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Used Cooking Oil Market

ID: MRFR/FnB/3099-CR
200 Pages
Snehal Singh
July 2025

Used Cooking Oil (UCO) Market Size, Share, Industry Trend & Analysis Research Report By Application (Biodiesel Production, Animal Feed, Industrial Lubricants, Soaps and Detergents), By End Use (Transportation Fuels, Food Industry, Renewable Energy), By Source (Restaurants, Food Processing Industries, Households), By Processing Method (Physical Refining, Chemical Refining, Blending) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2035

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Used Cooking Oil Market Summary

As per Market Research Future analysis, the Used Cooking Oil Market Size was estimated at 8.12 USD Billion in 2024. The Used Cooking Oil industry is projected to grow from 8.7 USD Billion in 2025 to 17.5 USD Billion by 2035, exhibiting a compound annual growth rate (CAGR) of 7.2% during the forecast period 2025 - 2035

Key Market Trends & Highlights

The Used Cooking Oil Market is experiencing robust growth driven by sustainability and regulatory support.

  • North America remains the largest market for used cooking oil, primarily due to its established biodiesel production sector.
  • Asia-Pacific is the fastest-growing region, reflecting a surge in demand for sustainable energy solutions.
  • The biodiesel production segment leads the market, while the animal feed segment is witnessing rapid growth.
  • Rising demand for biodiesel and increasing awareness of waste management are key drivers propelling market expansion.

Market Size & Forecast

2024 Market Size 8.12 (USD Billion)
2035 Market Size 17.5 (USD Billion)
CAGR (2025 - 2035) 7.2%

Major Players

Bunge Limited (US), Cargill, Incorporated (US), Archer Daniels Midland Company (US), Renewable Energy Group, Inc. (US), Neste Corporation (FI), MPOC (MY), Sustainable Oils (US), Biodico, Inc. (US)

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Used Cooking Oil Market Trends

The Used Cooking Oil Market is currently experiencing a notable transformation driven by various factors. Increasing awareness regarding environmental sustainability and the need for renewable energy sources has led to a growing interest in the recycling of used cooking oil. This oil, once discarded, is now being recognized for its potential as a feedstock for biodiesel production, which is seen as a cleaner alternative to fossil fuels. Furthermore, the food industry is becoming more proactive in managing waste, thereby contributing to the supply of used cooking oil.  In addition to environmental considerations, the Used Cooking Oil Market is influenced by regulatory frameworks that encourage the collection and processing of waste oils. Governments are implementing policies that support the conversion of used cooking oil into valuable products, which may include biodiesel and other bio-based materials. This regulatory support is likely to enhance market growth and attract investments in processing technologies. As the Used Cooking Oil market evolves, stakeholders are expected to explore innovative methods for oil recovery and purification, further expanding the potential applications of used cooking oil in various industries. Overall, the Used Cooking Oil Market appears poised for growth, driven by sustainability initiatives and supportive regulations.

Sustainability Initiatives

The emphasis on sustainability is reshaping the Used Cooking Oil Market. Companies are increasingly adopting practices that promote the recycling of waste oils, aligning with global environmental goals. This trend reflects a broader commitment to reducing waste and enhancing resource efficiency.

Regulatory Support

Government policies are playing a crucial role in the development of the Used Cooking Oil Market. Regulations that incentivize the collection and processing of used oils are emerging, fostering a favorable environment for market expansion and innovation.

Technological Advancements

Innovations in processing technologies are enhancing the efficiency of used cooking oil recovery. These advancements are likely to improve the quality of recycled oil, making it more suitable for various applications, including biodiesel production.

Used Cooking Oil Market Drivers

Rising Demand for Biodiesel

The Global Used Cooking Oil Industry is experiencing a surge in demand for biodiesel, driven by the increasing emphasis on renewable energy sources. Biodiesel derived from UCO serves as a sustainable alternative to fossil fuels, aligning with global initiatives to reduce carbon emissions. In 2024, the market is projected to reach 7.05 USD Billion, reflecting the growing acceptance of biodiesel in various sectors, including transportation and heating. This trend is likely to continue as governments worldwide implement policies promoting the use of biofuels, potentially leading to a compound annual growth rate of 7.1% from 2025 to 2035.

