Waste generation is becoming a global concern owing to its adverse effects on environment and human health. The utilization of waste as a feedstock for production of value-added products has opened new avenues contributing to environmental sustainability. Microorganisms have been employed for production of biosurfactants as secondary metabolites by utilizing waste streams. Utilization of waste as a substrate significantly reduces the cost of overall process. Biosurfactant(s) derived from these processes can be utilized in environmental and different industrial sectors. This review focuses on global market of biosurfactants followed by discussion on production of biosurfactants from waste streams such as agro-industrial waste and waste cooking oil. The need for waste stream derived circular bioeconomy and scale up of biosurfactant production have been narrated with applications of biosurfactants in environment and industrial sectors. Road blocks and future directions for research have also been discussed. © 2021 Elsevier Ltd