Global Charcoal Market Set For 6.1% Growth, Reaching $7.21 Billion By 2028

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What is the current growth trajectory and future projection for the global charcoal market?

The charcoal market has been experiencing substantial growth in recent years and will continue to expand from $5.38 billion in 2023 to $5.68 billion in 2024 at a compound annual growth rate CAGR of 5.5%. This surge during the historic period can be attributed to its increasing applications in several sectors including industrial, recreational activities, water filtration, medical and pharmaceutical uses, traditional heating sources, and as an alternative to wood fuel.

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Strong growth is anticipated in the charcoal market over the forthcoming years, projecting to reach $7.21 billion by 2028 with a compound annual growth rate CAGR of 6.1%. The driving forces behind this growth during the forecast period include the rise of outdoor recreation, applications of biochar in agriculture, use of activated charcoal in health and beauty, restaurant and catering industry demand, and renewable energy initiatives. Furthermore, key trends escalating in the forecast period comprise eco-friendly charcoal production, the application of charcoal in cooking and barbecuing, waste-to-energy initiatives, carbon sequestration projects, and the proliferation of online retail platforms.

Which factors are driving the growth of the charcoal market?

Significantly contributing to the progression of the charcoal market is the burgeoning popularity of barbecued food. Barbeque is a cooking style where various foods, including vegetables, meat, and fish, are cooked over a rack on an open fire – a process where charcoal plays an essential role as the fuel. The ability of charcoal to heat up quickly and impart a smokey flavor to meals increases its demand for open fire cooking in barbeque food preparation. For instance, according to the UK-based blog National BBQ week, in 2021 alone, the UK hosted around 165 million barbecues, with a staggering 15 million taking place on the Easter Bank Holiday. Undoubtedly, the soaring popularity of barbecued food has been propelling the growth of the charcoal market.

Who are the major players contributing to the growth of the charcoal market?

Major companies operating in this domain include China National Chemical Corporation Ltd., Bricapar SA, Cooks International LLC, Royal Oak Enterprises LLC, Duraflame Inc., Kingsford Products Company, Ignite Products, Parker Charcoal Co., Fire & Flavor Grilling Company, Namchar Pty. Ltd., Mesjaya Abadi Sdn Bhd, Saint Louis Charcoal Company LLC, The Dorset Charcoal Co., Subur Tiasa Holdings Berhad, Rancher Charcoal, Plantar Group, Sagar Charcoal and Firewood Depot, Maurobera SA, NamCo Charcoal and Timber Products, The Oxford Charcoal Company, E & C Charcoal, Carbo Namibia Pty Ltd., Two Trees Products, Dancoal Sp. Z.o.o, Gryfskand sp. z o.o., Southern Fuelwood, Blackwood Charcoal, B & B Charcoal, Braai & BBQ International Pty. Ltd., Direct Charcoal Ltd., Fogo Charcoal Co., Linyi Fumin Charcoal Co. Ltd, Matsuri International Co. Ltd., PT Cavron Global, Tatapar Carvao Sao Manoel, The Original Charcoal Company, and Timber Charcoal Co. LLC.

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Any emerging trends in the charcoal market?

In the fight for market share, innovation is key. Many entities operating in the charcoal market are focused on developing new products to increase their market presence. For instance, US-based charcoal company Kingsford launched ‘Signature flavors’ in March 2022 - a novel range of flavor enhancers for charcoal grills and pellets for pellet grills. Signature flavors offer pre-seasoned charcoal briquets that slowly release flavor throughout the grilling process. To stoke barbecue lovers' interests, this product introduced three new flavors: garlic onion paprika, basil sage thyme, and cumin chili.

How is the charcoal market segmented?

The charcoal market covered in this report is broadly segmented into:

1 By Product: Lump Charcoal, Charcoal Briquettes, Japanese Charcoal, and Sugar Charcoal.
2 By Distribution Channel: Online and Offline.
3 By Application: Outdoor Activities, Restaurant Business, Metallurgical Fuel, Industrial Fuel, and Filtration.

What are the regional insights on the charcoal market?

In 2023, the Asia-Pacific region boasted the largest share in the charcoal market, followed by North America as the second-largest region. The regions covered in the charcoal market report comprise Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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