NEWARK, Del, April 16, 2024 (GLOBE NEWSWIRE) -- The wood-charcoal market is anticipated to be valued at US$ 22.01 billion by 2024. The market valuation is expected to be US$ 27.6 billion by 2034, fostered at a CAGR of 2.3%.
The popularity of outdoor cooking and grilling activities, particularly in regions with a strong barbecue culture, leads to the rise of eco-conscious consumers seeking sustainable and natural alternatives to traditional fuel sources, fueling demand for wood charcoal. Advancements in production technologies and packaging methods contribute to market growth by enhancing efficiency and sustainability.
The propelling trend towards sustainable living and eco-friendly products presents opportunities for producers to innovate and differentiate their offerings, tapping into niche markets and expanding their customer base.
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Unsustainable production practices and indiscriminate harvesting of timber for charcoal production contribute to deforestation and habitat destruction, posing significant challenges to environmental sustainability. Regulatory restrictions and bans on charcoal production in certain regions aim to mitigate ecological impacts but may also limit market growth.
Adopting sustainable production methods, such as reforestation programs and carbon-neutral initiatives, reflects industry efforts to address environmental concerns and enhance sustainability.
Technological innovations in charcoal production, such as efficient kiln designs and biomass waste utilization, contribute to market competitiveness and growth.
“The propelling demand for outdoor recreational activities such as grilling, barbecuing, and camping wood-charcoal market is one significant reason pushing the wood-charcoal market,” comments Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Market Study
- Based on product type, the charcoal lumps are accounted to hold a market share of 71.8% in 2024.
- Canada is expected to register at a CAGR of 1.5% by 2034.
- The United Kingdom registers significant growth, projected at a CAGR of 0.97% by 2034.
- Based on the application, the fuel feedstock segment is accounted to hold a market share of 56.2% in 2024.
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Competitive Landscape
Emerging contenders of wood-charcoals focus on eco-friendly and premium offerings, while regional players cater to niche markets. Brand reputation, product quality, and sustainability practices are key competitive factors driving market differentiation.
Some of the key developments are
- In 2023, Duraflame Inc. announced the launch of a new line of eco-friendly wood charcoal products made from sustainably sourced materials. The key development addressed growing consumer demand for environmentally responsible charcoal options while maintaining product quality and performance.
- In 2023, Fire & Flavor Grilling Company introduced a revolutionary charcoal blend featuring natural hardwoods infused with aromatic herbs and spices. The innovative product aimed to enhance flavor profiles and elevated the grilling experience, catering to culinary enthusiasts seeking unique and flavorful charcoal options.
Key Companies Profiled
- The Clorox Company
- Royal Oak Company
- Duraflame Inc.
- Fire & Flavor Grilling Company
- Fogo Charcoal
- Cooks International LLC
- Southern Fuelwood
- Kingsford Products Company
- K.P.BIOCOAL
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Key Segments
By Product:
- Charcoal Lumps
- Charcoal Briquettes
- Charcoal Powder
By Wood:
- Softwood
- Hardwood
By Application:
- Fuel Feedstock
- Reducing Agent
- Filtration Agent & Gas Masking
- Decolorizing Agent
- Gastric Medicine
- Sketches & Paints
- Soil Conditioning
- Gunpowder
- Others
By End Use:
- Residential
- Cooking Fuel
- Gardening
- Commercial Paints & Sketches
- Water Treatment
- Industrial
- Metal & Metallurgy
- Explosives & Artillery
- Sugar
- Alcoholic Beverages
- Chemicals & Petrochemicals
- Pharmaceutical
- Other Industrial Processes
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one billion+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI's Extensive Coverage in the Chemical and Materials Domain:
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