Second-Generation Biofuels Market Size

Second-Generation Biofuels Market size was over USD 9.12 Billion in 2023 and is projected to exceed USD 156 Billion by the end of 2036, growing at over 26.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of second-generation biofuels is evaluated at USD 14.7 Billion. The growth of the market can be attributed to growing greenhouse gasses caused by agriculture food waste. About 2 billion tons of CO2 equivalent of greenhouse gases are thought to be released into the environment each year as a result of food waste, globally. However, food loss and waste do not directly contribute to the pollution that would raise the demand for second-generation biofuels. Food loss and waste, on the other hand, could contribute to pollution indirectly, and second-generation biofuels could help minimize the environmental implications of food loss and waste.

When food is lost or thrown away, the resources used to create, transport, and keep it are also wasted. Increased greenhouse gas emissions, water pollution, and other environmental issues may arise from this. Moreover, when food waste is dumped in landfills, it decomposes and generates methane, a strong greenhouse gas that fuels climate change. Hence, by offering a renewable energy source that emits fewer greenhouse gases than fossil fuels, second-generation biofuels may help in resolving these concerns. Consumers could lessen the dependence on fossil fuels and lessen the negative effects of food loss and waste on the environment by generating biofuels from non-food feedstock’s such agricultural waste, forestry waste, and energy crops. In comparison to 2021, the demand for biofuels was predicted to increase by about 5%, or approximately 9 009 MLPY, in 2022 across the globe. Hence, with the growing food waste the biofuel production could be boosted.