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Increasing Consumption of Barbeque Food to Cause Boom of MEA Charcoal Market in Future
by Vijay K. Web MarketingRising 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.
The type segment of the charcoal market is categorized into charcoal briquettes, lump charcoal, sugar charcoal, Japanese charcoal, and others. In 2018, the lump charcoal category held the largest market share, as it produces less ash, burns more quickly, and achieves a higher temperature, in comparison to other types of charcoal. Whereas, the sugar charcoal category will showcase the fastest growth in the forecast period, due to the application of sugar charcoal in the preparation of artificial diamonds.
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In 2018, the Latin American (LATAM) 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.
Whereas, the Middle East and African (MEA) charcoal market is expected to register the fastest growth during the forecast period. This can be ascribed to the high demand for charcoal in barbecue activities and rapid urbanization in the region. As per the United Nations Environment Program (UNEP), Africa generates around 40% of energy from fuelwood and charcoal. Additionally, the region uses charcoal as a filtration agent to eliminate salts, pesticides, toxic chemicals, and oil from water and air. Thus, multipurpose usage of charcoal in MEA will propel the market growth in future.
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Thus, the changes in lifestyle and eating habits are expected to fuel the demand for charcoal in coming years.
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About Vijay K. 
Web Marketing
211 connections, 3 recommendations, 864 honor points.Joined APSense since, May 17th, 2016, From New York, United States.
Created on Jun 14th 2021 04:03. Viewed 156 times.
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