North America FOG Market worth $25.6 billion by 2044 Globally, at a CAGR of 4.6%, says MarketsandMarkets™
Chicago, Sept. 15, 2023 (GLOBE NEWSWIRE) -- *The **North America FOG Market** is projected to grow from USD 9.5 billion in 2022 to USD 25.6 billion by 2044, at a CAGR of 4.6% from 2022 to 2044. **as per the recent study by MarketsandMarkets™.* The growth of this market is attributed due to the emphasis by consumers on recycling and trash reduction is growing, which has accelerated the development of sustainable methods of converting waste into new and useful materials. However, factors such as a lack of awareness in developing economies and unstable economic conditions may inhibit the growth of the market.
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*80 - Market Data Tables
33 - Figures
114 - Pages *
*List of Key Players in North America FOG Market**:*
1. Darling Ingredients, Inc. (US)
2. Restaurant Technologies Inc. (US)
3. Downey Ridge Environmental Company (US)
4. Baker Commodities Inc. (US)
5. Mopac (US)
6. Grease Cycle LLC (US)
*Drivers, Restraints, Opportunities and Challenges in North America FOG Market:*
1. *Drivers: *Growing demand for brown grease.
2. *Restraints:* Unstable economic condition.
3. *Opportunity: *Technological advancements leading to innovation.
4. *Challenges: *Lack of awareness in developing economies.
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*Key Findings of the Study:*
1. The Brown Grease, Restaurants/ Fast food restaurants segment to register the highest CAGR during the forecast period.
2. The Brown Grease Fuel segment is the quickest-growing application.
3. Canada to register the highest CAGR during the forecast period.
Permanent modular buildings, by type, are reported as the largest market share in the modular construction market. Being a waste product, brown grease costs less than crop-based biofuels and oilseed feedstocks that are grown on agricultural land. Due to these factors, the demand for brown grease is expected to increase for biodiesel production during the forecast period.
The brown grease fuel segment, by application, is the fastest-rising segment for the North America FOG market from 2022 to 2044 in terms of value and volume. The growing demand for brown grease is a major driver for the market. As a feedstock for the biofuels sector, brown grease can help lessen greenhouse gas emissions and reduce the impact of climate change, as well as offer a cheaper alternative for biofuel and biodiesel production.
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The North America FOG market is further classified, based on generation, brown grease (Restaurants /Fast Food Restaurants, Food Processing Facility, Water Treatment Facility), and yellow grease (Restaurants /Fast Food Restaurants, Food Processing Facility). Brown grease generation from Restaurants /Fast Food Restaurants is the fastest-growing segment during the forecast period. The Environmental Protection Agency estimates that each restaurant generates between 800 and 17,000 pounds per year in collected grease trap trash and uncollected grease that enters sewage treatment facilities. The increasing awareness to minimize greenhouse gas emissions and reliance on non-renewable petroleum is the major driving factor.
The US reported the largest market share in North America in 2021 in terms of both value and volume. The Canada FOG market in the North America region is expected to grow at the highest CAGR from 2022 to 2044 in terms of value and volume. The market is projected to be driven by the growth of the food service sector and the increase in the utilization of spent cooking oils in the biodiesel manufacturing process.
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