Global Charcoal Market Analysis 2023 – Market Size And Key Drivers

The Charcoal Global Market Report 2023 by The Business Research Company, provides charcoal market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Charcoal Global Market Report 2023, the global charcoal market size grew from $5.14 billion in 2022 to $5.41 billion in 2023 at a compound annual growth rate (CAGR) of 5.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the global charcoal is expected to grow to $6.51 billion in 2027 at a CAGR of 4.7%.

The growing popularity of barbecued food is significantly contributing to the growth of the charcoal market going forward. Barbeque refers to a type of food preparation where various foods including vegetables, meat, fish, and so on are cooked over a rack on an open fire. As charcoal heats up quickly and imparts a smokey flavor to the meal, it is frequently employed as fuel for the open fire in barbecue food preparation.

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The charcoal market is segmented:

1) By Product: Lump Charcoal, Charcoal Briquettes, Japanese Charcoal, Sugar Charcoal

2) By Distribution Channel: Online, Offline

3) By Application: Outdoor Activities, Restaurant Business, Metallurgical Fuel, Industrial Fuel, Filtration

Product innovation is the key trend gaining popularity in the charcoal market. Major companies operating in the charcoal sector are focused on innovating new products to increase their market coverage. For instance, in March 2022, Kingsford, a US-based charcoal company introduced Signature flavors, a novel line of flavor enhancers for charcoal grills and pellets for pellet grills. Signature flavors feature charcoal briquets that come pre-seasoned with flavor enhancers to slowly release flavor as the user grills. This product introduced three new flavors namely, garlic onion paprika, basil sage thyme, and cumin chili for use in barbeques.

The charcoal market report table of contents includes: