First Generation Biofuel Market Size

First Generation Biofuel Market Size

First Generation Biofuel Market size was valued at USD 151.3 billion in 2023 and is anticipated to grow at a CAGR of 7.1% between 2024 and 2032. Growing concerns over climate change and the imperative for sustainable energy sources have spurred governments to bring policies to support the use of biofuels. Furthermore, technological advancements have enhanced the efficiency and cost-effectiveness of biofuel production. Increased consumer awareness of the environmental advantages associated with biofuels has further driven demand.

Collaborative efforts between governments, corporations, and research institutions have facilitated the establishment of supportive infrastructure and regulatory frameworks. For instance, in March 2022, BioEnergy International GmbH inaugurated a cutting-edge biodiesel production facility in Hungary. Expected to supply fuel for 70,000 vehicles and reduce carbon dioxide emissions by 150,000 tons, this facility is crucial in Hungary's ambition to slash greenhouse gas emissions by 55% by 2030 and achieve climate neutrality by 2050. Consequently, the first-generation biofuels market is experiencing steady growth, with forecasts indicating continued expansion in the foreseeable future.