Biodiesel Market Analysis

By Feedstock (Vegetable Oil, Animal Fats)

In 2023, the vegetable oil feedstock segment accounted for over 91.8% of the revenue generated in the overall biodiesel market. Its dominance in the market is very large relative to the availability and high yield of production. The reuse of waste vegetable oils in the production of biodiesel is also considered a green trend which may give a further push to this sector. In February 2024, Renewable Energy Group announced that it had expanded its vegetable oil-based biodiesel production facility in the U.S.

Application (Fuel, Power Generation, Others)

The fuel application segment is expected to remain dominant in the global biodiesel market, with a share of approximately 81.0% during the forecast period owing to high demand for biodiesel as an alternative to conventional diesel in the transportation industry. In 2020, Neste Corporation declared that it was expanding the production of its renewable diesel to cater to the increased demand for road transport fuels, which further strengthened this share.

Our in-depth analysis of the global market includes the following segments: