The biofuels consumption in Canada showed an overall fluctuating trend from 2013 to 2023, materializing in Thousand Barrels Of Oil Equivalent Per Day. In 2023, the consumption stood at 37.95, barely changing from 37.87 in 2022, marking a marginal increase of 0.22%. Analysis over the past two years reveals a slight decline, with the 2022 figure down by 4.88% from the previous year. The five-year CAGR for the period ending in 2023 was -0.74%, indicating an average annual decrease. The forecast data from 2024 to 2028 suggests stabilization, with a five-year forecasted CAGR of 0.11%, reflecting negligible growth overall.
Future trends to watch for include:
- The impact of new environmental policies and regulatory measures on biofuels consumption
- Technological advancements in biofuels production efficiency
- Potential shifts in the global energy market affecting supply and demand