Published: October 2019 | Report Code: PE11456 | Available Format: PDF | Pages: 123
Valued at $5,882.8 million in 2018, the global charcoal market is projected to surpass $6,566.5 million by 2024, witnessing a CAGR of 1.9% between 2019 and 2024.
Among all the regions, Middle East & Africa is expected to witness the fastest growth in the industry during the forecast period. This can be mainly attributed to the increasing demand for charcoal for barbecue and increasing urbanization across the region. According to the United Nations Environment Programme (UNEP), almost 40% of the energy produced in Africa is from fuelwood and charcoal. Apart from this, charcoal is being used as a filtration agent to eliminate oils, pesticides, salts, and toxic chemicals from the air and water in the region. Thus, the many end uses of charcoal are expected to drive the charcoal market growth in the region in the coming years.
Dynamics of Global Charcoal Market
The key trend being observed in the charcoal market is the growing popularity of barbecued food, owing to the change in lifestyle and adoption of new styles of cooking. The increased consumption of barbecued food characterized by live cooking setting, complemented well with a vibrant atmosphere, extensive buffet spread, and great music. The food available at barbecue restaurants includes slow-cooked pork shoulders, briskets, chicken thighs, and spare ribs. Hence, the number of these restaurants is increasing at a rapid pace in emerging economies, such as India and China, which boost the popularity of barbecued food.
One of the key drivers of the charcoal market is the increasing use of the fuel in recreational cooking, particularly for grilling and barbecue applications. The increasing awareness on a healthy lifestyle and the changing food preferences of people are resulting in an increased consumption of food that is grilled or barbecued, which, in turn, is providing impetus to the demand for charcoal as a cooking fuel.
The expected replacement of coal with charcoal in silicon production, in order to minimize carbon dioxide emissions, is a lucrative growth opportunity for the players operating in the charcoal market. Companies such as Elkem ASA and Simcoa Operations Pty. Ltd. are already using charcoal in their production processes, and research is being conducted on the related technology to completely replace coal with charcoal, without affecting the product quality.
Global 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.
Geographical Analysis of Global Charcoal Market
Globally, Latin America was the largest charcoal market during the historical period (2014-18). The market growth in the region is driven by industrialization, increasing cement production, and growth in the food industry, mainly propelled by the surging popularity of barbecued food. Considering the future industry scenario, Brazil is expected to lead the LATAM market, generating revenue of nearly $2.0 billion in 2024, owing to an increase in the production of steel, iron, and several other metals.
During the forecast period, MEA is expected to witness the fastest growth in the charcoal market, mainly on account of the growing demand for charcoal for barbecue applications and increasing urbanization across the region. In the African continent, the charcoal demand for barbecue is mainly confined to middle-income households, and in Middle Eastern countries, there is a high-volume demand for charcoal for barbecue and shisha. South Africa is expected to lead the MEA charcoal market over the forecast period on account of the growing use of the material in a wide range of end-use applications, such as barbecue cooking, cement production, power generation, and industrial manufacturing.
Competitive Landscape of Global Charcoal Market
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
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws