The soaring popularity of barbecued food and flourishing cement and steel industries will drive the Asian charcoal briquettes market at a CAGR of 6.2% during the forecast period (2020–2024). The market stood at $952.5 million in 2019, and it is projected to reach $1,158.4 million by 2024. Asia has a vivid culture, with every nation having its signature cuisines and cooking styles. However, changing food preferences of people and a growing awareness about a healthy lifestyle can be observed in every country. Owing to this, the consumption of grilled or barbecued food is rapidly rising in the region.
The type segment of the market is classified into round, hexagonal, octagonal, and coconut shell. Among these, the hexagonal category dominated the market in 2019 owing to the high preference for hexagonal charcoal briquettes among hotels and restaurants for barbecuing and grilling. The hexagonal shape offers uniform heating during grilling, thereby resulting in delicious food. Moreover, the easy conversion of disproportionately shaped charcoal to the hexagonal shape has resulted in the higher availability of this uniformly shaped fuel.
Geographically, Japan is expected to exhibit the fastest growth in the Asian charcoal briquettes market during the forecast period. This country uses almost all of its charcoal briquettes to prepare grilled food. Moreover, upcoming events such as Olympics 2020 (rescheduled for 2021) will propel the demand for barbecued food in the country owing to the arrival of a notable number of international guests. To meet the magnifying demand for barbecued food, Japan will import a larger quantity of charcoal briquettes than presently.
Whereas, India is expected to register the highest product demand in the Asian charcoal briquettes market in the forecast years on account of the accelerating popularity of barbecued food in the country. Moreover, the mounting consumption of this fuel in the manufacturing of steel and cement will also facilitate the market growth. The cement and steel sectors in India utilize high volumes of charcoal briquettes due to their low cost and easy availability.
The Asian charcoal briquettes market is extremely unorganized due to the presence of several small players. Some of the leading players are Thailand Premium Charcoal Supplier, Sagar Charcoal and Firewood Depot, Matsuri International Co. Ltd., Life Green Charcoal Sdn Bhd, PT. Coconut Charcoal Briquette Factory, Mackay Green Energy Inc., PT. Ruby Privatindo, Mesjaya Abadi Sdn Bhd, COCO Energy, and Subur Tiasa Holdings Berhad. These companies are using several strategic measures, such as product launches and distribution agreements, to increase their revenue.
Thus, the growing inclination toward barbecued or grilled food and strengthening metallurgy industry in Asia will fuel the demand for charcoal briquettes in the future.
Source: www.psmarketresearch.com
No comments:
Post a Comment