Philippines Charcoal Industry Analysis, Leading Players, Growth and Forecast Report, 2030

Commercial and residential installations in the Philippines opt for charcoal owing to its traditional favorability, affordability of stoves and accessories, easy availability than coconut shells and wood, low cost, and taste favorability in comparison to other fuels. Low-income households, as well as upper-income groups, witness a high adoption of this conventional fuel source owing to the aforementioned reasons. Moreover, the surging requirement for products that create activated carbon will boost the usage of charcoal in the coming years.

Moreover, the changing food preferences of the people will drive the Philippines charcoal market at a CAGR of 2.9% during the forecast period (2020-2030). The market generated revenue of $500.0 million in 2019, and it is expected to reach $688.2 million by 2030. Individuals are increasingly consuming barbecued food owing to the changes in their taste preferences and adoption of new cooking styles. As a result, the installation of live barbecue stations at restaurants and households will propel the demand for charcoal in the foreseeable future.

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The type segment of the Philippines charcoal market is classified into lump charcoal, charcoal briquettes, Japanese charcoal, sugar charcoal, and others. Among these, the lump charcoal category generated the highest revenue in 2019 owing to the high-volume consumption of this variant in commercial and residential units to serve as cooking fuel. This is due to the low-cost dynamics, better performance, and relative ease of processing lump charcoal as compared to other types. Moreover, the low ash production and easy burning of lump charcoal have led to its increasing consumption in the country.

These different kinds of charcoal are being used in high volumes as cooking fuels, as residential and commercial units mostly prefer non-renewable sources for cooking purposes. The strong preference for charcoal is due to its low cost, high-performance attributes, including sufficient heat production and low smell, and ease of production as compared to other energy sources. Apart from this, the metallurgy, industry, and filtration sectors also require a high volume of charcoal.

In recent years, key players in the Philippines charcoal market, such as BF Industries Inc., GCF Multi Products Development Corporation, Cenapro Inc., Premium A.C. Corporation, Celebes Agricultural Corporation, MacKay Green Energy Inc., and Jacobi Group, have expanded their product portfolio to meet the surging demand. Other players are mostly small-and medium-scale businesses offering green charcoal to adhere to the environmental norms laid down by the government and international organizations. The presence of a large number of small companies also makes the market fragmented, thus offering the established companies opportunities to make inroads.

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Thus, the easy availability and low-cost of charcoal will fuel the demand for this conventional source in the future. Moreover, the surging reliance on traditional stoves and new cooking methods, such as barbecue and grilling, will amplify the consumption of this carbon-rich product in the country in the coming years.

Browse more reports:

Global Charcoal Industry - https://www.psmarketresearch.com/press-release/charcoal-market

Asia Charcoal Briquettes Industry - https://www.psmarketresearch.com/press-release/asian-charcoal-briquettes-market

South Africa Charcoal Briquettes Industry - https://www.psmarketresearch.com/press-release/south-africa-charcoal-briquettes-market

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This release was published on openPR.