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UK wood pellet imports to hit
record high in 2024 |
 The U.K. is set to import a record 9.641 million metric tons of wood pellets in 2024, according to a report filed with the USDA Foreign Agricultural Service¡¯s Global Agricultural Information Network in November. This projected increase follows a significant decrease in wood pellet imports during 2023 and 2022, which the report attributes to fluctuating global wood pellet prices and competition from alternative energy sources. In 2024, more than 93% of the U.K.¡¯s wood pellet demand is expected to be used for industrial energy production, with the remaining 7% allocated for domestic and commercial use. Residential use of wood pellets, which has been historically low, is forecast to decline further as the U.K. phases out its Domestic Renewable Heat incentive. The report further reveals that total U.K. wood pellet consumption is anticipated to reach 9.848 million metric tons in 2024, a notable increase from 6.592 million tons in 2023, 7.741 million tons in 2022, and 9.545 million tons in 2021. Imports will continue to play a major role in meeting the U.K.¡¯s pellet demand, with expected imports of 9.641 million metric tons in 2024, compared to 6.364 million metric tons in 2023, 7.516 million metric tons in 2022, and 9.25 million metric tons in 2021. The U.S. remains the largest supplier of wood pellets to the U.K., accounting for 73% of imports by volume in 2023, followed by Canada, Latvia, the Netherlands, Estonia, and Brazil. While the U.K. has some domestic production capacity, its pellet plants are projected to produce 219,000 metric tons in 2024, a decrease from 239,000 metric tons in 2023, 248,000 metric tons in 2022, and 300,000 metric tons in 2021. |
