Bacterial cellulose (BC), an important biopolymer, has gained tremendous interest in several fields in the last few decades. Despite having the same chemical structure as plant cellulose, BC is superior in physical appearance and purity, as well as in mechanical, crystallinic, and biological properties for multiple applications. Despite these features, BC has limitations in production cost as well as physiological features. Notable limitations, including a non-bactericidal nature, low biocompatibility, and lack of conductive and magnetic properties, have been compensated through the development of composites using nanomaterials and polymers. Similarly, the limitation associated with cost has been reduced by developing new BC synthesis strategies, designing novel bioreactors, using genetically modified microbial species, and exploring alternative cheap fermentation media. Successful BC production has been reported from the use of industrial, confectionary, municipal and other wastes, including coconut water and fruit juices. Herein, we overview various efforts made thus far in identifying waste byproducts and inexpensive carbon sources for cost-effective BC production. It also provides information about the BC market and selling price, as well as techno-economic analysis of biotechnological BC production. This review article includes findings reported in the last few decades, and we hope it will be of great interest for readers as well as commercial BC producers.