Biofuels consumption in North America has shown fluctuating but overall upward growth from 2013 to 2023. In 2023, the consumption stood at 1.7 Thousand Petajoules, reflecting a 2.54% year-on-year increase from 2022. Over the last five years, the average annual growth rate (CAGR) has been 1.8%. Significant declines were observed in 2018 (-1.01%) and 2020 (-8.75%), attributed to market disruptions. However, a steady recovery is evident from 2021 onwards.
Looking ahead, forecasts suggest a continued gradual increase in biofuels consumption, with a projected CAGR of 1.87% over the next five years, culminating in a 9.7% overall growth by 2028. This indicates a stable but slow-paced expansion, aligning with emerging environmental policies and technological advancements.
Future trends to watch for include the impact of regulatory changes, technological innovations in biofuel production, and shifts in consumer demand towards more sustainable energy sources.