Feb 22, 2021
Demand for Briquettes Form of BBQ Charcoal to Outshine Lump Wood by 3:1 Ratio: Fact.MR
by Team Fact.MR
The global BBQ charcoal market is set to witness stable growth of around 49% CAGR over the coming years of 2020-2030, with noteworthy demand increase due to rise of the food industry. Moreover, growing demand for barbecue accessories and related products is ultimately contributing to increased demand for charcoal. Demand for charcoal-based grills is increasing even after the introduction of electric and gas grills. The most important factors for this growth are portability and economic pricing, as well as the preference for the smoky flavor offered by BBQ charcoal.
Introduction of new flavors and additives that enhance the taste of barbequed food has influenced early adopters to experiment with their cooking using BBQ charcoal. Furthermore, frequency of barbeque cooking competitions is increasing, as the youth population is increasingly involved in camping and outings every following weekend. Retail sales channel is seen to drive additional revenue through household consumption, due to increased availability of BBQ charcoal through supermarkets, specialty stores, and online channels
Manufacturers and companies are organizing barbecuing events to attract consumers to grilled food items. Most of these events are hosted by famous chefs, and leading restaurant chains have included more grilled items in their menus. This scenario can be seen extensively in North America and Europe, wherein, the market for BBQ charcoal is dominant.
Key Takeaways from Study
- The global BBQ charcoal market is anticipated to add 1.5X value by 2030.
- Demand for briquettes is expected to increase at a substantial CAGR of more than 4% over the forecast period.
- North America is the supreme market with a value of US$ 284 Mn in 2020, and is expected to inflate at a dynamic CAGR of more than 4% through 2030.
- The hotels, restaurants, and catering (HoReCa) segment is opined to exhibit a spry growth rate of more than 4% CAGR, while household consumption is projected to add 1.4X value over the forecast period.
- Europe is set to unleash growth of close to 4% CAGR, to be valued at 364 Mn by 2030, owing to higher presence of manufacturers in the region, along with a widespread consumer base and commercial consumption with a streamlined supply chain.
- Suppliers are creating awareness about sustainable BBQ charcoal made from coconut shells, which is a potential replacement for conventional BBQ charcoal. Thereby, the coconut shells under source segment is projected to create an absolute $ opportunity of around US$ 87 Mn over the next ten years.
“Despite gas and electric grills, the smoky flavor and texture offered by BBQ charcoal is preferential among food enthusiasts, posing as a key driver for BBQ charcoal demand,” says a Fact.MR analyst.
Enhanced Attributes and Targeted End Users by Key Players
Key players such as Duraflame Inc, Kingsford Products Company, GRYFSKAND SP Z.O.O.and Dancoal sp. z o.o. are enhancing their product offerings by introducing variants in flavours and charcoal specific to meat types.
Triquettes, a patented BBQ charcoal from the company Braai & BBQ International (Pty) Ltd., is triangular. This BBQ charcoal is proven to distribute heat evenly, due to which, the food does not get burnt and is cooked nicely.
Market players are investing in product innovation and modernization of manufacturing processes to reduce the emission of greenhouse and carbon oxides, so as to stay compliant with existing law and regulations.
Manufacturers are targeting restaurant chains, hotels, campers, and millennials, as they account for more than 80% of total sales. Customer targeting varies in accordance with the product offering, as there are companies who have their products such as artist charcoal, horticulture charcoal, and industrial charcoal particularly for barbeque-based meat types.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global BBQ charcoal market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study discloses essential insights on the basis of form (briquettes and lump woods), source (agricultural waste, coconut shells, nutshells, hardwood, and bamboo), end use (hotels, restaurants, caterings (HoReCa), and household consumption), and sales channel (direct sales and retail sales), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
About the Retail & Consumer Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the Retail & Consumer Goods team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the Industrial lucidly in 50+ countries for over a decade. The Retail & Consumer Goods team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant –Retail & Consumer Goods