Next Generation Biofuels Market Share, Size, Global Trends, Forecast Till 2030 – Delvens

The global Next Generation Biofuels Market size was estimated at USD 7.26 billion in 2023 and is projected to reach USD 49.7 billion in 2030 at a CAGR of 27.2% during the forecast period 2023-2030.

Biofuels, as a product of modern biological processes like anaerobic digestion, represent an alternative to fossil fuels that are produced by geological means. The second generation of biofuels is derived from non-food crops including biomass crops, organic waste, wood, and food crop waste. Meanwhile, the third generation of biofuels involves improving biomass production and utilizing engineered energy crops, such as algae, as a feedstock. The projected diversity of algae-based biofuels is expected to encompass various fuel types, including but not limited to petrol, diesel, and jet fuel.