From 2013 to 2023, biofuels consumption in Canada has seen fluctuating trends with an overall growth trajectory initially, but more recently a plateauing effect. The year-on-year variations have ranged greatly, notably a 17.93% increase in 2017 and a -6.02% decrease in 2020, reflecting the market's volatility. By 2023, the consumption value stood at 84.74 Petajoules, showing minimal growth of 0.18% from the previous year, with a five-year CAGR of -0.74% indicating a slight decline in recent years.
Looking forward, the forecasted data suggests a modest growth trajectory with negligible year-on-year increases and a forecasted five-year CAGR of 0.09%, leading to an estimated consumption value of 85.27 Petajoules by 2028.
Future trends to watch for:
- Policy changes at the federal and provincial levels to incentivize or mandate biofuels usage.
- Technological advancements and cost reductions in biofuel production.
- Market dynamics of traditional fuels and their impact on biofuels demand.
- Environmental regulations and climate goals influencing biofuel strategies.