Briquette-derived BBQ Charcoal Sales to Capture 70% of Global Market Demand: Fact.MR
Published : 21 Sep 2021 Industry: Consumer Goods
A recently published study by Fact.MR concludes that the market for BBQ charcoal is expected to clock a CAGR of 4.9% throughout the 2021-2031 assessment period. As per the report, the market is anticipated to reach a value of US$ 4.5 Bn by the end of the aforementioned decade. Opportunities are likely to abound in the domain of sustainable and eco-friendly BBQ charcoal products.
Historically, sales of BBQ charcoal surged at a CAGR of approximately 4% from 2016-2020. At the end of the said historical period, the market was valued at US$ 2.6 Bn. Prospects further widened amidst the COVID-19 pandemic, with estimates projecting a 71% surge in food consumption across outdoor-like settings across houses of consumers.
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. 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.
Key Takeaways from the Market Study
- Global BBQ charcoal market to expand 1.6x from 2021 to 2031
- 7 out of 10 charcoal sales to be stimulated by briquettes, by form
- HoReCa to emerge the dominant end user of BBQ charcoal, at 60% market share
- U.S BBQ charcoal sales to be valued at US$ 418 Mn by 2031, capturing over 96% revenue
- High prospects abound for Germany, expected to reach US$ 73 Mn by 2031-end
- Coconut shell derived BBQ charcoal to create absolute opportunity worth US$ 87 Mn
“Rising consumer preferences for exotic and unique cuisines, combined with purported health benefits associated with consuming grilled foods is prompting increase in barbecue preparations, widening scope for BBQ charcoal,” says a Fact.MR analyst.
Prominent manufacturers are reliant on constantly offering new product lines so as to consolidate their footing in the global market. Offering BBQ charcoal with minimum emissions is the cornerstone for several manufacturers. Additionally, capacity expansion, mergers & acquisitions and collaborations are also relied upon.
- In May 2019, Oxford Charcoal Company to exhibit its Biochar and Agri-tech grade products at the BBC Gardeners World Live show, co-hosted with the BBC Good Food Show Summer- one of UKs largest gardening shows
- Also, Kingsford Products Company has introduced its own range of Hardwood Pellets, manufactured from all-natural, pure flavor hardwoods devoid of any fillers, binders or preservatives, available five flavors- classic, signature, hickory, maple and cherry
More Insights Available
Fact.MR, in its new report, offers an unbiased analysis of the global BBQ charcoal market, analyzing historical demand from 2016-2020 and forecast statistics for 2021–2031.
The study reveals growth projections on the BBQ charcoal market on the basis of form (briquettes and lump wood), source (agricultural waste, coconut shells, hardwood, nutshells and bamboo), end user (hotels, restaurants & catering (HoReCa) and households) and sales channel (direct sales and retail sales) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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Shambhu Nath Jha
Sr. Consultant - Consumer Products