Key Market Indicators
India's biofuel demand is projected to surge to approximately 99,000 barrels of oil equivalent per day by 2028, up from around 64,000 barrels per day in 2023. This represents an annual growth rate of nearly 7%. Historical data reveals that since 2007, the nation's demand for biofuels has climbed at an average annual rate of 14%. On the production front, India's biofuel output is expected to reach about 93,000 barrels of oil equivalent per day by 2028, up from roughly 51,000 barrels per day in 2023. This growth corresponds to an annual compound growth rate of 9.5%. Since 2005, India's biofuel supply has expanded at an average annual rate of 22%. This significant uptick in both demand and production highlights India's increasing focus on renewable energy sources and its commitment to reducing dependence on fossil fuels.
