With the population growing continuously, the demand for food and other agricultural produce is increasing too. However, with the rapid urbanization around the world, the farming area is reducing. The combined effect of both these factors has put the agrarian community under immense pressure to obtain more from the diminishing land. As a result, organic and artificial fertilizers, biocides, and nutrients are being added to the soil to make it more fertile and land that is not fit for agriculture arable.
P&S Intelligence says that due to this reason, the biochar market revenue will rise from $4.27 million in 2015 at a high 17.1% CAGR between 2015 and 2023. Biochar is a kind of charcoal created from agricultural waste, often called biomass, via the pyrolysis method, wherein the biomass is heated to extreme temperatures in limited oxygen. Apart from leading to fewer greenhouse gas (GHG) emissions during its production, it moderates the acidity of the soil, prevents nitrogen from leaching into the groundwater, raises the water retention capacity of the soil, and encourages the growth of microbes beneficial for the soil and crops.
Currently, North America is the largest biochar market, on account of the constantly increasing demand for agricultural products. Additionally, the quality of the soil in the region has degraded drastically in the last few years, as a result of unsustainable agricultural practices and high industrialization rate, which is leading to a rising demand for biochar. With numerous organizations in the region implementing regulations regarding the quality of the soil and suggesting ways of improving it, the North American agrarian community is expected to consume an ever-increasing amount of biochar in future.
Therefore, with the twofold benefits of biochar fully realized, its demand has a potential to rise drastically in the coming years.
Read More: https://www.psmarketresearch.com/market-analysis/biochar-market
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