Promoting inclusive development through public policies is a complex task that presents different challenges and even controversies. The National Program for Biodiesel Production and Use (PNPB) in Brazil is one example of an effort to promote sustainable development within an inclusive strategy with good intentions but many challenges. One of the PNPB goals is to diversify feedstocks for biodiesel production, and oils from the Acrocomia spp. palm genus have the potential to meet this goal. As acrocomia's value chain is under development in Brazil, particularly with a focus on the macaúba palm (Acrocomia aculeata), and in different regions of Latin America, we state that it is possible to develop it with the inclusion of smallholder farmers. In this sense, this paper focuses on analyzing the challenges and opportunities for smallholder productive inclusion in the value chain. Our main question is: How can the participation of smallholders in the cultivation of macaw palm be promoted? The answer to this question is based on literature and field research carried out by the authors. Our study finds opportunities for inclusion, but also four main challenges to be considered with caution: i) the shift from agroextractivism to commercial plantations, ii) the limited acreage available to some small farmers, iii) the slow pace in generating economic results, and iv) negative past experiences with other crops. We emphasize the importance of development strategies that offer incentives, mitigate risks, and guarantee greater security in decision-making for those involved. The available literature about the acrocomia value chain focuses mainly on technical and agronomic aspects, with few outputs on inclusion. In this sense, this paper calls attention to the development of the novel biobased value chains from the acrocomia palm without leaving social responsibility behind.