PUBLISHER: Grand View Research | PRODUCT CODE: 1751557
PUBLISHER: Grand View Research | PRODUCT CODE: 1751557
The global used cooking oil market is anticipated to reach USD 11.98 billion by 2030 and is expected to expand at a CAGR of 7.0% during the forecast period, according to a new report by Grand View Research, Inc. Growing awareness regarding the benefits associated with using waste cooking oil to produce various ingredients, renewable energy sources, and other products is primarily driving the market's growth.
Compared to virgin oils, the cost-effectiveness of cooking oil used in biofuel production promotes growing adoption. Many restaurants, cafes, and hotels operating in urbanized regions contribute to an uninterrupted supply of used cooking oil. Multiple companies and organizations have been working on the collection of used cooking oil from food service providers, which is expected to generate lucrative opportunities.
Increasing awareness regarding the benefits offered by renewable energy sources and the growing focus of industries on sustainability are anticipated to drive growth for this market. In recent years, multiple governments have also provided support through subsidiaries and various initiatives to promote the use of biofuel. These aspects are likely to fuel the growth of the used cooking oil market over the forecast period.