From the market value of USD 96.878 billion in 2019 to attain the market value of USD 119.571 billion by 2025, the global edible oil market is estimated to grow at a CAGR of 3.57%. According to the OECD-FAO Agricultural Outlook 2019-2028 statistics, it is estimated that per capita vegetable oil consumption to grow by 0.9% per annum with an estimation that the developing regions of the world will be the contributing factors to increasing the market growth during the forecast period.
The major producers-consumers of edible oil are – USA, EU, China AND India, USA followed by Japan and Saudi Arabia.
There have been some changes in the supply-demand equation for vegetable oils with the enlargement of the European Union, but the biggest one is the use and manufacturing of biodiesel in Europe, made mainly from rapeseed oil. China ranks highest in vegetable oils imported, and vegetable oils consumed, emphasizing their dominance in vegetable oil trade and consumption. While India is the second-largest consumer and the largest importer of vegetable oil, right after China. The neighboring countries in the Indian subcontinent (India, Pakistan, Bangladesh, and Sri Lanka) also rank high as importers and consumers of palm oil. In recent years there has been a fluctuation in the production of soybeans in the USA. But they are still the largest producer and exporter and second only to China in the consumption of soybean oil, resulting in increasing imports to China.
Between edible oil production, consumption and import-export, accessibility of energy sources and climate change are the two biggest challenges faced in this century. The fast-growing population in, both, developed and developing countries have also led to a rapid rise in fuel demand, alike.
While there is no denying that energy is vital for the economic development of every country as every sector of the economy such as agriculture, industry, transport, commercial and domestic sectors depend on it. And for a long time now fossil fuel-based fuel sources such as petroleum, coal, and natural gas have been the predominant sources of energy all over the world.
Therefore, the high energy demand in the industrialized world as well as in the domestic sector due to the ever-increasing population had caused environmental pollution problems and health risks which extend to possibly irreversible consequences on global warming. As a result, the concerns about environmental impacts have increased and trigged the examination of alternative energy sources – wind power, hydropower, solar energy, biomass, and biofuels.
The contribution of all these resources is important because of economic and environmental reasons, and BIODIESEL sourced from Used Cooking Oil is one of the solutions.
Biodiesel is a substitute for diesel fuel derived from the triglycerides of vegetable oils or animal fats and can be produced from various vegetable oils using different types of catalysts.
BioDiesel from used cooking oil could be used as diesel fuel and as a cleaner household energy source for cooking making it the fuel of the future.
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