Charcoal Global Market Report 2022: Ukraine-Russia War Impact

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Charcoal Global Market Report 2022: Ukraine-Russia War Impact

PR Newswire

NEW YORK, Nov. 25, 2022 /PRNewswire/ --

Major players in the charcoal market are Namchar Pty. Ltd., Mesjaya Abadi Sdn Bhd, Royal Oak Enterprises LLC, Kingsford Products Company, The Saint Louis Charcoal Company LLC, Gryfskand sp. z o.o., Matsuri International Co. Ltd., The Oxford Charcoal Company, Duraflame Inc., The Dorset Charcoal Co., Fire & Flavor Grilling Company, Fogo Charcoal Co, Southern Fuelwood, Parker Charcoal Co., The Clorox Co., Timber Charcoal Co. LLC, Two Trees Products, Cooks International LLC, Bricapar SA, Braai & BBQ International Pty Ltd, PT Cavron Global, Dancoal Sp. Z.o.o, Carbo Namibia Pty Ltd, Direct Charcoal Ltd, Maurobera SA, Rancher Charcoal, Sagar Charcoal and Firewood Depot, Blackwood Charcoal, The Original Charcoal Company, and B & B Charcoal.

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The global charcoal market is expected to grow from $4.78 billion in 2021 to $5.04 billion in 2022 at a compound annual growth rate (CAGR) of 5.4%. 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, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The charcoal market is expected to grow to $5.6 billion in 2026 at a CAGR of 2.7%.

The charcoal market consists of sales of charcoal products by entities (organizations, sole traders, and partnerships) that are used for cooking, metallurgy, and industrial fuel.Charcoal is the impure form of graphitic carbon, obtained as a residue when carbonaceous material is partially burned, or heated with limited access to air.

Charcoal is available in different forms that include coke, carbon black, and soot.

The main types of charcoal products are lump charcoal, charcoal briquettes, Japanese charcoal, and sugar charcoal.Lump charcoal is used as fuel for grilling and barbecuing.

Lump charcoal refers to charcoal that has been made from natural wood that has been reduced to charcoal using a variety of methods, the most common of which is burning without oxygen to reduce it to a charred state without consuming the wood in the process. The various applications are outdoor activities, restaurant business, metallurgical fuel, industrial fuel, and filtration.

Asia Pacific was the largest region in the charcoal market in 2021. The regions covered in the charcoal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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.For instance, according to National BBQ week, a UK-based barbeque blog, in 2021, the UK hosted around 165 million barbeques, with 15 million being held on the Easter Bank Holiday alone.

Therefore, the growing popularity of barbecued food is driving the growth of the charcoal market.

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.

In June 2021, Kingsford, a US-based company that manufactures charcoal briquette, partnered with Ben Baller for an undisclosed amount.Through this partnership, they would create a limited-edition, personalized Everdure Cube grill set that would be used by both inexperienced and seasoned grillers.

Ben Baller is a US-based jewelry designer.

The countries covered in the charcoal market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The charcoal market research report is one of a series of new reports that provides charcoal market statistics, including charcoal industry global market size, regional shares, competitors with charcoal market share, detailed charcoal market segments, market trends, and opportunities, and any further data you may need to thrive in the charcoal industry. This charcoal market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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