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Charcoal Market Projected to Hit USD 7.01 Bn. by 2030
Charcoal Market
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Market Estimates, Growth Factors, and Opportunities
The charcoal market was worth around USD 6.18 Billion in 2023 and is estimated to reach USD 7.01 during the forecast period, growing at a CAGR of 1.8% from 2023 to 2030.
There are several drivers of this growth:
Increasing Usage In Construction And Metallurgy- Charcoal powder is consumed in the construction trade, particularly as a binder in the generation of lightweight cement, and its high warmth capacity in metal fabricating, which is essential driver for the world charcoal demand.
Tech-Related Uses: Activated charcoal is also used in some purification technologies.
Activated charcoal is used in water purification systems, as it is an excellent absorbent and the quality of water is a concern.
Culinary Trends: The increased popularity of the barbecue, renting a barbecue or purchasing a barbecue is also fueling demand for charcoal for traditional western markets and in developing markets where outdoor cooking is a growing cultural trend.
Trends & Investments in the U.S. Market
Here are some notable developments in the U.S. charcoal market in 2024:
The Jacobi Group entered into sustainable coconut shell charcoal production, optimizing environmental contribution and supply chain sustainability.
353 new companies announced plans to invest within the U.S., creating 51,000 jobs in America, such as: Prime 6 - $35 million to create a manufacturing facility in Buckhannon, West Virginia to manufacture sustainable charcoal alternatives and create 75 jobs.
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Breakdown by type and dominant segments
On the basis of product type, application and distribution channel, the charcoal market is divided into four categories. Key segments bildering দাম include:
Market Fill By_product Type: Due to its natural formation and excellent heating value, lump charcoal dominates the market as well for industrial and culinary purposes.
Based on Application, the market is segmented into outdoor cooking, indoor cooking, and food preserving.
Competitive Analysis
Some of the major players in the charcoal market are:
E & C Charcoal: A top-quality charcoal producer serving domestic and international customers.
Kingsford Products Company; In March 2022, a division of The Clorox Company, Kingsford launched a new line of hardwood pellets and charcoal for grilling. The launch is designed to elevate the grilling experience with its line of charcoal and pellets.
NamCo Charcoal and Timber Products NamCo focuses on the production of high-grade charcoal for both the local and export market.
Namchar- A supplier of premium charcoal products to the local and export markets.
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Regional Analysis
United States: Estimated to rise at a pace of 1.8% during the forecast period, 2024-2031. Technological innovations and sustainable methods of production are expected to boost market growth.
United Kingdom: Demand for barbecue charcoal has spiked in the UK, peaking during hotter months, leading some supermarket chains to bolster supplies to meet consumer demand.
Germany and France - the charcoal market is growing in both countries due to the increasingly popular barbecued food and outdoor cooking culture.
Hitsotsubo in Japan - Asia/Pacific MarketJapan is known for traditional use of Binchotan charcoal.
China: The growing market in China is due to industrial applications and growing domestic end use of charcoal for cooking and heating application.
Conclusion
Charcoal Market to observe growth at a positive rate driven by its diverse applications across numerous industries & regions. Implementing sustainable production practices, investing in technological innovations, and adapting to shifting consumer preferences at all levels of the market will prove to be critical decisions for all involved as they explore the opportunities this dynamic market has to offer.
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