Newark, Aug. 21, 2024 (GLOBE NEWSWIRE) -- The report published by The Brainy Insights shows that the biochar market is expected to grow from USD 2 billion in 2023 to USD 7.7 billion by 2033, at a CAGR of 14.5% during the forecast period 2024-2033. North America emerged as the largest market for the global biochar market, with a 37.9% market revenue share in 2023. The biochar market in the region has been growing due to the increasing demand for organic food and the high utilisation of meat within the region. Furthermore, the government is increasingly taking up several research and development activities, and prominent market players are expected to propel the market’s growth in the region.
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The heightened awareness of environmental sustainability among consumers, governments, and industries has been a key driver for the biochar market. Biochar’s unique ability to sequester carbon in the soil, thereby reducing greenhouse gas emissions, has garnered attention as a vital tool in the fight against climate change. Additionally, biochar’s role in improving soil health by enhancing nutrient retention, increasing water-holding capacity, and promoting microbial activity makes it an attractive option for sustainable agriculture.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 14.5% |
| 2033 Value Projection | USD 7.7 Billion |
| Market Size in 2023 | USD 2 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 237 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Application, Technology, Regions |
| Regions Covered | The market's regions are Asia Pacific, Europe, South America, North America, and the Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
| Biochar Market Growth Drivers |
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Leading companies in the industry include Black Owl Biochar, CharGrow USA LLC, Cool Planet, Earth Systems Consulting Pty Ltd, Pacific Biochar Benefit Corporation, Pacific Pyrolysis Pty Ltd, Phoenix Energy, Arstaeco, Genesis Industries Inc., Biochar Now, L.L.C., Airex Énergie Inc., American BioChar Company, Bioforcetech Corporation, ECOERA, PYROPOWER, and ETIA S.A.S. Offer more significant opportunities and continuously focus on new product developments and venture capital investments to obtain market share.
The technology segment is divided into pyrolysis, gasification systems, and other technologies. The pyrolysis segment dominated, with a market share of around 41% in 2022. The pyrolysis segment is increasing owing to the high end-product yield of high carbon content and a stable production process. The application segment is divided into agriculture, animal farming, industrial uses, and others. Over the forecast period, the agriculture segment is expected to grow at the fastest CAGR of 15.8%. Biochar is increasingly used in agriculture to improve soil’s biological productivity, propelling the segment’s growth. Furthermore, it also helps provide nutrition to the crops and enhances the health condition of plants.
The demand for biochar is increasing owing to its properties, such as cheaper cost of raw materials and cohesive government policies for waste management. Furthermore, the increasing awareness about environmental pollution and the urge to reduce pollution propel the market’s growth over the forecast period. Furthermore, the growing public awareness of the health advantages of organic food has increased the popularity of chemical-free farming methods. A significant market trend is also to increase the use of biochar in chicken production to lessen litter and ammonia odours, which is expected to provide lucrative growth opportunities for the market’s growth. Additionally, biochar is recognised for enhancing soil health and boosting agricultural productivity while being environmentally friendly. It is predicted to have a positive outlook over the forecast period. However, it is anticipated that the market expansion will be restricted by the lack of understanding of the product's benefits.
Government initiatives and regulations aimed at promoting sustainable agricultural practices and reducing carbon footprints have further fueled the growth of the biochar market. Various countries have introduced policies that encourage the use of biochar in farming and environmental management. For instance, the European Union’s Common Agricultural Policy (CAP) and the U.S. Department of Agriculture’s (USDA) initiatives are promoting the use of biochar as a soil amendment to enhance agricultural productivity while minimizing environmental impact.
Challenges and Opportunities
Despite the promising growth prospects, the biochar market faces several challenges, including the lack of awareness among farmers, high initial costs of production, and regulatory hurdles. However, these challenges also present opportunities for industry players to invest in research and development, education, and outreach programs to promote the benefits of biochar.
Future Outlook
The future of the biochar market looks promising, with increasing investments in research and development, rising adoption of sustainable practices, and growing support from governments worldwide. Industry experts predict that the market will continue to expand as more sectors recognize the environmental and economic benefits of biochar.
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About the report:
The global surgical navigation systems market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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