Wood Pellets Market Size, Share, Demand, Growth & Trends by 2032
A recently published study by FMI expects the global demand for wood pellets market to increase at a CAGR of 11% during the forecast period between 2022 and 2032, reaching a total of US$ 26.15 Billion in 2032, according to a report from Future Market Insights (FMI). From 2017 to 2021, sales witnessed significant growth, registering a CAGR of 8%. Wood pellets form a clean, environmentally beneficial, sustainable, and renewable biomass. The increasing global demand for renewable energy is driving the demand for wood pellets to reduce the usage of fossil fuels that contribute to global warming. This is expected to contribute to the growth of the industry over the forecast period. Consumers in developed regions such as Europe have greater environmental sentience, which continues to account for their increasing reliance on renewable sources. Bio-based energy sources are gathering impetus in developing countries for electricity generation. The reason is attributed to ri...