 6.0% during the forecast period 2020-2027.
Used cooking oil (UCO) is the residual or left-over cooking oil that is, for several years, being disposed-off. The large amount of UCO across the world has encouraged the use of the product for further use, after several refining processes. The massive investments in the research and development of efficient products and tools associated with the refinery and purification of UCO will bode well for the growth of the market in the foreseeable future. The efforts put in by government organizations in the use of UCO for further applications, instead of disposing-off, will create several growth opportunities for the companies operating in the global market. The increasing demand for sustainable concepts and methodologies in the food and beverages industry, driven by the need for environmental conservation will have a positive impact on market growth.
Neste’s Acquisition of Mahoney Environmental is Indicative of the Potential of UCO
The report highlights a few of the major industry developments of recent times and discusses their impact on the global market. With newer studies emerging at a rapid pace, the concept of UCO has gained more attention in the past few years, than it has in previous decades. With technological advancements at the fore of almost all businesses, companies in the food and beverage sector are looking to collaborate with other businesses with the aim of maximizing the resources of both organizations. The rapidly rising demand for UCO has also encouraged F&B companies to adopt strategies that will yield immediate returns on upfront investments. In March 2020, Finnish company Neste announced that it has completed the acquisition of Mahoney Environmental. The latter is involved in accumulation and recycle of cooking oil. This acquisition will not only strengthen Neste’s position in the global market, but will also aid the growth of the market in the coming years.
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Role of UCO in Biodiesel Production will Fuel Product Demand
Among all applications of used cooking oil, the production of biodiesel has gathered the most attention from across the world. The rapid advances in the refinement process will contribute to the growing adoption of the product across the world. The flexible applications of biodiesel and the environment-friendly nature of the product will also bode well for the growth of the UCO market in the coming years.
ABP Food Group is Among the Large Scale Investors that are Maximizing the Use of UCO
The global used cooking oil market has derived significant growth from the presence of several large scale companies across the world. With several businesses investing huge sums in the development of efficient refineries for UCO, it is likely that there will be more start-ups in the coming years. ABP Food Group is among the leading companies that are operating in the global market that have successfully integrated several UCO associated concepts in recent years.
List of companies profiled in the report:
The global UCO market is segmented on the basis of:
Value (USD Billion)
By Source, Application, and Geography