The state of the forestry investment market

As of March 2026, there were 309 investment projects in the Russian timber industry, with more than a quarter of them—81 projects (26.2%)—suspended. The main reasons for this are the high cost of debt financing, equipment limitations, and subdued growth in export markets.

Total investment in the industry in 2025 amounted to approximately 110.2 billion rubles, of which 53.5 billion were projects launched in 2026. If the current pace and investment plans are maintained, total investment in 2026 could exceed 140 billion rubles. However, analysts note the continuing risk of an increase in the share of suspended projects.

The investment structure remains concentrated. The bulk of capital investment (93.7%) falls on two segments:

• wood products and building materials — 41.7%;
• cellulose, paper, and cardboard — 37.3%.

This structure reflects steady demand from construction, the furniture industry, logistics, and the food industry.

Among the regions, the Moscow Region leads in the number of projects (32 projects), while Karelia, Komi, Vologda, and Irkutsk Regions — regions with a developed raw material base — are also among the largest. Adygea rounds out the top five with the Kartontara-2 corrugated board plant modernization project.

Meanwhile, Krasnoyarsk Krai ranks first in terms of investment volume — Through the implementation of a project to build a pulp and paper mill as part of a biotech complex for deep wood processing. It is being implemented by Kraslesinvest and Taiga Boguchany with the support of WEB.RF. The announced investment in the project amounts to 150.8 billion rubles.

The current situation in the forestry investment market is influenced by two opposing factors: on the one hand, investment potential and demand for deep-processed products remains, while on the other, financial and technological constraints are increasing. This makes 2026 a period of subdued growth with a high degree of dependence on macroeconomic conditions.