Market Segment Insights

By Application: Biodiesel Production (Largest) vs. Animal Feed (Fastest-Growing)

In the Used Cooking Oil Market, the application segment is primarily dominated by Biodiesel Production, which significantly outpaces other categories in terms of market share. Following this, Animal Feed stands out due to its growing demand, accounting for a substantial proportion of the market. Other applications like Industrial Lubricants, Cosmetics, and Biofuels also hold noteworthy portions; however, they do not match the scale of interest seen in the leading applications. The diversification of uses proves that the recycled oil sector has come a long way, solidifying its role in multiple industries. As we examine growth trends, Biodiesel Production remains a stable segment, benefiting from increasing regulations on renewable energy sources and a global push towards sustainability. Animal Feed, however, has emerged as the fastest-growing category, propelled by rising livestock production and the need for sustainable animal feed ingredients. The focus on environmentally friendly practices is driving innovation, leading to enhanced processing methods that utilize used cooking oil efficiently. This synergy between sectors ensures a robust outlook for both dominant and emerging applications within the market.

Biodiesel (Dominant) vs. Animal Feed (Emerging)

Biodiesel production remains the dominant application in the Used Cooking Oil Market, primarily due to its ability to meet growing energy demands while contributing to environmental sustainability. Its production processes are well-established, making it a reliable choice for fuel manufacturers looking to reduce greenhouse gas emissions. On the other hand, Animal Feed is an emerging application, driven by an increasing awareness of the nutritional benefits of incorporating used cooking oil into feeds. This trend is particularly prominent in regions where the circular economy is gaining traction, emphasizing waste reduction and value creation. Both segments showcase innovative uses of used cooking oil, yet their market positions reflect differing maturity levels in adoption and regulatory backing.

By End Use: Food Industry (Largest) vs. Energy Sector (Fastest-Growing)

The Used Cooking Oil Market is significantly influenced by the 'End Use' segment, which shows a diverse distribution among various industries. The food industry holds the largest share, as used cooking oils are extensively repurposed for food production, frying operations, and the manufacturing of snacks and sauces. Following this, the energy sector is witnessing an increased utilization of used cooking oil for biodiesel production, highlighting a shift towards renewable energy sources. Other segments such as agriculture, chemical industry, and personal care also contribute but at relatively smaller shares, indicating the dominance of the food industry. Growth trends within this segment are driven largely by regulatory support for waste-to-energy initiatives and rising environmental consciousness among consumers and businesses. The energy sector's swift growth can be attributed to the expanding biodiesel market and advancements in technology that enhance oil conversion processes. Additionally, trends in sustainable agriculture are propelling the agriculture sector's interest in used cooking oils, while the chemical industry explores bio-based feedstocks. Overall, the market is set for continued evolution as various sectors adapt to contemporary sustainability demands.

Food Industry: Dominant vs. Energy Sector: Emerging

The food industry remains the dominant segment in the Used Cooking Oil Market, leveraging the high demand for recycled oils in food preparation, thus ensuring a stable revenue stream. Businesses in this sector often prioritize quality, ensuring that the used oils are processed adequately for safe use, which enhances consumer trust. Conversely, the energy sector is emerging as a key player, capitalizing on the demand for biodiesel and other biofuels derived from used cooking oils. As technology advances, the conversion processes become more efficient, attracting investments and increasing production capabilities. The focus on renewable energy aligns with global sustainability goals, making the energy sector's expansion a noteworthy trend in the used cooking oil landscape.

By Source: Household Waste (Largest) vs. Restaurants (Fastest-Growing)

The Used Cooking Oil Market is segmented by source, showcasing distinct contributions from various sectors. Household Waste represents the largest share, primarily due to the substantial volume of oil generated from domestic cooking activities. This segment's consistent demand is driven by the increasing awareness of used oil recycling and its applications in biodiesel production and other industries. Meanwhile, segments like Restaurants are rapidly emerging, significantly contributing to the Used Cooking Oil  Market as food consumption patterns evolve. This sector's waste oil is often higher in quality, making it a key player in the supply chain for recycling into biodiesel. As trends shift towards sustainability and waste minimization, the market for Used Cooking Oil is witnessing a dynamic transformation. Restaurants are increasingly recognized for their potent contributions to the market, propelled by rising dining out and takeout trends, resulting in more used oil availability for recycling purposes. These growth drivers create a more competitive landscape for used cooking oil across different segments, encouraging innovation and efficiency in collection methods.

