Biofuels consumption in Africa has demonstrated significant fluctuations over the years, with values peaking and dipping considerably. In 2023, the consumption was at 1550 barrels of oil equivalent per day. This represents a decrease of 14.33% year-on-year compared to 2022. Over the last two years, biofuels consumption saw a slight decline, with an average variation per year (CAGR) of -0.55%.
Historically, the major fluctuations include a significant increase in 2018 by 55.01% and a notable rise in 2021 by 27.69%, indicating periods of strong growth. However, these peaks were followed by downturns, such as the decrease in 2023.
Looking forward from 2024, consumption is forecasted to grow gradually, with a projected CAGR of 2.39% over the next five years, aiming for a 12.56% increase by 2028. Notable future trends to watch for include advancements in technology, government policies promoting renewable energy, and potential shifts in market dynamics that could influence consumption rates.