The biofuels business is on the cusp of a potential boom. Integrated oil and refining companies have embraced biofuels as an investable low-carbon solution to serve hard-to-decarbonize sectors including aviation and heavy transport. These suppliers, spurred by policy incentives, have ambitious growth objectives—but scaling up the right feedstocks remains a challenge. Airlines and other large consumers are also transforming the demand profile with emissions targets based around biofuels commitments. The changing competitive landscape and economies of scale are driving integration from seeds to the end-user of liquid fuels. But how fast, in which markets and at what scale?