Yahoo Finance's Tom Belger has the latest from London.
Yahoo Finance's Tom Belger has the latest from London.
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(Bloomberg) -- Cheese prices are plunging as Covid’s second wave drives diners from restaurants.The pandemic is forcing U.S. officials to yet again tighten their grip on eating out, and that’s cutting into prices for cheese and other dairy products across the U.S. California imposed a curfew across much of the state, closing restaurants to all but take-out orders, and New York City’s Mayor Bill de Blasio has said it’s “just a matter of time” until his state halts indoor dining.Some wholesale cheddar prices have fallen more than 40% this month. Prices for cheese blocks, the type that graces party platters, have declined 13% this year to about $1.66 a pound, according to Chicago Mercantile Exchange data. Barrel cheese, typically used to make processed cheeses, is down 18%.“The second lockdown will have a really bad impact eventually on the price of dairy commodities because the food service demand has been killed partly at least,” Paul Barre, head of dairy at Marex Solutions in London, said in an interview. “In the next weeks the market will start crumbling because there’s just not appetite to purchase -- from the end users -- at the moment.”Barrel cheese could slip to as low as $1.41 a pound by the end of March, according to HighGround Dairy, a Chicago-based research and brokerage firm partnered with Marex. Cheese blocks futures, which are above $2 a pound, are expected to sink as low as $1.49 by that period, the firm said.Shutdowns earlier in the year cut demand for dairy purchased by restaurants, schools and other food-service providers, though the sales slumps for wholesale cheeses, butter and milk were offset by increased appetite from grocery stores as consumers shifted to eating at home.The latest lockdowns threaten to dent prices in a downturn that’s set to deepen as more restaurants and schools close their doors and feed fewer people. Still, fast-food outlets and take-out restaurants may help blunt the impact for dairy producers.“The American-style cheese and a mozzarella-style cheese -- the traditional cheeses -- are the ones being used on hamburger on sandwiches, on pizzas, and demand for those has been better than anticipated,” Mary Ledman, global dairy strategist at RaboBank in Chicago, said of demand this year. “As long as the drive-thrus remain open, that will be good for cheese demand.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Dublin, Nov. 24, 2020 (GLOBE NEWSWIRE) -- The "Global Wood Pellet Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering. Global wood pellet market was valued at US$10.491 billion in 2019 and is expected to grow at a CAGR of 14.47% over the forecast period to reach a total market size of US$23.604 billion in 2025. Wood pellets are renewable energy carriers. These are produced from sawdust or other ground woody materials. According to international standards, product requirements for energy density, moisture, abrasion resistance, particle size, and shape for wood pellets are defined, turning wood pellets into a commodity. As such, standardized wood pellets offer promising properties for large scale production. With rising production of wood pellets, there has been a significant rise in trade flows of wood pellets across the globe. There are different applications of wood pellets which are boosting their demand worldwide. For example, wood pellets are widely used as a convenient solid biofuel in automatic stoves and boilers in the domestic heating sector. Wood pellets reduce greenhouse gas (GHG) emission of the electricity generation when co-fired in coal-based power plants. Industrial wood pellets are used as a substitute for coal in power plants while premium pellets are used in pellet boilers and pellet stoves for heating.Wood pellets have emerged as a viable and promising renewable energy source as a replacement of coal, especially in Europe and North America. The pellet market has been witnessing a tremendous growth worldwide from the past few years with increasing demand for both industrial application in large scale power plants and small scale application in residential heating systems.The market for wood pellets is gaining a remarkable traction since they have low carbon footprints. As such, growing concerns regarding environmental sustainability across the globe is the major factor behind the growing demand for wood pellets which is driving the global market growth. Governments of different countries along with global organizations are continuously taking necessary steps and measures to reach their set target related to the reduction of carbon footprints or greenhouse gas (GHG) emissions. Limited availability of non-renewable resources and their adverse impact on the environment has made it necessary for the world economy to switch to alternative power sources without harming the environment. Governments across the globe have set their targets aimed to move towards different renewable energy sources.The use of wood pellets as fuels has gained a widespread adoption for heating homes and power boilers, especially in the European region. The easy availability of raw materials such as timber and compacted sawdust coupled with the low production cost are some of the factors which are also contributing to the robust rise in demand for wood pellets, thereby driving the market growth.The global wood pellet market players are actively engaged in R&D activities so as to increase the efficiency of the wood pellet manufacturing process and gain a competitive edge over their rivals. As such, new and advanced designs for pellet mills are being developed so as to obtain high yield with optimum fuel input. Furthermore, extensive research is being carried out to produce wood pellets with high-calorific value from the available feedstock. All these factors are anticipated to fuel the growth of global wood pellets market during the next five years.Europe is the largest consumer as well as producer of wood pelletsBy geography, global wood pellets market has been segmented into five major regional markets- North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). Europe accounted for the major share in the global wood pellets market in 2019. According to the USDA (United States Department of Agriculture) Foreign Agricultural Service's Global Agricultural Information Network, the EU (European Union) consumed an estimated 