In 2022, Future Market Insights (FMI) projected a steady year-over-year growth rate of 2.3% in the global wood charcoal industry, with the market value reaching approximately US$ 21,014.6 million by the end of the year. This positive trend is expected to continue throughout the forecast period from 2022 to 2030, indicating a consistent 2.3% annual growth rate for the wood charcoal industry on a global scale.
While the emergence of alternative energy sources is hampering market growth, demand from the chemical industry for the production of chemicals – carbon disulfide, sodium cyanide, and carbon tetrachloride – is reflecting remunerative opportunities.
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Key Highlights
- Charcoal lumps continue to generate greater revenue through 2030
- Fuel feedstock to remain the primary application area of wood charcoal
- Adoption of wood charcoal in the residential sector to remain over a decade ahead
- Hardwood to account for leading revenue share, tentative to 80%
- Markets in Latin America and South Asia offer potential growth avenues
Trends in the Wood Charcoal Market:
- Sustainability and Environmental Concerns: In recent years, the wood charcoal market has been heavily influenced by sustainability concerns. Consumers are increasingly seeking eco-friendly and sustainable products. This has led to the development of charcoal made from waste wood products, sawdust, and agricultural residues. Sustainable charcoal production methods, such as carbonizing invasive plant species, have gained popularity.
- Premium Charcoal Brands: There is a growing market for premium, high-quality charcoal brands that emphasize purity and consistency. These brands often use specific types of wood, like oak or hickory, to create signature flavors for grilling and smoking foods.
- Health and Wellness Trends: Charcoal has also found its way into the health and wellness sector, with activated charcoal gaining popularity for its detoxifying properties and use in cosmetics and health products.
Wood Charcoal Market – Competitive Intelligence
The global wood charcoal market is highly competitive, with presence of several players competing with each other to capture bigger revenue share. Majority of leading players are allocating huge investments in R&D to roll out innovative offerings that help step up production efficacy and thus improve their regional presence. Case in point,
- Greencoal Namibia CC produces pure hardwood lump charcoal made from 100% natural Blackthorn wood. The charcoal offers enhanced lighting characteristics, reduced ash production, and amazing hardwood aroma.
- Kingsford Products Company develops professional briquettes made with 100% natural ingredients and premium wood char to assure professional-quality results. These briquettes offer better burn and feature low ash formula.
- Royal Oak Enterprises manufactures pure natural hardwood charcoal briquettes derived from wood, vegetable starch, and contain no additional substances.
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Wood Charcoal Market – Key Segment
Wood Type
- Softwood
- Hardwood
Product Type
- Charcoal Lump
- Charcoal Briquettes
- Charcoal Powder
Application
- Fuel Feedstock
- Reducing Agent
- Filtration Agent & Gas Masking
- Decolorizing Agent
- Gas Masking
- Sketches & Paints
- Soil Conditioning
- Gunpowder
- Others.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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