Market Size of Biofuels in Colombia (2017 – 2021)
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The Market value of Biofuels in Colombia reached $4,747.7 million in 2021
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During the same period, the industry witnessed a Market volume of 326.2 million gallons
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The industry recorded a historical growth (CAGR) of 11.2% between 2017 and 2021 in terms of value, while the underlying market volume grew (CAGR) by 5.2% between 2017 and 2021
Market Size of Biofuels in Colombia (2017 – 2021)
Increasing demand for energy globally poses a threat to climate and the Paris Agreement’s goal of achieving a climate neutral world by 2050. The battle against climate change forces countries to switch to low-carbon sources of energy such as biofuels. Fossil fuels, being one of the largest sources of greenhouse gas (GHG), are prompting companies to shift to the production of biofuels. For example, Shell has committed to reducing its carbon footprint by a fifth by 2035, which resulted in the company producing ethanol from sugarcane through Raízen.
Biofuels are derived from biomass, i.e., plant, animal waste, and algae, and are considered renewable sources since they can be replenished readily unlike oil, coal, and natural gas. Biofuels are segmented into biodiesel and ethanol. Biodiesel is manufactured from vegetable oils and animal fats, while ethanol is a form of alcohol produced from feedstock.
The global biofuel market is expected to grow as the world targets carbon neutrality by 2050. Colombia is one of the five dominant markets, along with Brazil, France, United States, and Germany.
Colombia’s biofuel market is valued at $4748 million, with a market consumption volume of 326 million gallons. . The country’s market value grew at a CAGR of 11.2% between 2017 and 2021, and the underlying market volume grew at a CAGR of 5.2% during the same period.
Colombian biofuel market has seen consistent growth over the last five years, despite the global market witnessing a decline over the last two years due to COVID lockdowns. This has been aided by recent government policies to curb greenhouse gas emissions by 50% or more by 2030. To achieve this target, the government has formulated a new biofuel blend policy, to increase the use of biofuels and reduce emissions.
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