The biofuels consumption in Argentina saw significant growth from 2013 to 2017, with a notable decrease in 2018 and a mild recovery until 2019. There was a sharp decline in 2020, attributed to the pandemic effects, but the market showed signs of recovery in the following years. Biofuels consumption stood at 23.08 thousand barrels of oil equivalent per day in 2023, reflecting a 2.8% year-on-year increase over 2022. The average CAGR from 2019 to 2023 was -4.03%, indicative of the market's volatility.
Looking forward, the forecast from 2024 to 2028 suggests a moderate annual growth of 2%, with an estimated overall increase of 10.43%. Factors to watch include technological advancements, government policies, and global energy trends which will shape the market's future trajectory.