From 2013 to 2023, biofuels consumption in Mexico exhibited substantial growth, hitting 4.5 thousand barrels of oil equivalent per day in 2023. Significant year-on-year variations include a dip in 2021 of -13.73%, followed by a recovery of 7.23% in 2022 and a more stable increase of 2.6% in 2023. The compound annual growth rate (CAGR) over the last five years stands at 2.73%, indicating a deceleration compared to the previous five-year periods.
Looking ahead, forecast data suggest a continued moderate growth in biofuels consumption, with a forecast CAGR of 2.02% from 2024 to 2028 and an overall forecasted growth rate of 10.51% over the same period.
Future Trends to Watch For:
- Technological advancements in biofuels production.
- Policy changes impacting renewable energy incentives.
- Market dynamics with traditional vs. renewable energy sources.
- Environmental regulations affecting fuel consumption patterns.