Asia Global Pellet Share Is Growing
While worldwide trade of pellets remained roughly unchanged year-over-year in 2022 from 2021, Asia has increased its global share of wood pellet imports to a record 32%, according to a recent report in WoodMarket Prices at ResourceWise.
The report notes that Asia, represented by Japan and South Korea primarily, has continued to grow import volumes at the expense of European buyers and its share of import volume is up from only 18% five years ago. The upward trend is expected to continue, and the report projects Japan will be the fastest-growing market in the world in the next 5-10 years.
The growth in Asian pellet demand bodes well for the Northwest: Increased pellet shipment growth is likely to be supplied by Pacific Northwest and Canadian fiber producers. The report notes that after shipping almost all their collective production to Europe, Southern U.S. pellet producers shipped 10% of their volume to Asia in first quarter 2023.
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