Household Waste (Dominant) vs. Food Service (Emerging)

In the Used Cooking Oil Market, Household Waste stands out as the dominant segment. This is largely due to its extensive volume derived from the routine cooking practices of households, presenting a consistent supply of used oil. Households are becoming increasingly aware of the value of their waste and are more inclined to participate in recycling programs. On the other hand, the Food Service segment represents an emerging market force. With the growing trend of food delivery and preparation services, the Food Service segment is witnessing a surge in used oil production, prompting more initiatives focused on collection and recycling.

By Processing Method: Transesterification (Largest) vs. Filtration (Fastest-Growing)

In the Used Cooking Oil Market, transesterification holds the largest market share among processing methods, primarily due to its efficiency in converting oils into biodiesel. This method not only allows for high conversion rates but also meets stringent quality standards required by consumers and regulatory bodies. Filtration, while currently smaller in market share, is witnessing rapid growth, driven by an increasing demand for cleaner and purer end products that meet rising sustainability and environmental regulations.

Transesterification (Dominant) vs. Filtration (Emerging)

Transesterification is a dominant processing method in the Used Cooking Oil Market, favored for its ability to produce biodiesel from oils rapidly and with high purity levels. This method converts triglycerides into simpler compounds, enhancing the fuel's quality and performance attributes. On the other hand, filtration emerges as a significant processing technique, focusing on the removal of impurities from used oils. Its rapid growth is being propelled by consumers' demand for high-quality, sustainable energy sources. As environmental concerns rise, both methods play essential roles, yet transesterification remains the preferred choice for biodiesel production, while filtration is increasingly recognized for its benefits in producing clean plant oils.

By Quality: Refined (Largest) vs. Unrefined (Fastest-Growing)

In the Used Cooking Oil Market, the quality segment is characterized by variations such as refined, unrefined, filtered, deodorized, and bleached oils. Refined oils command the largest market share due to their versatility and appeal in both culinary and industrial applications. Filtered oils follow closely, catering to a spectrum of consumers seeking higher quality. In contrast, unrefined oils are gaining traction, although their share remains smaller currently, reflecting a changing consumer preference towards natural and less processed options.

Refined (Dominant) vs. Unrefined (Emerging)

Refined used cooking oil stands as the dominant segment in the market, primarily due to its extensive applications across various industries such as food production, biodiesel, and animal feed. Its processing helps remove impurities, making it a preferred choice for manufacturers seeking consistent quality and stability. On the other hand, unrefined used cooking oil is emerging as consumers increasingly seek authentic and minimally processed products. This shift is driven by a growing awareness of health benefits and sustainability, as unrefined oils retain more of their natural nutrients and flavors, appealing to the eco-conscious demographic.

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Regional Insights

North America : Sustainable Energy Leader

The North America used cooking oil market is projected to reach $2.5 billion by 2025, driven by increasing awareness of sustainability and the circular economy. Regulatory support for biodiesel production from used cooking oil is a significant catalyst, encouraging food manufacturers and restaurants to recycle their waste. The region's focus on renewable energy sources is further propelling market growth, as consumers and businesses alike seek eco-friendly alternatives. The US dominates the North American market, with key players like Bunge Limited, Cargill, and Renewable Energy Group leading the charge. Canada Used Cooking Oil Market is also emerging as a important region. The competitive landscape is characterized by strategic partnerships and innovations in processing technologies. As the demand for biodiesel and other renewable fuels rises, these companies are well-positioned to capitalize on the growing market, ensuring a steady supply of used cooking oil for conversion into energy.

Europe : Market Share Leader

Europe holds the largest share of the used cooking oil market, valued at $4.5 billion in 2025. The region's commitment to sustainability and stringent regulations on waste management are key drivers of this growth. The European Union's Renewable Energy Directive encourages the use of waste oils for biodiesel production, creating a robust demand for used cooking oil. This regulatory framework not only supports environmental goals but also stimulates economic activity in the sector. Leading countries in the Used Cooking Oil Market include Germany, France, and the UK, where major players like Neste Corporation and MPOC are actively involved. The competitive landscape is marked by innovation in processing technologies and a focus on sustainability. As the Used Cooking Oil Market evolves, these companies are leveraging their expertise to enhance efficiency and meet the increasing demand for renewable energy sources, solidifying Europe's position as a market leader.

