According to a new report published by FastMR titled, “Used Cooking Oil (UCO) Market by Source and Application: Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global UCO market was estimated at around USD 6.1 billion in 2019 and is expected to grow with the CAGR of 4.5% during forecast period 2020-2027. Rising popularity of the product as an important raw material for production of biodiesel is pushing market growth.
Vegetable oil when used for frying alters the properties of oil and forms total polar compounds. These toxic total polar compounds are responsible for several diseases such as hypertension, liver disease, and many more. To safe guard consumer health, regulatory bodies designed a way to monitor the usage of cooking oil and re-use the product as a raw material to produce biodiesel. The UCO formed biodiesel produces reduced emission with low smoke content which assists in minimizing it’s environmental impact.
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The product has widely gained prominence as an important ingredient to prepare biodiesel around the globe. The focus of the global community to reduce greenhouse gas emission has widely pushed the inception of biodiesel in main stream energy industry. The efforts to reduce environmental impact by blending of biodiesel with other fuels is already under practice across the developed economies. This trend is slowly making its way across developing countries as well.
Asia Pacific region is expected to remain the largest regional market for UCO over the forecast period. Presence of powerhouses such as India and China are likely to provide numerous opportunities for the development of UCO industry in the region. The sheer size of the aforementioned countries in consumption of vegetable oil is among the largest in the world. The upcoming projects launched by the government of India to push the market growth by providing a single streamlined medium for consumers, collectors, and refiners is likely to play key role in boosting market dynamics in the country.
Key vendors of the industry are Waste Oil Recyclers, Baker Commodities Inc., Proper Oils Company Ltd., Greasecycle, LLC, Oz Oils Pty Ltd., Olleco, Grand Natural Inc., Brocklesby Limited, Arrow Oils Ltd. and Valley Proteins, Inc. The industry players are focused towards developing integrated operations to reduce reliance and increase profit margins.
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