Between 2013 and 2023, biofuel production in Belgium experienced fluctuating trends. The production rose significantly in 2014 by 30.92%, then saw a sharp decline in 2015 by 32.85%. Following this, production consistently varied with moderate year-on-year increases and decreases, recording a production value of 9.35 thousand barrels of oil equivalent per day in 2023, 2.8% above the previous year.
In terms of recent trends, between 2022 and 2023, the year-on-year increase was 2.8%, demonstrating a steady rise. The Compound Annual Growth Rate (CAGR) over the last five years stood at 3.28%, indicating a moderate average annual growth rate.
Forecasts from 2024 to 2028 suggest a steady increase in biofuels production, with an average CAGR of 2%, expecting a total growth rate of 10.43% over this period. This suggests a positive outlook for the biofuels sector in Belgium.
Future Trends to Watch For:
- Technological advancements improving biofuel efficiency and production processes.
- Impact of regulatory policies and environmental initiatives on biofuel demand.
- Potential shifts in feedstock availability and costs affecting production capacity.
