Polyhydroxyalkanoates (PHA) remain of high interest as a promising alternative to conventional plastics because they are biodegradable and biocompatible and have similar properties to common plastics. Despite their incredible potential, industrialization of PHA is hampered by the high production cost. To address this issue associated with PHA production cost, researchers have been exploring different approaches. In this review, we propose suggestions to overcome these challenges and highlight opportunities for future research such as producing PHA from sustainable waste streams as inexpensive renewable substrates, optimization strategies using experimental design to improve growth conditions. Furthermore, the uses of extremophilic microorganisms have gained significant attention to reduce the overall cost of PHA.