According to Future Market Insights (FMI), the wood charcoal industry is expected to increase by 2.3% annually in 2022 and reach a valuation of approximately US$ 21,014.6 million by the end of the year. Over the forecast period of 2022 and 2030, a growth rate of 2.3% is anticipated in the global business.
Substantial demand will come from residential sector, especially in developing regions of Asia Pacific, Africa and South America wherein over 2 billion people rely on wood energy for cooking and heating purposes. The study further reveals that cooking and heating in private households make up for about a third of worldwide renewable energy consumption
While emergence of alternative energy sources is hampering market growth, demand from chemical industry for 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 primary application area of wood charcoal
- Adoption of wood charcoal in residential sector to remain over decade ahead
- Hardwood to account for leading revenue share, tentative to 80%
- Markets in Latin America and South Asia to offer potential growth avenues
“Food prepared from barbeque charcoal (BBQ) grills offer various benefits such as less oil usage, nutritionally rich food, and low fat. As consumers are following stay-at-home orders, at-home consumption is surging and consumers are showing greater interest for indoor grilling. The trend is well-established in developed regions, in particular,” says analyst at FMI.
COVID-19 Impact on Wood Charcoal Market
While the global wood charcoal market has been facing significant brunt of the COVID-19 pandemic in Q1 and Q2 of 2020 due to trade restrictions, lockdowns, and travels bans, resulting in subsequent drop in demand from several end-use industries such as chemicals, metal and metallurgy, and water treatment plants.
That being said, gradual easing of pandemic-induced restrictions across continents are setting high hopes for wood charcoal manufacturers as these end-use industries are getting back on track.
While the global chemical production declined in every category through Q1 2020, production eventually showed positive signs during Q2 2020, despite negative growth in some categories.
Moving ahead, as the COVID-19 pandemic continues to rage across the globe, governments and organizations are laying greater emphasis on treating wastewater as essential public service to minimize potential impacts on health and surroundings. This, in turn, will further accent the need for wood charcoal wastewater treatment plants.
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Wood Charcoal Market – Competitive Intelligence
The global wood charcoal market is highly competitive, with the presence of several players competing with each other to capture a bigger revenue share. The majority of leading players are allocating huge R&D investments 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.
Key Companies Profiled
- The Clorox Company
- Royal Oak Company
- Duraflame Inc.
- Fire & Flavor Grilling Company
- Fogo Charcoal
- Cooks International LLC
- Southern Fuelwood
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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
By Region
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
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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