Between 2013 and 2015, biofuel production in Africa showed significant growth with year-on-year increases, peaking in 2015. However, from 2016 onwards, the trend reversed with consistent declines. In particular, 2018 witnessed the sharpest decline. By 2023, biofuel production stood at 1.53 thousand barrels of oil equivalent per day, marking a clear downward trend in recent years. The last two years saw reductions of 1.16% and 0.13% respectively, while the CAGR from 2018 to 2023 was -0.83%.
Looking forward to the forecasted years, biofuel production is expected to continue its decline, albeit at a slower pace. The 2028 forecast presents a 5-year CAGR of -0.39%, indicating a stabilization of the decreasing trend.
Future trends to watch for include:
- Technological advancements in biofuel production methods.
- Policy shifts towards renewable energy within African nations.
- Market attitudes and investments influencing production capacities.
