Charcoal Market Emerging Trend, Advancement, Growth and Business Opportunities | P&S Intelligence

In contemporary times, barbecued food is gaining traction due to the changing taste palate and food preferences and surging popularity of new cooking styles. Moreover, the increasing installation of live barbecue stations at households and restaurants is fueling the consumption of charcoal worldwide. Countries such as India and China are increasingly adopting live barbecue stations due to the escalating preference for grilled and smoked food. Moreover, the age-old tradition of barbecue in North America and Europe also encourages charcoal production across the world.

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Additionally, the burgeoning demand for clean drinking water will help the charcoal market grow at a CAGR of 1.9% during the forecast period (2019–2024). According to P&S Intelligence, the market was valued at $5,882.8 million in 2018, and it is projected to generate $6,566.5 million revenue by 2024. Water treatment plants use Japanese white charcoal to eliminate toxic chemicals and enrich the water with natural minerals. Additionally, water treatment plants use activated-charcoal carbon filters to remove foul odor, harmful volatile organic compounds (VOCs), and sediments from water.

The application segment of the charcoal market is categorized into industrial, barbecue, filtration, metallurgical fuel, and others, such as arts, automotive, horticulture, medical, and pharmaceutical. Under this segment, the barbecue category generated the highest revenue in 2018, and it is expected to continue this trend throughout the forecast period. This can be credited to the increasing usage of charcoal at barbecue restaurants to enhance the food’s flavor. Owing to the mounting popularity of this cooking method in Asian countries, the category will also exhibit the fastest growth during the forecast period.

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Globally, Latin America (LATAM) recorded the highest consumption of charcoal in the recent past due to the accelerating industrialization rate, surging cement production, and flourishing food industry, owing to the increasing proliferation of the barbecue culture. In the LATAM region, Brazil will consume the largest quantity of charcoal in the forthcoming years due to the rising production of iron, steel, and other metals in the country. The World Steel Association states that 31.0 million tonnes (Mt) of steel was produced in Brazil in 2020.

Therefore, the rising preference for barbecued food and surging demand for clean drinking water will accelerate the consumption of charcoal in the foreseeable future.

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This release was published on openPR.