Yahoo Finance Charcoal Market Revenue to Surpass $8.09 Billion by 2028 | Africa Produces Over 34 Million Tons of Charcoal
Global charcoal market was valued at USD 6.05 billion in 2021, and the market size is estimated to reach USD 8.09 billion by 2028, at a CAGR of 4.25% over the forecast period (2022–2028).
Westford, USA, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Globally, in 2014, more than 2.4 billion people were dependent on charcoal for cooking as woodfuel and energy needs. However, the number has declined to 2 billion in 2021. SkyQuest's analysis of charcoal market reveals that the sector has seen a significant decline in recent years. The report attributes this to a number of factors, including the declining use of charcoal in domestic cooking and heating, the increasing price of alternative fuels such as gas and electricity, and the growing awareness of the environmental impact of charcoal production. The report estimates that the charcoal industry was worth $6.05 billion in 2021, with employment in the sector falling by over 20% in the past five years.
Our analysts of the global charcoal market believe that the trend is likely to continue despite the market forecast to increase by a further 8% over the next seven years. This would represent a significant blow to the UK economy, as well as to the many people employed in the sector. The report recommends that the government takes action to support the charcoal industry, including investing in research and development to find new uses for charcoal, and providing financial incentives for businesses to use charcoal instead of other fuels. It also calls on consumers to be more aware of the environmental impact of their choices, and to consider using environmentally-friendly alternatives to charcoal when possible.
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Africa Produces Over 64% of the Charcoal Market
Global charcoal production capacity is forecast to grow by an average of 2.5% per year between 2021 and 2028, according to a new report from SkyQuest. This growth will be driven by continued demand for charcoal in emerging markets, particularly in Asia, where it is used as a key ingredient in steelmaking. The report, "Global Outlook for Charcoal Market 2022-2028," examines the drivers of future demand for charcoal and the capacity needed to meet this demand. It also looks at the impact of technological advancement and policy change on the charcoal industry.
At present, global production of charcoal is pegged at 53 million tons. Out of which Africa produces around 64%. On the other hand, Germany, France, Japan, South Korea, United Kingdom, and the United States are top importers of charcoal in the worldwide. Brazil is the world's largest producer of charcoal, accounting for more than 6 million tons per year of the global production. Other countries with high rates of growth in the global charcoal market include Indonesia, Vietnam, Nigeria, and Mozambique. This increase in production capacity will create new opportunities for both producers and consumers of charcoal. For producers, it will mean increased demand for their products and lower costs due to economies of scale. For consumers, it will provide greater choice and flexibility in how they use charcoal.
However, Asian countries are also significant producers and consumers of charcoal, and their demand is expected to grow in the coming years. In India, for example, the government's recent push for electrification is likely to increase demand for steelmaking coal, of which charcoal is a key component in the global charcoal market. Similarly, in Vietnam, rapid economic growth is fueling demand for steel, which in turn is driving up demand for charcoal.
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Meanwhile, Africa is forecast to be the fastest-growing region for charcoal production over the next five years. This is due to growing demand from countries such as Nigeria and Ghana, where charcoal is used extensively in iron and steel production.
Charcoal Market Demand is Witnessing a Surge in the US Household for Grilling
In its analysis, SkyQuest found that the majority of charcoal in the United States is used for grilling, and that consumers are willing to pay a premium for high-quality charcoal. The company also found that there is a growing trend of using charcoal for other purposes, such as smoking meats and vegetables.
Our analysis found that the US charcoal market is worth $1.6 billion, and that two-thirds of US households use charcoal for grilling. The average household spends $49 on charcoal per year. The study predicts that the US market will grow at a rate of 2% per year through 2022. The analysis also looked at consumer behavior and found that most consumers purchase charcoal on a monthly basis, and that they are willing to pay a premium price for high-quality product. The company's research showed that while many consumers are brand loyal when it comes to charcoal, there is a significant opportunity for brands to increase their share of the market by appealing to new customer segments.
This growth of the US charcoal market is being driven by two trends: an increase in the number of people grilling at home and a shift towards premiumisation, with consumers willing to pay more for higher quality products. SkyQuest's data shows that spending on charcoal has increased across all channels, with supermarkets seeing the biggest growth of 13%. This is being driven by a rise in the number of people grilling at home, as well as a growing preference for convenience foods. The other key trend as states earlier driving growth in the charcoal market is premiumization. It was found that consumers are increasingly willing to pay 35% more for higher quality products. This trend is being driven by a desire for better tasting food and a belief that premium charcoal will result in better results. With this in mind, it's no surprise that sales of lump wood charcoal have grown by 18% in the last 3 years.
So, what does this all mean for the future of the charcoal industry? The data suggests that there is significant potential for continued growth, particularly if manufacturers can tap into consumers' desire for premium products.
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Major Players in Global Charcoal Market
Carbon Roots International (US)
Timber Charcoal Company LLC (US)
Parker Charcoal Company (US)
Kingsford Products Company LLC (US)
The Dorset Charcoal Company (UK)
Oxford Charcoal Company (UK)
Royal Oak Enterprises LLC (US)
Blackwood Charcoal (Indonesia)
Matsuri International (Thailand)
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