Being a developing country, the Philippines relies on easily available products for everyday use. One of the most essential products that have been deeply integrated into the country’s life and culture is charcoal. People in the country find it cost-effect to procure charcoal over other energy resources, such as oil and gas, which is why it finds heavy usage in low-income as well as middle-income households. The reason behind the cost-effectiveness of the fuel is the ready availability of the raw materials used to produce it, especially coconut shells and wood.
P&S Intelligence says that due to this factor, the Philippines charcoal market will grow from $500.0 million in 2019 to $688.2 million by 2030, at a 2.9% CAGR during the forecast period (2020–2030). The fuel is made by burning organic matter, such as wood and coconut shell, in the absence of oxygen. Compared to burning wood and coal to produce energy, the combustion of charcoal releases no ash and extremely low amounts of smoke and carbon emissions, which is why this fuel is considered an environment-friendly alternative.
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The Philippines charcoal market is highly fragmented in nature, as there are a large number of small-scale producers in the country. Often, people produce the charcoal and then consume it themselves, and this is the way most of the fuel in the country is produced. Even the marketing and sales of the products are majorly conducted via unregulated channels. The country is home to only a handful of large-large scale industry players, which include Cenapro Inc., BF Industries Inc., Celebes Agricultural Corporation, Jacobi Group, MacKay Green Energy Inc., GCF Multi Products Development Corporation, and Premium A.C. Corporation.
Therefore, with the increasing application areas of the fuel, its production and consumption are set to increase in the country.
Read more: https://www.psmarketresearch.com/market-analysis/philippines-charcoal-market
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