Asia-Pacific : Emerging Market Potential

The Asia-Pacific region is witnessing significant growth in the used cooking oil market, projected to reach $2.91 billion by 2025. This growth is driven by increasing urbanization, rising disposable incomes, and a growing awareness of environmental issues. Countries like China and India are focusing on sustainable energy solutions, with used cooking oil being a key resource for biodiesel production. China and India are the leading countries in this market, with a competitive landscape that includes both local and international players. Companies like Sustainable Oils and Biodico are making strides in the region, focusing on innovative processing methods and partnerships to enhance supply chains. As the demand for biodiesel continues to rise, the Asia-Pacific market is poised for substantial growth, attracting investments and fostering technological advancements.

Middle East and Africa : Untapped Market Opportunities

The Middle East and Africa region currently has a negligible market size of $0.0 billion for used cooking oil, reflecting significant challenges in market development. Limited awareness of recycling benefits and inadequate regulatory frameworks hinder growth. However, there is potential for future expansion as governments begin to recognize the importance of sustainable practices and waste management. Initiatives aimed at promoting renewable energy could catalyze market growth in the coming years. Countries in this region are gradually exploring the benefits of used cooking oil for biodiesel production. This is slowly propelling the growth of Used Cooking Oil Market. While the competitive landscape is still emerging, there is an opportunity for local and international players to invest in infrastructure and education. regarding sustainable solutions.  As awareness increases and regulations improve, the Middle East and Africa could become a significant player in the used cooking oil market, tapping into its vast potential for renewable energy solutions.

Key Players and Competitive Insights

The Used Cooking Oil Market is currently characterized by a dynamic competitive landscape, driven by increasing demand for sustainable energy sources and the growing emphasis on waste-to-energy solutions. Key players such as Bunge Limited (US), Cargill, Incorporated (US), and Neste Corporation (FI) are strategically positioned to leverage their extensive supply chains and technological capabilities. Bunge Limited (US) focuses on enhancing its operational efficiency through digital transformation initiatives, while Cargill, Incorporated (US) emphasizes partnerships with local suppliers to optimize its sourcing strategies. Neste Corporation (FI) is heavily investing in R&D to innovate its processing technologies, which collectively shapes a competitive environment that is increasingly focused on sustainability and efficiency. In terms of business tactics, companies are localizing manufacturing to reduce transportation costs and enhance supply chain resilience. The market appears moderately fragmented, with a mix of large corporations and smaller players vying for market share. The collective influence of these key players is significant, as they drive industry standards and best practices, particularly in sustainability and operational excellence. In November 2025, Bunge Limited (US) announced a partnership with a leading technology firm to develop advanced analytics for optimizing its used cooking oil processing operations. This strategic move is likely to enhance Bunge's operational efficiency and reduce waste, aligning with the growing trend towards data-driven decision-making in the industry. Such initiatives may position Bunge as a leader in the sustainable oils segment, potentially increasing its market share. In October 2025, Cargill, Incorporated (US) expanded its used cooking oil collection network by acquiring a regional player specializing in waste oil management. This acquisition is strategically important as it not only broadens Cargill's operational footprint but also strengthens its supply chain, ensuring a more reliable source of feedstock for biodiesel production. This move reflects Cargill's commitment to enhancing its sustainability profile while addressing the increasing demand for renewable energy sources. In September 2025, Neste Corporation (FI) launched a new initiative aimed at increasing the efficiency of its used cooking oil processing facilities through automation and AI integration. This initiative is indicative of Neste's forward-thinking approach, as it seeks to reduce operational costs and improve product quality. By embracing cutting-edge technologies, Neste is likely to maintain its competitive edge in the market, appealing to environmentally conscious consumers and businesses alike. As of December 2025, the competitive trends in the Used Cooking Oil Market are increasingly defined by digitalization, sustainability, and the integration of AI technologies. Strategic alliances among key players are shaping the landscape, fostering innovation and enhancing supply chain reliability. The shift from price-based competition to a focus on technological advancement and sustainable practices is evident, suggesting that future competitive differentiation will hinge on the ability to innovate and adapt to changing market demands.

