Single Cell Oil Market Size

Single Cell Oil Market Size

Single Cell Oil Market size valued at USD 60 million in 2022 and is poised to grow at over 17.5% CAGR from 2023 to 2032. The rising demand for biofuels across the globe will drive the industry growth.

Supported by the global decarbonization efforts, the use of biofuels has increases rapidly across the transportation sector. According to the IRA, biofuels represented approximately 3.6% of the global transport energy demand, primarily for road transport in 2021. Under the Net Zero Scenario, contribution of biofuels to transport is likely to quadruple to 15% by 2030, amounting to almost one-fifth of the total fuel demand for road transport alone.

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However, experts opine that biofuel production needs to increase significantly for the world to stay on track with the 2050 Net Zero Emissions Scenario. As such, many world governments are rolling out supportive policies that favor higher production and better blends. Back in August 2021, the USDA invested over USD 26 million to expand the country’s biofuel infrastructure and strengthen the availability of higher-blend renewable fuels in over 23 states.