Lipid biotechnology uses enzymes like lipases to modify lipids and produce specialty products. Lipases can hydrolyze or interesterify triglycerides and are used in food processing. Glycerol, a byproduct of biodiesel production, can be converted to high-value chemicals like dihydroxyacetone and 1,3-propanediol using biocatalysts. Supercritical fluids like carbon dioxide are also used to efficiently extract lipids due to their gas-like diffusion properties.