Key Market Insights

"Increasing applications of charcoal from food to filtration is keeping the market growing"

With the growing urbanization and industrialization across the globe, there are many environmental challenges pop-up in the world. With the stringent environmental laws for treating industrial wastewater, there is a high demand for charcoal. Also, a new trend of barbecued food created ample opportunities for charcoal manufacturers in the recent past. Moreover, to minimize the carbon dioxide emission while producing silicon, industries are opting for charcoal instead of coal as earlier. This has provided a good opportunity for the market to grow in 2021.

Along with the above market scenario, charcoal is widely used in urban areas because of its advantages such as high calorific value than firewood. Easy transportation over long distances and less room for storage, smokeless, sulfur-free made it the ideal choice of barbecues across the world to opt for charcoal for use in their BBQs. Moreover, unlike firewood, charcoal is not deteriorated by fungi or insects. Such benefits offered by charcoal have high demand in the global market. In 2021, the global charcoal market was US$ 7.72 Bn and expected to grow with a CAGR of 4.2% from 2023 to 2030.

End-use Analysis

"Major share of charcoal market is gained by metallurgical industry"

Increasing demand from the steel industry has an impact on the charcoal market. Charcoal is widely used in the metallurgical industry on account of its advantages such as clean fuel, high thermal efficiency, low cost, and investment. Along with it, the previously used coke during iron and steel making brought smoke and other pollutants and with the stringent environmental norms, the demand for charcoal in metallurgical applications has further increased from the last few years.

Regional Analysis

"Latin America captured the major share owing to industrial growth"

Latin America is the largest market for the charcoal market in 2021. The regional charcoal market is driven by rapid industrialization, booming construction industry along with cement production and an increase in several barbecue restaurants. With the growth of steel, automotive, construction, and infrastructure industries in Brazil, and Mexico, there is a high demand for charcoal in the region.

Additionally, in the Middle East and Africa, there is a growing demand for charcoal from an increasing number of barbecues; which in turn, further drives the market in 2018. Overall, the rest of the world region, consisting Latin America and MEA, captured over 30% share of the global charcoal market in 2018.

"Emerging partnership trend is keeping the market competitive"

The overall charcoal market is fragmented and market players are focusing on partnership with other market players to bolster their market position. Following is the list of companies covered in this report.

Key Industry Development:

In May 2017, Kingsford Products Company filed a government petition to make barbecue ribs a national food across North America. Along with this, the company introduced Kingsford Long Burning briquettes that last almost 25% longer, than Kingsford Original. With this launch, the company expected to improve its market share in the region in the coming years.
In September 2017, CBQ, LLC, a subsidiary of Carl Buddig & Company, collaborated with Kingsford Products Company, a subsidiary of the Clorox Company for producing ribs that are cooked in advanced and barbecue entrees. With this multiyear agreement, both companies desired to capture good share in barbecued food category market.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Charcoal market are as follows:

Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report
Micro and macro environment factors that are currently influencing the Charcoal market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

ATTRIBUTE	DETAILS
Research Period	2022-2032
Base Year	2023
Forecast Period	2024-2032
Historical Year	2022
Unit	USD Million
Segmentation
	Type Lump Briquette Binchotan Coconut Others (Mangrove, Shisha, Sawdust, Root, etc.)
	End-use Metallurgy Barbecue Industrial Filtration Others (Medical, Pharma, Horticulture, etc.)
	Region Segment (2022-2032; US$ Million) North America U.S. Canada Rest of North America UK and European Union UK Germany Spain Italy France Rest of Europe Asia Pacific China Japan India Australia South Korea Rest of Asia Pacific Latin America Brazil Mexico Rest of Latin America Middle East and Africa GCC Africa Rest of Middle East and Africa

Key questions answered in this report

What are the key micro and macro environmental factors that are impacting the growth of Charcoal market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Charcoal market?
Which is the largest regional market for Charcoal market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Charcoal market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Charcoal market worldwide?