27.35 million metric tons of wood pellets in 2018, up from 24.15 million tons in the previous year. Also, wood pellet consumption in this region is estimated to increase to 30 million metric tons in 2019, with imports rising to 12.2 million metric tons from 10.355 million metric tons in 2018. According to the report, the EU has 656 pellet plants in 2017, with a combined capacity of 2.75 million metric tons. Capacity is also expected to reach 72 per cent in 2019, up from 70 per cent in 2018 and 67 per cent in 2017. By country, the United Kingdom become the top consumer of wood pellets in the EU region in 2018, with 8 million metric tons, followed by Italy (3.75 million metric tons), Denmark (3.5 million metric tons), Germany (2.19 million metric tons), and Sweden (1.785 million metric tons). Stringent regulations regarding environmental sustainability and continuous efforts to achieve their emission targets within the specified time period contributes significantly to the dominance of European region in the global wood pellets market. Supportive government initiatives and the incentives offered by the EU member states also drives the growth of wood pellets market in this region.North America is also increasing its wood pellet consumption owing to the regional price competitiveness with propane and residential heating oil. Rapid replacement of traditional burners for improving feed-in is also spurring the demand for wood pellets in this region.Asia Pacific (APAC) wood pellet market is projected to witness a noteworthy compound annual growth rate (CAGR) during the forecast period. Favourable government policies to ramp up the use of wood pellets for power generation along with the increasing number of power plants is fuelling the demand for wood pellets in APAC countries, especially in Japan, South Korea, and China. Growing focus on renewable energy sector in APAC countries is further propelling the regional market growth. Samsung C&T has been continuously expanding its role in importing wood pellets to South Korea, country which lacks natural energy resources. Also, the country is so aggressively subsidizing biomass sector so heavily that it is actually hindering the adoption of other renewable energy sources like wind and solar. Japan is currently the global primary buyer of palm kernel shells (PKS), purchasing more than 60 per cent of total PKS exports in 2018. PKS is a primary fuel that is used by many independent power producers in Japan who want to get benefit of the feed-in-tariff (FIT) which is a part of the country's policy for low-carbon generation. The FIT scheme offers a 20-year subsidy to firms which generate renewable energy. Increasing investments in biomass plants in this region will also bolster the wood pellet market growth during the next five years. For example, in February 2019, Renova Inc made a final investment decision (FID) and achieved financial close for the 74.8 MW Tokushima Tsuda biomass power generation project in Tokushima prefecture. The biomass power plant will use wood pellets and PKS as a fuel source and is planned to get started by March 2023. Shell India invested $7.7 million in a local biomass firm- Punjab Renewable Energy- backed by Neev Fund in August 2019.Competitive InsightsProminent key market players in the global Wood Pellet market include German Pellets GmbH, Pinnacle Renewable Energy Inc, Energex, Enviva LP, Wood & Sons, Drax Group plc, AS Graanul Invest, AVPGroup, Lignetics, Canfor, Stora Enso, Svenska Cellulosa Aktiebolaget SCA (publ), The Brookridge Group, and PIVETEAUBOIS. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the global Wood Pellet market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.Key Topics Covered: 1. Introduction1.1. Market Definition1.2. Market Segmentation2. Research Methodology2.1. Research Data2.2. Assumptions3. Executive Summary3.1. Research Highlights4. Market Dynamics4.1. Market Drivers4.2. Market Restraints4.3. Market Opportunities4.4. Porters Five Forces Analysis4.4.1. Bargaining Power of Suppliers4.4.2. Bargaining Power of Buyers4.4.3. Threat of New Entrants4.4.4. Threat of Substitutes4.4.5. Competitive Rivalry in the Industry4.5. Industry Value Chain Analysis4.6. Market Attractiveness5. Global Wood Pellet Market Analysis, By Application5.1. Introduction5.2. Heat5.3. CHP5.4. Power6. Global Wood Pellet Market Analysis, By End User6.1. Introduction6.2. Industrial6.3. Residential and Commercial7. Global Wood Pellet Market Analysis, By Geography7.1. Introduction7.2. North America7.2.1. North America Wood Pellets Market, By Application, 2019 to 20257.2.2. North America Wood Pellets Market, By End User, 2019 to 20257.2.3. By Country126.96.36.199. USA188.8.131.52. Canada184.108.40.206. Mexico7.3. South America7.3.1. South America Wood Pellets Market, By Application, 2019 to 20257.3.2. South America Wood Pellets Market, By End User, 2019 to 20257.3.3. By Country220.127.116.11. Brazil18.104.22.168. Argentina22.214.171.124. Others7.4. Europe7.4.1. Europe Wood Pellets Market, By Application, 2019 to 20257.4.2. Europe Wood Pellets Market, By End User, 2019 to 20257.4.3. By Country126.96.36.199. Germany188.8.131.52. France184.108.40.206. The United Kingdom220.127.116.11. Italy18.104.22.168. Spain22.214.171.124. Denmark126.96.36.199. Austria188.8.131.52. Others7.5. Middle East and Africa7.5.1. Middle East and Africa Wood Pellets Market, By Application, 2019 to 20257.5.2. Middle East and Africa Wood Pellets Market, By End User, 2019 to 20257.5.3. By Country184.108.40.206. Saudi Arabia220.127.116.11. UAE18.104.22.168. Others7.6. Asia Pacific7.6.1. Asia Pacific Wood Pellets Market, By Application, 2019 to 20257.6.2. Asia Pacific Wood Pellets Market, By End User, 2019 to 20257.6.3. By Country22.214.171.124. Japan126.96.36.199. China188.8.131.52. India184.108.40.206. South Korea220.127.116.11. Others8. Competitive Environment and Analysis8.1. Major Players and Strategy Analysis8.2. Emerging Players and Market Lucrativeness8.3. Mergers, Acquisitions, Agreements, and Collaborations8.4. Vendor Competitiveness Matrix9. Company Profiles9.1. German Pellets GmbH9.2. Pinnacle Renewable Energy Inc9.3. Energex9.4. Enviva LP9.5. Wood & Sons9.6. Drax Group plc9.7. AS Graanul Invest9.8. AVPGroup9.9. Lignetics9.10. Canfor9.11. Stora Enso9.12. Svenska Cellulosa Aktiebolaget SCA (publ)9.13. The Brookridge Group9.14. PIVETEAUBOIS For more information about this report visit https://www.researchandmarkets.com/r/dlcdu3 Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900