Biodiesel production in the world will grow by 8% this year – forecast

Global biodiesel production in 2023 may increase to 56.2 million tons, up 8% or 4 million tons from last year. This forecast was published by experts of the Hamburg-based analytical agency OilWorld (Germany). According to the experts, the main increase will be in the United States, where the volume of eco-fuel production will reach a record 12.5 million tons (+2.3 million tons by 2022).

In addition, experts explain that an increase in production is also expected in Indonesia, as a new B35 blending mandate (35% palm oil instead of the previous 30%) came into effect this year.

According to preliminary estimates, global consumption of palm oil in biodiesel production in 2023 will increase by 1.6 million tons to 20.3 million tons, mainly due to Indonesia. A similar situation is expected for soybean oil, which may increase by 0.6 million tons to 12.8 million tons.

It is worth noting that biodiesel production from palm oil is actively developing in Southeast Asia, soybean oil in North and South America, and rapeseed oil in the European Union. Sunflower oil is practically not used for these purposes.

Tags: soybean oil, biodiesel, palm oil, rapeseed oil