Charcoal Market-Size and Growth (2023-2028)

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charcoal market was estimated to be worth USD 6.01 billion in 2023. The market is projected to reach USD 8.5 billion by 2028, growing at a compound annual growth rate (CAGR) of 5.8% during the forecast period 2023-2028

Burning organic materials like wood without oxygen produces charcoal, a dark, porous, and light substance. By removing the organic material’s volatile components through a process called as pyrolysis, a carbon-rich residue predominantly consisting of elemental carbon and ash is left behind. For thousands of years, people have used charcoal as a fuel source for heating, cooking, and industrial processes because of its high energy content, low smoke production, and consistent burning characteristics. Charcoal is also utilized for artistic purposes including drawing, painting, and sketching because of its intense black color and capacity for creating accurate lines.

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Market Drivers and Restraints:

The growth, demand, and trends of the charcoal market are influenced by a number of factors. The growing demand for charcoal as a cooking fuel, particularly in developing nations where access to other energy sources is constrained, is one of the main factors. This demand is anticipated to keep increasing as urbanization and population growth occur around the world.

In addition, as customers look for alternatives to fossil fuels, the movement towards eco-friendly and sustainable products has also aided in the expansion of the charcoal industry. As a result, producers have begun making charcoal from sustainable materials like bamboo and coconut shells, and the market for charcoal is being driven by the rising appeal of outdoor activities like camping and grilling. As a result, there is an increase in demand for goods made of charcoal, like barbecues and smokers.

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The report is segmented as follows:

By Product Type (Charcoal briquettes, Lump charcoal, Extruded charcoal, Sugar Charcoal, and Others)
By Source (Bamboo, Coconut shells, Hardwood, Softwood, and Others), By End-users (Residential, Commercial, and Industrial)
By Distribution Channel (Supermarkets, Hypermarkets, Online stores, Convenience stores, Specialty stores, and Others)
By Quality (Premium, Mid-range quality, Economy quality, and other qualities)
By Sustainability (Sustainable charcoal, Conventional charcoal, and other sustainability)
Regional Segmentation:

North America
Asia Pacific
Latin America
Middle east and Africa
Impact of COVID-19 pandemic on the market:

The COVID-19 epidemic has had a mixed impact on the charcoal industry. On the one hand, people stocked up on essential items like charcoal during lockdowns, which temporarily increased demand in the market.

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