Abstract The European Union plans to shift parts of its economy towards a biobased system commonly referred to as a bioeconomy in order to reduce emissions and fossil fuel dependence. Biomass exhibits lower carbon densities, higher moisture contents, and is more heterogeneous when compared to the feedstock basis of the current economy. In this paper, we simulate generic biomass-to-end-use chains to compare economic performances of the three technologically most advanced pre-treatment options for biogenic raw materials. Exemplary cellulosic biomass feedstocks are computed to be processed to pellets, torrefied pellets and pyrolysis oil based on current data from previous research and demonstration projects. Various distribution options are considered for the resulting densified bioenergy carriers to be finally converted to heat, electricity and liquid biofuels. We find that the discussed densified bioenergy carriers could compete in the existing residential heating market. Furthermore, large-scale conversion facilities like coal co-firing and gasification could profit from cost reductions for torrefied pellets when compared to conventional pellets. To reach commoditisation of these bioenergy carriers as well as full commercialisation of the respective technologies, upscaling would have to start now possibly by establishing a residential heating market based on torrefied pellets where framework conditions are most favourable.