The consumption of biofuels in the Middle East is forecasted to grow steadily from 2024 to 2028. In 2023, actual consumption stood at 1.10 thousand barrels of oil equivalent per day. Year-on-year variation in biofuels consumption shows an increase of 5.98% from 2024 to 2025, 6.45% from 2025 to 2026, 6.06% from 2026 to 2027, and 5.00% from 2027 to 2028. The Compound Annual Growth Rate (CAGR) from 2024 to 2028 is projected at approximately 5.91%.
Future trends to watch for:
- Advancements in biofuel technology and increased efficiency.
- Government policies and incentives promoting renewable energy sources.
- Economic factors and oil price fluctuations affecting biofuel competitiveness.
- Regional collaborations and commitments towards sustainable energy solutions.