The size of the global wood pellet market for 2019 was estimated to be valued at over U.S. $8.5 billion, and is estimated to exhibit over 10 per cent CAGR from 2019 to 2025.
Over 22 million tonnes of wood pellets were shipped globally in 2018, up 21 per cent from 2017. The U.S., Canada, Vietnam, Latvia, and Russia accounted for 69 per cent of global exports in 2018. Demand for imported pellets in Japan and South Korea continued a three-year growth trend in the 4Q 2018, when import volumes reached new record highs of 339,000 tonnes and 993,000 tonnes, respectively. In 2018, the total annual import volume for the two countries was just over 4.5 million tonnes, more than doubling in just two years.