Key Companies in the Used Cooking Oil Market include

Industry Developments

The Used Cooking Oil Market is rapidly industrializing as global decarbonization mandates transform waste into a strategic feedstock for sustainable aviation fuel and biodiesel. Advanced filtration and blockchain

  • Q2 2024: Neste and McDonald’s Netherlands extend partnership to convert used cooking oil into renewable diesel Neste and McDonald’s Netherlands announced the extension of their collaboration, where used cooking oil from McDonald’s restaurants is collected and converted into Neste MY Renewable Diesel, supporting circular economy and sustainable transport initiatives.
  • Q2 2024: Cargill opens new used cooking oil collection facility in Texas to boost renewable fuel supply Cargill inaugurated a new facility in Texas dedicated to collecting and processing used cooking oil from restaurants and food service providers, aiming to increase feedstock supply for the company’s growing renewable diesel operations.
  • Q1 2024: Darling Ingredients acquires Polish used cooking oil collector Bio-Oils for undisclosed sum Darling Ingredients expanded its European footprint by acquiring Bio-Oils, a leading Polish used cooking oil collection company, strengthening its supply chain for renewable diesel production.
  • Q2 2024: Shell signs multi-year contract with UK’s Arrow Oils for used cooking oil supply Shell entered a multi-year agreement with Arrow Oils, a major UK-based used cooking oil collector, to secure feedstock for its European biofuel refineries.
  • Q1 2024: Neste launches pilot program with Singapore hawker centers to collect used cooking oil for biofuel Neste initiated a pilot project in Singapore, partnering with local hawker centers to collect used cooking oil, which will be processed into renewable fuels at its Singapore refinery.
  • Q2 2024: Valley Proteins announces expansion of used cooking oil processing plant in North Carolina Valley Proteins revealed a major expansion of its North Carolina facility, increasing capacity for processing used cooking oil into feedstock for biodiesel and renewable diesel.
  • Q1 2024: Clean Energy Fuels secures contract to supply renewable diesel from used cooking oil to Los Angeles transit Clean Energy Fuels won a contract to supply renewable diesel, produced from used cooking oil, to the Los Angeles County Metropolitan Transportation Authority’s bus fleet.
  • Q2 2024: TotalEnergies partners with French waste management firm SUEZ to collect used cooking oil for biofuel TotalEnergies and SUEZ announced a partnership to collect used cooking oil from French households and restaurants, converting it into sustainable aviation fuel and renewable diesel.
  • Q1 2024: Greenergy acquires UK-based UCO collector Agri Energy to expand biofuel feedstock network Greenergy, a major European biofuel producer, acquired Agri Energy, a UK used cooking oil collection company, to strengthen its supply chain for biodiesel production.
  • Q2 2024: BP launches used cooking oil collection initiative in Spain to support biofuel production BP introduced a new program in Spain to collect used cooking oil from restaurants and households, aiming to increase domestic feedstock for its European biofuel refineries.
  • Q1 2024: Enviroo secures funding to build UK’s largest used cooking oil recycling plant Enviroo, a UK-based recycling company, raised funding to construct the country’s largest facility dedicated to recycling used cooking oil into feedstock for renewable fuels.
  • Q2 2024: Grand Natural launches new digital platform for used cooking oil collection logistics Grand Natural unveiled a digital platform designed to streamline the logistics of used cooking oil collection from restaurants and food service providers across the United States.

 

Future Outlook

Used Cooking Oil Market Future Outlook

The Used Cooking Oil Market is projected to grow at a 7.2% CAGR from 2025 to 2035, driven by increasing biodiesel demand and sustainability initiatives.The future of the Used Cooking Oil Market is exceptionally bright as it pivots from a waste product to a strategic energy resource. By 2026, the Used Cooking Oil Market is expected to surge, driven by the global aviation industry's demand for Sustainable Aviation Fuel (SAF) and stricter decarbonization mandates. This shift toward circular economy practices is transforming local collection networks into sophisticated, high-value supply chains worldwide.

New opportunities lie in:

  • Expansion of collection networks in urban areas Development of advanced refining technologies for higher quality oil Partnerships with food manufacturers for waste oil sourcing

By 2035, the market is expected to be robust, driven by innovation and strategic partnerships.

