Cooking Oils Fats Market Size

Cooking Oils Fats Market Growth Projections and Opportunities

The worldwide market for used cooking oil is expected to grow a lot in the coming years, showing an increase of about 6.30%. In 2022, the market was around USD 8,257.39 million, and it's predicted to reach USD 13,389.81 million by 2030.

This growth is likely because more people are becoming aware of the environment and want to use energy resources that are good for the Earth. The food service industry is also expanding globally, and there's an increasing use of used cooking oils in making biodiesel, which is a type of eco-friendly fuel. Advanced technologies are now being used to turn waste cooking oil into refined oils, which is helping the overall market to grow.

When we look at where this used cooking oil comes from, it's mainly from places like food manufacturers, hotels and restaurants (HoReCa), households, and others. Among these, HoReCa, which includes cooking oil used in places like restaurants and hotels, held the most significant share of the market in 2022, making up 61.27%. This source of used cooking oil is expected to keep growing at a rate of about 5.49% until 2030. Owners of places like hotels and restaurants often sell their used cooking oil to smaller food businesses, and this helps in recycling and turning it into biodiesel, contributing to the growth of this segment.

When it comes to using the used cooking oil, it has various applications. The major one is in making biodiesel, making up 83.48% of the market in 2022. This application is expected to keep growing at a rate of about 6.34% until 2030. Biodiesel is seen as a more eco-friendly alternative to traditional diesel made from fossil fuels, and used cooking oil is a cost-effective source for making biodiesel. Scientific studies have even shown that using 30% used cooking oil with 70% diesel can reduce emissions by 24% in the energy sector.

Looking at different regions, Asia Pacific, Europe, North America, and the Rest of the World have been analyzed. In 2022, Europe was the leading market for used cooking oil with a value of USD 5,076.78 million. Asia Pacific also had a significant share of 16.47%. The Rest of the World, including countries in South America and the Middle East and Africa, is expected to see noticeable growth in the market.