BBQ Charcoal Market to Reach $3.3 Billion by 2031 Driven by 4.8% CAGR | Demand in North America and Europe

According to a new report published by Allied Market Research, titled, "BBQ Charcoal Market," The BBQ Charcoal Market size was valued at $2.1 billion in 2021, and is estimated to reach $3.3 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.

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The increase in the influence of grilled food across the world and growth in adoption of grilled food among youth are majorly driving the BBQ charcoal industry. People are increasingly getting health conscious due to which consumers are preferring smoked or grilled food over fried food. The demand for BBQ charcoal is showing a significant increase due to its benefits such as grilled food is smoky flavored and healthy. Moreover, BBQ charcoal grills provide more heat and are portable. In addition, growth in cookout trends, such as cooking grilled food in the backyard, is increasing among the youth across the world. QSR magazine has reported that more than 90% of Americans like BBQ food, which is creating growth opportunity for BBQ charcoal market in North America. However, barbecue and grilling are very popular around the world, so the entry of local players into the production of barbecue charcoal products continues to increase. Local players start producing charcoal, which negatively impacts prices. In addition, the number of local players in the market is increasing, and price competition is intensifying. To compete in the market, local players start selling their products at lower prices. This is one of the major factors creating challenges in the global barbecue charcoal market.

Increase in penetration of quick service restaurant chains, hotels, fast casual restaurants, cloud kitchens, and cafes has led to surge in the processed meat market in North America and Europe, which, in turn, fuels the BBQ charcoal market growth. Ready-to-eat foods are precooked foods that have a long shelf life and are consumed on the go. In addition, these dishes are growing in popularity due to the convenience they offer, as they save time and require no additional heating before consumption and influence consumer eating habits. The increasing demand for ready-to-eat foods is driving the sales of charcoal, which is used in ready-to-eat foods and enhances the flavour of the prepared foods. Growing preference for such meals is driving the growth during the BBQ Charcoal Market Forecast.

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According to the data published by the Centers for Disease Control and Prevention (CDC), around 36.6% of adults in the U.S. consume fast food on regular basis. Hence, fast food chains and emerging retail industry contribute toward growth in the use of BBQ charcoal in the developed markets such as North America and Europe. Rapid growth and penetration of these fast food chains in Asia-Pacific and LAMEA is expected to boost the demand for these products in the forthcoming years, hence providing lucrative BBQ charcoal market opportunities to the players operating in the market.

According to the BBQ charcoal market trends analysis, the market is segmented into type, end user, and region. By type, the market is segregated into lump charcoal and charcoal briquettes. Depending on end user, it is classified into households and commercial. On the basis of type, charcoal briquettes segment dominates the market, while the lump charcoal segment is expected to exhibit a decent growth during the forecast period. Taste preferences of consumers are evolving and they are trying different variants. This makes it essential for marketers and producers to understand the latest market trends and consumer's buying behavior.

Some of the key players profiled in the BBQ charcoal market analysis include Matsuri International Co. Ltd., The Oxford Charcoal Company, Braai & BBQ International (Pty) Ltd, Kingsford Products Company, PT Cavron Global, Duraflame Inc., Dancoal Sp. Z.o.o., Carbo Namibia (Pty) Ltd., Mesjaya Abadi Sdn Bhd, and Direct Charcoal Ltd.

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Key findings of the study

By product type, the charcoal briquettes segment is estimated to witness the faster growth, registering a CAGR of 5.2% during the forecast period.

In 2021, by end user, the commercial segment held the higher share, accounting for more than 60% share in the global BBQ charcoal market share.

In 2021, the U.S. was the most prominent market globally and is expected to grow at a significant CAGR throughout the forecast period.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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