Philippines Charcoal Market By Application, Type, And Growth Forecast to 2030

With the growing popularity of barbecued and grilled foods, the demand for charcoal is surging in Philippines. Moreover, the traditional favorability of the material among the people, on account of its lower cost than traditionally used fuels, huge popularity of charcoal-based cooking recipes, easy availability of feedstock (coconut shells and wood), affordability of accessories and stoves, and large-scale preference of people for foods cooked with the help of charcoal over other methods, is also propelling its sales in the country.

Additionally, charcoal is widely used in both upper-income and low-income households in the country, owing to its ability to preserve the natural flavor of foods, which further boosts its sales. Besides these factors, the extensive usage of the material for producing energy in both commercial and residential sectors is also driving the expansion of the Philippines charcoal market. As a result, the revenue of the market is predicted to rise from $500.0 million in 2019 to $688.2 million by 2030. Furthermore, the market will demonstrate a CAGR of 2.9% from 2020 to 2030 (forecast period).

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Depending on type, the market is divided into lump charcoal, charcoal briquettes, Japanese charcoal, and sugar charcoal categories. Out of these, the lump charcoal category is expected to dominate the market in the coming years. This is because this variant is predominantly used in commercial and residential facilities as a cooking fuel, on account of its relative ease of processing, better performance than other substrates, and low cost dynamics. When application is taken into consideration, the Philippines charcoal market is classified into cooking fuel, metallurgical, industrial, and filtration.

Amongst these, the cooking fuel category held the largest share in the market in the past years. This was ascribed to the huge requirement for charcoal as a cooking fuel in residential buildings and utilities and the low cost of the material than other power sources such as kerosene and liquified petroleum gas (LPG). In addition to these, the existence of pre-existent functional supply chains, high-performance attributes such as sufficient heat production and low smell, and ease of production of the material are also contributing toward its widespread usage as a cooking fuel in the country.

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Hence, it can be said without any doubt that the demand for charcoal will soar in Philippines in the coming years, mainly because of the surging requirement for the material as a cooking fuel, on account of the huge popularity of traditional charcoal-based cooking recipes and barbecued foods in the country.

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This release was published on openPR.