Growing preference for barbecue foods has increased the consumption of charcoal worldwide. This is due to the alteration in taste and preference for new cooking styles. Moreover, application of live barbecue stations at residential households and restaurants for cooking will fuel the growth of the charcoal market in coming years. Furthermore, the application of these stations is rising in developing countries, like India and China, owing to the augmenting preference for grilled and smoked food.
Owing to this changing lifestyle and food preference, the charcoal market size is projected to increase its revenue size from $5,882.8 million in 2018 to $6,566.5 million by 2024. According to P&S Intelligence, the market will progress at a CAGR of 1.9% during 2019–2024. Besides, silicon producers will replace coal with charcoal in the production process to curtail carbon dioxide emission. For instance, companies such as Simcoa Operations Pty. Ltd. and Elkem ASA are already utilizing charcoal to produce silicon and developing technologies to entirely replace coal with charcoal, while keeping the quality intact.
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Due to the widening application base of charcoal, the demand for lump charcoal, charcoal briquettes, and sugar charcoal is escalating in the charcoal market growth. In 2018, lump charcoal was used in the highest volume, as it burns faster, achieves higher temperature, and produces less ash than the other types. Additionally, the adoption of charcoal briquettes is also increasing due to its low ash content and high-calorific value. Further, the application of sugar charcoal will rise in future, due to its usage in the preparation of artificial diamonds.
Thus, the rising preference for barbecue foods and the increasing number of water treatment plants will augment the charcoal market in foreseeable future.
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