FNB News - At 3.6% CAGR, used cooking oil mkt to be worth over $773 million by ’26

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OILS AND FATS

At 3.6% CAGR, used cooking oil mkt to be worth over $773 million by ’26

Saturday, 17 August, 2019, 14 : 00 PM [IST]

The global used cooking oil (UCO) market size is anticipated to reach $773.5 million by 2026, growing at a CAGR (compound annual growth rate) of 3.6 per cent. These were the findings of a new market study report, which presented an informative study covering the market with detailed analysis. The UCO market research report is a professional and in-depth study on the current state of the global industry.

Increasing urbanisation and industrialisation coupled with growing demand for bio-fuels majorly drives the UCO market growth. The increasing population, and rising awareness regarding use of renewable resources further support the growth of this market.

Increasing demand for sustainable energy solutions, and environmental awareness boosts the market growth. The growth in the global food and beverage industry, and significant increase in restaurants and food outlets also accelerate the development of the used cooking oil market.

Increasing use as additive in animal feed, rising focus on improving animal health, accelerating demand from emerging countries, and growing initiatives to promote sustainable energy sources are expected to provide growth opportunities in the used cooking oil industry during the forecast period.

The report provides a thorough and detailed analysis with an overview of present trends and future insights. In 2018, the biodiesel segment accounted for the highest share in this market in terms of revenue.

Europe is expected to be the leading contributor to the market revenue in 2018. It generated the highest market share in terms of revenue in the global used cooking oil industry in 2018 and is expected to lead the market throughout the forecast period.

The growing population, urbanisation, and industrialisation increase the demand for used cooking oil in the region.

The rising environmental concerns, and favourable government regulations is generating numerous opportunities for the used cooking oil industry in the region. The increasing demand for biodiesel, and growing awareness regarding animal health also boosts market growth in Europe.
The well-known companies profiled in the UCO market report include Greenergy International Ltd, Baker Commodities Inc, Darling Ingredients, Proper Oils, Uptown Biodiesel Limited, Argent Energy, Devon Biofuels, Brocklesby Ltd, Biomotive Fuel Ltd, and Lywood Consulting.

These companies are consistently launching new products to enhance their offerings in the global used cooking oil industry. With the advancement of technologies, companies are innovating and introducing new customised solutions to cater the growing needs of the customers.

Leading companies are also acquiring other companies and enhancing their product offerings to improve their market reach. Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.

The global used cooking oil (UCO) market was segmented on the basis of source, applications and region.

Used cooking oil market size and forecast (2019-2026) by source