Biofuels production in Canada has experienced several fluctuations over the past decade. Production saw significant growth from 2013 to 2016, peaking in 2016. Following this period, there was an overall decline, with some intermittent increases. By 2023, production stood at 21.18 thousand barrels of oil equivalent per day, marking a slight decrease compared to the previous year.
Over the last two years, biofuels production has decreased by approximately 1.8%. The 5-year CAGR from 2018 to 2023 was -0.02%, indicating a fairly stable but slightly declining trend. Looking forward, projections from 2024 to 2028 suggest a continued modest decline, with an anticipated 5-year CAGR of -0.53% and an overall growth rate of -2.64% over this period.
Future trends to watch for include technological advancements in biofuel production, policy changes affecting renewable energy incentives, and the impact of global energy market dynamics. These factors could potentially alter the forecasted decline and stabilize or even increase production.
