The Charcoal Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Charcoal Global Market Report 2024, The charcoal market size has grown strongly in recent years. It will grow from $5.38 billion in 2023 to $5.68 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to industrial applications, recreational activities, water filtration, medical and pharmaceutical uses, traditional heating, alternative to wood fuel.
The charcoal market size is expected to see strong growth in the next few years. It will grow to $7.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rising outdoor recreation, biochar for agriculture, activated charcoal in health and beauty, restaurant and catering industry, renewable energy initiatives. Major trends in the forecast period include eco-friendly charcoal production, charcoal in cooking and barbecuing, waste-to-energy initiatives, carbon sequestration projects, online retail platforms.
The growing popularity of barbecued food is significantly contributing to the growth of the charcoal market going forward. Barbeque refers to a type of food preparation where various foods including vegetables, meat, fish, and so on are cooked over a rack on an open fire. As charcoal heats up quickly and imparts a smokey flavor to the meal, it is frequently employed as fuel for the open fire in barbecue food preparation. For instance, according to National BBQ week, a UK-based barbeque blog, in 2021, the UK hosted around 165 million barbeques, with 15 million being held on the Easter Bank Holiday alone. Therefore, the growing popularity of barbecued food is driving the charcoal market growth.
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The charcoal market covered in this report is segmented –
1) By Product: Lump Charcoal, Charcoal Briquettes, Japanese Charcoal, Sugar Charcoal
2) By Distribution Channel: Online, Offline
3) By Application: Outdoor Activities, Restaurant Business, Metallurgical Fuel, Industrial Fuel, Filtration
Major countries in the world are increasing their focus on introducing carbon trading programs to reduce carbon emissions. Carbon trading programs are market-based mechanisms designed to reduce greenhouse gas emissions. For instance, in February 2023, Indonesia launched the first phase of a mandatory carbon trading program for coal power plants. The initiative aims to promote the use of renewable energy and achieve net-zero emissions. It covers 99 power plants, which have a total installed capacity of 33.6 GW. These power plants account for 86% of the country’s coal power plants. Based on their previous performance, power plants are allocated carbon allowances. If a power plant exceeds its carbon quota, it can offset the excess emissions by purchasing carbon credits from plants that emit less than their quota. The price for carbon credits is set by the market mechanism, and it may range between $2 and $18 per ton, according to an energy ministry study. In the future, the carbon trading program will be extended to cover smaller coal plants, other fossil-fueled power plants, and power plants that are not connected to the national grid.
The charcoal market report table of contents includes:
1. Executive Summary
2. Charcoal Market Characteristics
3. Charcoal Market Trends And Strategies
4. Charcoal Market – Macro Economic Scenario
5. Global Charcoal Market Size and Growth
……
32. Global Charcoal Market Competitive Benchmarking
33. Global Charcoal Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Charcoal Market
35. Charcoal Market Future Outlook and Potential Analysis
36. Appendix
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