Biofuels production in Mexico is forecasted to grow significantly from 790 barrels of oil equivalent per day (BOEPD) in 2024 to 1,040 BOEPD in 2028. This marks substantial year-on-year increases of approximately 9% from 2024 to 2025, 7% from 2025 to 2026, 6.5% from 2026 to 2027, and 6.1% from 2027 to 2028. For perspective, the actual production in 2023 stood at 725 BOEPD.
The compound annual growth rate (CAGR) over the five-year period from 2024 to 2028 is projected to be around 7%. This indicates a steadily increasing trend in biofuels production which underscores the country's commitment to enhancing renewable energy output.
Future trends to watch for include:
- Government policies and incentives for renewable energy development
- Technological advancements in biofuel production techniques
- Investment trends from both public and private sectors in the biofuels industry
- Global oil prices which could impact the competitiveness of biofuels
