Charcoal Market Size, Share, Growth, Trends, Production, Consumption, Regional Insights and Forecast 2020 - 2027

In 2019, the global charcoal market Valued at US$ 5,883 million and is projected to surpass US$ 6,7652 million by 2027, witnessing a CAGR of 2.6% between 2020 and 2027.

The global charcoal market is expected to grow significantly over the projected period on account of rising demand for the product in recreational cooking and metal production, building & construction, healthcare, industrial filter, and pharmaceutical applications. Charcoal acts as a substitute fuel for coal in recreational cooking. Also, the growing adoption of barbeque style in restaurant cooking is expected to drive the demand for charcoal.

Activated charcoal acts as a detoxifying agent in the healthcare and pharmaceutical industries. The product purifies blood, reduces indigestion, and boosts antifungal protection. Charcoal powder can be readily used in case of poisoning, drug, and alcohol overdoses as it is a great adsorbent. The product also helps in getting rid of harmful toxins in the human body. With growing research in the medical field to use charcoal in healthcare applications, the demand for the product is likely to grow in the years to come.

Increasing demand for potable drinking water and growing consumer awareness about water wastage is anticipated to drive the demand for activated charcoal in the coming years. Water purifiers with activated charcoal filters are witnessing high demand on account of their good adsorbent properties. Activated charcoal filters remove toxins such as organic volatile compounds and chlorine from water. Moreover, activated charcoal can add minerals such as iron, magnesium, and calcium in the water to improve its quality.

Charcoal is affordable and used as a substitute for coal as a cooking fuel, especially African countries. Wood is the major raw material used for charcoal production. Sawdust, rice husk, seed shell, coconut shell, and other hard miscellaneous wood are the other raw materials used for the production of charcoal. Increasing demand for charcoal has caused an increase in deforestation. Rising government regulations on deforestation and growing consumer awareness about the importance of eco-friendly environments are anticipated to slow down the growth of the charcoal market.

Segmentation Analysis

When segmented on the basis of type, the lump charcoal market was dominated by both volume and value of in 2018. Lump charcoal burns more quickly, produces less ash, and achieves a higher temperature as compared to other charcoal types. Despite its higher price than charcoal briquettes, its high calorific value and low ash content encourage its adoption among end users.

In terms of application, in 2018, barbecue was the largest category in the charcoal market and is expected to retain its position during the forecast period. This would be mainly due to the usage of charcoal in barbecue to enhance the flavor of the food. It is also ideal for use when the food needs to be cooked on high heat, as it can reach a temperature of 260 0C–370 0C.

Competitive Landscape

The global charcoal market is highly fragmented in nature. Kingsford Products Company LLC is a major player in the market, offering a variety of charcoal products, including lump charcoal and charcoal briquettes. Gryfskand Sp. z o.o., Royal Oak Enterprises LLC, Sagar Charcoal Depot, Bricapar S.A.E, and Duraflame Inc. are other important players operating in the market.

Key Questions Addressed

• What is the current scenario of the global charcoal market?
• What are the historical size and the present size of the various categories within the market segments and their future potential?
• What are the major catalysts for the market and their impact during the short, medium, and long terms?
• What are the evolving opportunities for the players in the market?
• Which are the key regions from the investment perspective?
• What is the revenue and price analysis of the global charcoal market, by region?
• Who are the key manufacturers in the global charcoal market?