In 2023, the biofuels consumption in the US stood at 1.45 million barrels of oil equivalent per day. The forecasted data from 2024 to 2028 shows a steady increase in biofuels consumption, starting from 1.49 in 2024 and reaching 1.63 by 2028. This consistent rise represents a year-on-year variation of approximately 2.7% in 2025, 2.6% in 2026, 1.9% in 2027, and 1.9% in 2028. The compound annual growth rate (CAGR) over the five-year period from 2024 to 2028 is expected to average around 2.4% per year.
Future trends to watch for include advancements in biofuel technology, government policies and incentives promoting renewable energy, and shifts in consumer behavior towards more sustainable energy sources. Monitoring these factors will be crucial for assessing the long-term growth and sustainability of the biofuels market in the US.