The size of the world market for wood pellets is anticipated to increase in the forecast period. The growing global demand for renewable energy is driving the market for wood pellets since they are a clean, ecologically friendly, sustainable, and renewable biomass, which helps to reduce the use of fossil fuels that contribute to global warming. Over the course of the projection period, this is anticipated to aid in the industry's expansion. The market is primarily being driven by the rising demand for wood pellets in the production of clean energy, particularly in Europe. The acceptance and expanding use of alternative renewable energy sources including solar photovoltaic, wind energy, and geothermal in different regions of the world, however, is predicted to impede market expansion during the anticipated period.

Since there was a high demand for wood pellets before the pandemic, COVID-19 has had a negative effect on the market. Businesses including Drax Group plc, Enviva Inc., Energex, Sinclar Group Forest Products, and others had a very hard time selling wood pellets to both new and existing clients due to a paucity of raw materials. The government's strict regulations led to this. The lack of raw materials also had a significant influence on the market's ability to offer wood pellets. Prices, exports, and production were constant, showing that the COVID-19 epidemic had little impact on demand. However, certain negative effects were found, including labor availability and access to transportation services. The quick rebound of the lumber industry, which also ensured a consistent supply of feedstock, mitigated the impact on wood pellet producers.

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; AVPGroup, Drax Biomass, Energex, Enviva LP, Farm Fuels, Graanul Invest, Groupe Savoie Inc., Highland Pellets LLC, I.C.S Lumber Inc., Lauzon, Pinnacle, Sinclar Group Forest Products, United Company, Vermont Wood Pellet Company, Wood Pellet Energy Ltd.

By Product: Based on the Product, Global Wood Pellet Market is segmented as; Premium Wood Pellet, Standard Wood Pellet, Utility Wood Pellet.

By Flavour: Based on the Flavour, Global Wood Pellet Market is segmented as; Apple Wood Pellets, Cherry Wood Pellets, Hickory Wood Pellets, Mesquite Wood Pellets, Pecan Wood Pellets, Traeger Signature Wood Pellets.

By Application: Based on the Application, Global Wood Pellet Market is segmented as; Animal Bedding, Combined Heat and Power, Commercial Heating, Power Plants, Residential Heating.

By End User: Based on the End User, Global Wood Pellet Market is segmented as; Commercial, Industrial, Residential.

By Region: Due to the rising demand for wood pellets as an energy source, Europe is currently dominating the world wood pellet market. The largest market for wood pellets used in the production of electricity is in Europe. Additionally, North America is the world's largest exporter of wood pellets, and as a result, more facilities are anticipated to be built to produce them in the years to come.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.