Indonesia's biofuel consumption showed significant fluctuation from 2013 to 2023. Starting at 16.55 thousand barrels of oil equivalent per day in 2013, it rose prominently to 45.52 in 2016, demonstrating a CAGR of 46.81%. However, there was a notable decline of 46.9% in 2015, contrasting the remarkable increase of 203.97% in 2016. The upwards trend continued with biofuel consumption reaching 179.92 thousand barrels of oil equivalent per day in 2023, with a 26.07% CAGR over the last five years. This signifies a clear upward trajectory despite occasional downward trends.
Future trends to watch for:
- The forecast indicates continued growth in biofuel consumption, with an expected CAGR of 7.11% from 2024 to 2028.
- Monitoring government policies on renewable energy incentives and subsidies, which highly influence biofuel demand.
- Advances in biofuel technology and its cost-competitiveness relative to fossil fuels.