(NewsDakota.com/USAgNet)- Recently published data on the biodiesel market shows that worldwide sales are anticipated to reach $41 billion in 2022. Over the forecast period of the next 10 years, the demand for biodiesel is could grow at a rate of 3.6% globally.

By the end of 2032, Persistence Market Research projects that the worldwide biodiesel market would be worth $59 billion. The biodiesel industry anticipates that significant geographical markets will continue to be in Europe, East Asia, and South Asia & Pacific.

The biodiesel market refers to the industry involved in the production and sale of biodiesel, a renewable and biodegradable fuel made from vegetable oils, animal fats, or recycled cooking grease. Biodiesel is an alternative to conventional fossil fuels and can be used in diesel engines with little or no modifications.

The global biodiesel market is expected to witness significant growth in the coming years, owing to the increasing demand for renewable and sustainable fuel sources. In addition, the favorable government regulations and incentives for the production and use of biodiesel are also expected to drive the market growth.