In examining the final consumption of biogases in Belgium's Food, Beverages, and Tobacco sector, it is evident that there has been a general upward trend. From 2013 to 2023, the consumption increased from 473.4 terajoules to 1280 terajoules. Notably, significant fluctuations occurred between 2014 and 2016, followed by steady growth from 2017 onwards. The year-on-year variations reveal substantial increases particularly from 2018 through 2023, highlighting a robust period of development in biogas utilization.
The Compound Annual Growth Rate (CAGR) over the last five years stands at 7.54%, illustrating commendable growth. The projections for the next five years indicate a forecasted CAGR of 3.78%, predicting a more moderated rise but still pointing towards substantial growth, reaching 1630 terajoules by 2028.
Future trends to watch for include:
- Increased investment in renewable energy sources driven by environmental policies.
- Technological advancements improving biogas production efficiency.
- Regulations and incentives targeting lower carbon footprints in the Food, Beverages, and Tobacco sector.
- Potential market shifts due to evolving consumer demand for sustainable products.