New York, United States, Oct. 15, 2024 (GLOBE NEWSWIRE) -- "Used cooking oil" refers to any liquid, room temperature (68 degrees Fahrenheit), vegetable, or animal-based oil created while cooking or frying. Water and food crumbs could be included in used cooking oil. Cooking oil scraps are not seen in brown grease. Used cooking oil, also known as waste cooking oil, is produced due to the frequent use of vegetable oils for meals in restaurants, hotels, the food industry, and domestic sectors. The used cooking oil is often marketed in large quantities with various components and can be made from various vegetable oils, including sunflower, palm, rapeseed, soya, and others. Instead of using vegetable oil, cooking oil generates biodiesel, oleochemicals, and animal feed. Used cooking is viewed as waste and has no competitors on the market. As a result, it is more readily available and less expensive than vegetable oil.
Grease, polyurethane products, bio-lubricants, hydrogen gas, and other products can all be made from cooking oil. Most lubricants available are petroleum-based. About 80–90% of the production cost is high because virgin oil is used as a raw material to make bio-lubricants produced from these virgin oils. Used cooking oil is a common bio-lubricant source because of its low price, wide availability, and lack of environmental impact. Grease also serves various purposes in machines since it lowers friction between machine mechanical components. On the other hand, grease is non-biodegradable and mostly derived from raw materials with a petroleum foundation. Making grease from used cooking oil is an eco-friendly and sustainable solution that lessens environmental worries.
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Market Dynamics
Wide Application of Used Cooking Oil Drives the Global Market
Used cooking oil, which is dangerous for humans to consume, is created when vegetable oil is repeatedly used for frying or cooking in restaurants, food processing facilities, and fast food establishments. Vegetable oils such as soybean, palm, and rapeseed are used to make cooking oil. As a result, it is a potential waste that can be used as a raw material for chemical or biological processes and an energy source. Used cooking oil can be gathered, recycled, and used to generate energy for several purposes, such as the manufacture of hydrogen gas, animal feed, and oleo chemicals. Chemical processes can also transform used cooking oil into products with high commercial value, such as grease, resins, and biodegradable polymers. Due to its versatility in manufacturing and environmental friendliness, used cooking oil is increasingly in demand. The market for used cooking oil is growing as a result.
Various Government Initiatives Creates Tremendous Opportunities
Energy consumption has increased everywhere due to global urbanization, population growth, and changes in consumer habits. The government has emphasized developing renewable and alternative energy sources, particularly the ethical production of second-generation biofuels like biodiesel. Second-generation biofuels, often advanced fuels, are produced from non-food crops like rapeseed and linseed. Used cooking oil is a crucial feedstock for second-generation biodiesel. This has motivated governments in several countries to start initiatives to gather used cooking oil from restaurants, hotels, caterers, and homes to efficiently produce biodiesel in an environmentally friendly way.
For instance, the Food Safety and Standards Authority of India (FSSAI) and the Biodiesel Association of India (BDAI) created the Repurpose Used Cooking Oil (RUCO) program in India. The project seeks to convert used cooking oil into biodiesel from domestic and commercial sources. As a result, the used cooking oil market is estimated to expand significantly over the forecasted period.
Regional Analysis
Europe is the most significant global cooking oil market shareholder and is estimated to exhibit a CAGR of 4% over the forecast period. Europe is where the majority of the world's biodiesel is produced. The market share of biodiesel, which makes up around 75% of the market for biofuels used in transportation, is the highest in Europe. Biodiesel is produced in large quantities in Europe. Currently, 11,000,000 tons of biodiesel are produced annually in Europe by roughly 120 factories. Among other countries, these plants can be found in Germany, Italy, Austria, France, and Sweden.
Europe is increasingly driving the market for used cooking oil. This is the outcome of growing environmental consciousness and favorable governmental regulation. Promoting the use and production of renewable energy sources through the Renewable Energy Directive and the Fuel Quality Directive in Europe is one of the key factors driving the rise of the used cooking oil industry in this region. Over the past five years, biodiesel production for transportation made from used cooking oil has substantially expanded in European countries like the U.K. About 89% of the feedstock required to produce biodiesel for transportation is provided by used cooking oil. In turn, this promotes the growth of the market for used cooking oil.
North America is anticipated to exhibit a CAGR of 4.1% over the forecast period. Vegetable oils will probably see an increase in demand in North America. It could be related to the increased use of premium edible oils for preparing everyday meals and the expanding need for alternative fuels in the transportation industry. There has been an upsurge in demand for environmentally friendly and renewable energy in North American countries like the United States. It results from growing environmental worries, shifting oil prices, and American energy laws. As a result, biodiesel output in the U.S. has significantly expanded. Most biodiesel in the United States today is made from soybean oil, not cooking oil.
However, more second-generation biofuels, including biodiesel, are produced in the United States. Increased biodiesel production is expected to reduce expenses because used cooking oil is less expensive than vegetable oil. This would likely lead to considerable growth in the secondhand cooking market in the region.
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Key Highlights
- Based on the source, the global used cooking oil market is bifurcated into household and commercial sectors. The commercial sector segment dominates the global market and is projected to exhibit a CAGR of 4.2% over the forecast period.
- Based on application, the global used cooking oil market is segmented into Bio Diesel, Oleo Chemicals, Animal Feed, and Others. The bio-diesel segment dominates the global market and is predicted to exhibit a CAGR of 4% during the forecast period.
- Europe is the most significant global used cooking oil market shareholder and is estimated to exhibit a CAGR of 4% over the forecast period.
Competitive Players
- Valley Proteins Inc.
- Proper Oils Company Ltd.
- Baker Commodities Inc.
- Arrow Oils Ltd.
- Olleco Waste Oil Recyclers
- Grand Natural Inc.
- GREASECYCLE
- Brocklesby Limited
- Oz Oils Pty Ltd
Recent Developments
- June 2024- Olleco supported National Fish and Chip Day in 2024. This year's event has been relocated from the customary Friday, when fish was the main course on British menus, to a Thursday to celebrate the 80th anniversary of D-Day.
Segmentation
- By Source
- Household Sector
- Commercial Sector
- By Application
- Bio Diesel
- Oleo Chemicals
- Animal Feed
- By Region
- North Americal
- Europe
- APAC
- LAMEA
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