The global Charcoal Market is worth US$ 6.86 Bn in 2018 and expected to grow at a CAGR of 4.2% during the forecast period from 2019 to 2027.
Market Insights
“Growing demand of barbecued food is inflating the global charcoal market”
Popular trend of having barbecued food and rising number of barbecues across the globe has increasing demand for charcoal, is driving the charcoal market, worldwide. Activated carbon, a derivative from charcoal, is also a cost-effective solution for purifying the air from pollutants such as volatile organic compounds. It is also used in the mining industry for gold recovery process. Cheaper than many other purifying agents, the demand of charcoal is increasing for air and water purification. During wastewater treatment, activated charcoal is highly utilized for filtration purpose, further contributing a huge share in the global charcoal market. Moreover, charcoal when burnt in the absence of oxygen, produces activated carbon that can be used for various industrial purification processes.
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Overall, the global charcoal market is worth US$ 6.86 Bn in 2018 and expected to grow at a CAGR of 4.2% from 2019 to 2027. In 2027, the projected size of the global charcoal market is estimated at US$ 9.90 Bn.
The overall charcoal market is highly fragmented in nature. The market players are more focused on launching new products in peripheral businesses such as foods, restaurants, etc.
Industrial Developments
In September 2017, Kingsford Products Company introduced its new BBQ sauces across America. These three sauces viz. original smoked hickory, honey jalapeño mesquite and brown sugar applewood have no artificial preservatives, flavors or colors. With this launching, the company expected to increase its share BBQ sauces market.
Key Market Movements:
• Globally, the charcoal market is growing at a CAGR of 4.2% for the period from 2019 to 2027.
• Based on type, charcoal is segmented into four types viz. lump, barbecue, binchotan, coconut, and others. In 2018, lump charcoal captured the largest market size in the global charcoal market. A large number of applications associated with lump charcoal helped this segment to gather the major share. Lump charcoal is used in metallurgical purposes, blacksmithing, cement industry, etc. All-natural lump charcoal with 100% hardwood product with no additives, heats faster than briquettes and burns hotter and faster.
• On the basis of geography, the rest of the world region is growing at the fastest rate. The fastest growth of the region is driven by the Middle East and Africa where there is a high demand for charcoal for barbecued food and growing industrialization in power generation, industrial manufacturing in regional countries such as South Africa. It is estimated that the region will keep its growth rate throughout the forecast period.
List of Companies Covered:
• Duraflame, Inc.
• Royal Oak Enterprises, LLC.
• BRICAPAR SA
• Timber Charcoal Company LLC
• Sagar Charcoal and Firewood Depot.
• Namchar
• Mesjaya Sdn Bhd
• Gryfskand sp. Z o. O.
• MAUROBERA SA
• Kingsford Products Company
• Others
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DoC: https://issuu.com/alchemymarketresearch/docs/charcoal_market_size_analysis.docx
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