Rising use of charcoal in recreational cooking, soaring application of carbon product in silicon production, and surging demand for the product in water treatment plants will accelerate the charcoal market at 1.9% CAGR during the forecast period (2019–2024). At this growth rate, the market is expected to increase its revenue size from $5,882.8 million in 2018 to $6,566.5 million by 2024. Currently, the market is highly fragmented, due to the presence of numerous players such as Royal Oak Enterprises LLC, Parker Charcoal Company, Timber Charcoal Company LLC, and Maurobera SA.
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Owing to lifestyle changes and emergence of new cooking techniques, people across the globe are consuming barbecued food products, characterized by live cooking setting and complemented with a vibrant ambience and extensive buffet spread. Slow-cooked briskets, spare ribs, pork shoulders, and chicken thighs are common at barbecue restaurants. This change in food preference has increased the number of barbecue restaurants at a rapid pace, especially in developing countries like China and India. These restaurants are expected to consume high volume of charcoal as the basic fuel in coming years.
In 2018, the Latin American charcoal market generated the highest revenue, globally. This is driven by the expansion of the food industry that is fueled by the escalating popularity of barbecue food, surge in cement production, and rapid industrialization in the region. Furthermore, it is expected that the market in Brazil will display the fastest growth in the region in the forecast period, due to the development of construction industry and increased production of iron, steel, and other metals, where charcoal is widely used.
Thus, the changes in lifestyle and eating habits are expected to fuel the demand for charcoal in coming years.
Read More: https://www.psmarketresearch.com/market-analysis/charcoal-market
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