Rising Environmental Focus Propels Hydrotreated Vegetable Oil Market to US$70 Billion by 2034

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Apr 29, 2024, 06:45 ET

Future Market Insights (FMI) predicts a significant leap in the hydrotreated vegetable oil (HVO) market. HVO's eco-friendly credentials, particularly its use as a 'green biodiesel' blend or complete replacement for traditional fuels like diesel, kerosene, and gasoline, are driving its popularity. Stringent environmental regulations are further propelling market growth as key players scramble to expand their eco-friendly product portfolios and capitalize on HVO's potential.

NEWARK, Del., April 29, 2024 /PRNewswire/ -- The hydrotreated vegetable oil market value is expected to rise from US$ 21.2 billion in 2024 to US$ 70.0 billion by 2034. This market is analyzed to surge ahead at a CAGR of 12.70% over the next decade.

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Surging demand for HVO, also known as 'green biodiesel' is achieving new milestones due to its environment-friendly characteristics. The use of hydrotreated vegetable oil is increasing in the blended or pure form in diesel engines as a substitute to traditional fuels like kerosene, gasoline, and diesel.

Key players are rushing to gain a foothold in this market due to the immense popularity of HVO fueled by stringent environmental laws. As a result, players are aspiring to increase their eco-friendly product portfolio.

The deployment of hydrotreated vegetable oil (HVO) to back power generation is attaining a foothold in developed countries like the United States, United Kingdom, etc. HVO fuel is extensively employed by utilities to distribute energy around the clock during public safety power cutoffs. Companies in these regions are actively using renewable fuels like HVO to switch to a lower-carbon future.

In Asian countries like South Korea, Japan, and Australia, production of HVO is expected to reduce dependence on oil imports. Additionally, this fuel is expected to be a core source of revenue generation.

"Industry participants are tapping into emerging opportunities produced by growing environmental concerns. Active participation of end users and players to facilitate the use of HVO in various applications is expected to fuel market growth," says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).

Key Takeaways from the Hydrotreated Vegetable Oil Market Report

The hydrotreated vegetable oil market had acquired a remuneration of US$ 18.3 billion by 2023. During the historical period, the market grew at a CAGR of 16.2%.
Based on type, the pure HVO is a leading segment, expanding at a CAGR of 12.5% over the forecast period.
By application, the transportation segment has attained a share of 43% in 2023.
The United States hydrotreated vegetable oil market, by the end of 2034, is expected to account for US$ 12.5 billion by the end of the forecast timeframe. The market is projected to expand at a 13% CAGR in the next ten years.
Based on the growth rate, the market in South Korea is expected to expand at a stupendous rate of 15% over the projected period.
On the basis of value, China's hydrotreated vegetable oil industry is projected to attain US$ 11 billion.

Purchase now and gain full access to the Hydrotreated Vegetable Oil Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.

News Coverage of Hydrotreated Vegetable Oil Market

In August 2023, ACCIONA introduced a unique initiative for the Fargo-Moorhead flood diversion plan in the United States. It is the first time that the firm is using renewable biofuels produced from hydrotreated vegetable waste oil to support the heavy machinery used for civil works. This project is executed by the Fargo-Moorhead project combined with North American Construction Group and Shikun & Binui USA.
In September 2021, mega-corporations of South Korea like Dansuk Industrial and LG Chem planned to make a joint investment to launch a sustainable aviation fuel (SAF) and hydrotreated vegetable oil (HVO) plant at the Daeson location.
In September 2023, Italy-based Eni Sustainable Mobility (SM), and South Korea based LG Chem Ltd. tentatively agreed to construct a production plant of hydrotreated vegetable oil in South Korea.

About the Author:

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.

She has exceptional analytical skills and often brings thought leadership to the table.

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results. Another feather to her cap manifests in the form of process automation. She is vocal about bringing automation to the fore to bring a 360-degrees-round revolution in manufacturing sector.

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor's Degree in Electrical Engineering from Nagpur University, India.

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.

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