Market Segmentation

Used Cooking Oil Market Source Outlook

  • Household Waste
  • Commercial Waste
  • Food Processing Industry
  • Restaurants
  • Food Service

Used Cooking Oil Market End Use Outlook

  • Food Industry
  • Energy Sector
  • Agriculture
  • Chemical Industry
  • Personal Care

Used Cooking Oil Market Quality Outlook

  • Refined
  • Unrefined
  • Filtered
  • Deodorized
  • Bleached

Used Cooking Oil Market Application Outlook

  • Biodiesel Production
  • Animal Feed
  • Industrial Lubricants
  • Cosmetics
  • Biofuels

Used Cooking Oil Market Processing Method Outlook

  • Transesterification
  • Filtration
  • Purification
  • Hydrogenation
  • Deodorization

Report Scope

MARKET SIZE 2024 8.12(USD Billion)
MARKET SIZE 2025 8.7 (USD Billion)
MARKET SIZE 2035 17.5(USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR) 7.2% (2025 - 2035)
REPORT COVERAGE Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR 2024
Market Forecast Period 2025 - 2035
Historical Data 2019 - 2024
Market Forecast Units USD Billion
Key Companies Profiled Bunge Limited (US), Cargill, Incorporated (US), Archer Daniels Midland Company (US), Renewable Energy Group, Inc. (US), Neste Corporation (FI), MPOC (MY), Sustainable Oils (US), Biodico, Inc. (US)
Segments Covered Application, End Use, Source, Processing Method, Quality
Key Market Opportunities Growing demand for sustainable biofuels presents opportunities in the Used Cooking Oil Market.
Key Market Dynamics Rising demand for sustainable biofuels drives competition and innovation in the Used Cooking Oil Market.
Countries Covered North America, Europe, APAC, South America, MEA

Market Highlights

Author
Snehal Singh
Assistant Manager - Research

High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. By implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in Packaging, Construction, and Equipment domains. She handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.

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FAQs

What was expected size of the Used Cooking Oil (UCO) Market by 2024?

The Used Cooking Oil Market to reach USD 8.12 Billion By 2024

Research Approach

Research Methodology on the Used Cooking Oil Market

The research methodology incorporated in this research report is based on comprehensive primary and secondary research and a thorough analysis of the current state of the global used cooking oil market and the future trends that are expected to shape its growth over the projected period of 2023-2030. The report begins with an extensive description of the used cooking oil market with market definition, scope and size estimation, followed by the identification and installation of market analysis tools and assessment of their overall effectiveness.

To create an accurate forecast for the used cooking oil market, various analytical tools such as Porter’s Five Forces Analysis, Market Attractiveness Analysis, Industry Chain (Value Chain) Analysis, and Market Dynamics (Trends & Drivers) Analysis are used. These analytical tools are used to assess the entire used cooking oil market and understand the challenges and opportunities within it.

Primary Research

Primary research refers to the process of collecting data directly from industry participants and experts. The primary research approach is used to gain better insights into the used cooking oil market and to further validate the study findings. Interviews are conducted with higher management, industry peers, and other key stakeholders of the global used cooking oil market and are held in select regions, such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

Secondary Research

Secondary research involves accessing the data through secondary sources such as press releases, company websites, industry magazines, and databases. Sources such as Hoovers, Factiva, and Bloomberg are referred to gather vital business and financial information about the used cooking oil market. The various statistics from the previous years are used to estimate market size and forecasts are derived from historical estimates and current market trends.

Trade Journals, Magazines, and News

The trade journals and magazines accessed to analyze the used cooking oil market also included Indian extracts, trade reports, and news published by various agencies. Research journals and famous technology magazines, such as Finance Buzz, Business Insider, The Wall Street Journal, and more were referred to understand the various aspects of the used cooking oil market. To ensure the accuracy and validity of the findings, industry white papers and statistics published by supervised industries are also referred to.

The research process further comprises data-gathering and validation, market analysis, market forecasting, and defining target customer profiles. To conclude, all the market data that are collected are thoroughly analyzed and verified by experts in the market with the help of various statistical and qualitative tools. The insights generated through the data analysis process are covered in-depth in this report.

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