Biochar Market Worth More Than $15 Million by 2023: Acumen Research and Consulting

Author: Acumen Research and Consulting

Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Biochar Market (Application: Gardening, Agriculture, Household; Feedstock: Agriculture Waste, Forestry Waste, Animal Manure, Biomass Plantation, Others; Technology: Microwave Pyrolysis, Batch Pyrolysis Kiln, Continuous Pyrolysis Kiln, Gasifier and Cookstove, Others; Manufacturing Process: Gasification, Fast and Intermediate Pyrolysis, Slow Pyrolysis, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2014-2023”, forecasts that the global market for biochar is expected to grow at a CAGR of more than 17% from 2015 to 2023 and reach the market value over $15 million by 2023. The increasing need for improved crop yield and soil fertility, natural carbon confiscation property of biochar, increased administration initiatives and strict environment regulations, and waste management potential are some major reasons driving the growth of this market, globally. In addition, low carbon food chain and land constraint and degrading soil quality are some other major factors anticipated for the growth of this market.
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North America Expected to Anticipate Largest Share in Biochar Market
North America accounted for the largest share in biochar market in 2015 in terms of value and volume, and is expected to maintain its dominance in the following years. This segment accounted for more than 62% share of total market, in terms of revenue, and is accounted to grow at a CAGR of over 17% during the period from 2015 to 2023. In 2015, the gardening application in North America held highest revenue share of around 74%. However, agriculture segment is projected to anticipate fastest growth till 2023 and at continuous growing CAGR of more than 17% because of the stringent environmental regulations, increased demand for agricultural products, and increasing concern towards global warming in the region.
Gardening Segment Expected to Continue its Dominance in Coming Years
Major applications of biochar include gardening, agriculture and household. The gardening segment was the largest application area biochar, due to increased government initiatives and stringent government regulations. Also, agriculture segment is witnessing a considerable growth, with respect to volume as well as revenue, due to several benefits of biochar in enhancing soil quality and crop harvesting. However, agriculture is expected to continue its dominance in this market in further years.
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Animal Manure Feedstock Segment Expected to Grow at Around 25% in Terms of Volume
On the basis of feedstock, the global biochar market is segmented into agriculture waste, forestry waste, animal manure, and biomass plantation. Among these, forestry waste dominated the market in terms of value and volume in 2015 and is expected to maintain this trend over the forecast period. In 2015, this segment accounted for more than 50% revenue share of the global market. The animal manure segment is expected to witness fastest growth at around 25% CAGR during the period from 2015 – 2023 in terms of volume. Also, this segment is expected to witness fastest growth in terms of revenue, globally. Increasing research and development activities for production of biochar from animal manure are expected to drive the market growth in coming years.
Continuous Pyrolysis Kiln Technology will Lead the Market Growth
The global biochar market is segmented by technology into microwave pyrolysis, batch pyrolysis kiln, continuous pyrolysis kiln, gasifier and cookstove, and others. In terms of value, the continuous pyrolysis kiln technology leads the global biochar market growth and is anticipated to grow at a CAGR of 19% in terms of revenue during the analysis period. Continuous pyrolysis reactors are more preferred for large scale production of biochar. On the basis of volume, microwave pyrolysis process is expected to witness highest growth at a CAGR of more than 26% during the analysis period.
Slow Pyrolysis Manufacturing Process Expected to Witness Highest Growth, Globally
The global biochar market by manufacturing process is segmented into gasification, fast and intermediate pyrolysis, slow pyrolysis, and others. The process of slow pyrolysis may take several hours to days for the production of biochar. The slow pyrolysis manufacturing process segment dominates the global biochar market with respect to market size and it is anticipated to grow more than 17% CAGR during the period from 2015 - 2023. With respect to volume, it is estimated that slow pyrolysis will continue its dominance in future.
Among the player operating in the global biochar market, some profiled in the report include Agri-Tech Producers LLC, Biochar Products, Diacarbon Energy Inc., Chargrow LLC, Genesis Industries, Green Charcoal International, Vega Biofuels Inc., The Biochar Company, Pacific Pyrolysis Pty. Ltd., Cool Planet Energy Systems, and Full Circle Biochar among others.
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