Europe's Biomass Pellets Market Set for USD 22.2 Billion by 2033, CAGR Projected at 6.9%
The Europe biomass pellets market, as reported by Future Market Insights (FMI), reached USD 10,743.6 million in 2022. Demand for biomass registered a 6.3% year-on-year growth in 2022, indicating that the Europe market would reach USD 11,387.5 million in 2023.
Over the forecast period 2023 to 2033, Europe sales of biomass pellets are expected to exhibit a 6.9% CAGR. It is expected to total a market size of USD 22,161.2 million by the end of 2033.
Biomass pellets are a clean-burning, cost-effective, and renewable source of fuel that is gaining high popularity as an alternative to fossil-based fuels. Biomass pellets can be produced from any type of compressed biomass or organic matter. This includes cordwood, wood chips, wood sawdust, waste paper, agricultural waste (residue), food waste, virgin lumber, and energy crops among others.
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