In 2023, the share of biomass in Canada's total domestic material consumption stood at 11.84%. From 2024 onwards, the forecasted data shows a steady decline: 11.72% in 2024, 11.61% in 2025, 11.49% in 2026, 11.38% in 2027, and 11.27% in 2028. The year-on-year variation reveals a consistent decrease of approximately 1%, with the CAGR over the five-year period falling around 0.96%.
Future trends to watch for:
- The role of government policies and environmental regulations influencing biomass consumption.
- Technological advancements in renewable energy sources that could either substitute or complement biomass.
- Market dynamics such as changes in energy prices, availability of resources, and shifts in consumer preferences towards sustainable materials.