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Biochar Market Expected to Reach $695.1 Million by 2031—Allied Market Research

 
2022
Biochar Market

Report Code : A11816

quote The global biochar market is expected to possess high growth potential in the coming years owing to the fact that biochar is widely used in soil conditioners, animal feed, and as an alternative to activated carbon for use in heating, ventilation, air conditioning (HVAC) units, and water treatment facilities. Moreover, factors such as an increase in awareness for using sustainable products, easy availability, and novel inventions for the application of biochar in several end-use industries may enhance the performance of the biochar market. In addition, governments of various countries are emphasizing on production and utilization of renewable energy sources which in turn may promote the usage of biochar during the forecast period. However, the outbreak of the COVID-19 pandemic has had negative impacts on the global biochar market. quote

Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Biochar Market," The biochar market was valued at $204.6 million in 2021, and is estimated to reach $695.1 million by 2031, growing at a CAGR of 13.1% from 2022 to 2031.

Biochar is a carbon-rich stable solid produced by the pyrolysis of biomass in the absence of oxygen. It is used as a soil conditioner to enhance crop yield, plant growth, and sustainability in areas having depleted soil. In addition to this, it is increasingly used as a regular feed supplement to improve the animal health and nutrient intake efficiency of cattle (cows and goats).  

The rapid growth of population, a significant rise in the need for various agricultural foods, and a surge in demand for fertilizer & crop protection products have enhanced the performance of the agriculture sector. Biochar is used to improve plant growth, soil fertility, and provide crop nutrition. As a result, it improves overall farming productivity. Moreover, biochar supplementation has shown a positive response in animal feedings such as cattle, goats, chickens, pigs, and fish. It is used as a feed additive in several ruminants (cattle and goats) to improve blood profiles, growth performance, and ability to resist pathogens. These factors drive the growth of the biochar market during the forecast period.  

However, drawbacks associated with the use of biochar are anticipated to hamper the market growth.  Key factors such as the rise in fashion consciousness among youngsters, an increase in the import & export trade of various clothes, increasing R&D activities, and rapid growth of the textile market has enhanced the performance of the textile industry during the forecast period.

For instance, according to an article published by Invest India in March 2023, the domestic textiles and apparel industry stood at $152 billion in 2021, growing at a CAGR of 12% to reach $225 billion by 2025. The textile industry has started using biochar as a fabric additive. Moreover, it is highly effective in dye adsorption from wastewater generated during textile washing. This factor is predicted to create remunerative opportunities for the expansion of the biochar market in the future.  

The biochar market is segmented on the basis of production technology, application, and region. By production technology, the market is segregated into pyrolysis, gasification, and others. The pyrolysis segment dominated the global market, in terms of revenue in 2021, with 56.7% of the total share. The pyrolysis process produces several other key components such as bio-oil and syngas that can be used as a prime energy source for power generation. This led the manufacturers to become more linear toward using the pyrolysis process for manufacturing biochar.

By application, the global market is divided into a soil amendment, animal feed, industrial, and others. The soil amendment segment dominated the global market in terms of revenue in 2021, with 42.7% of the total share. Biochar is widely used in soil amendment applications owing to its potential to enhance the soil pH, moisture-holding capacity, and microbial flora. It enhances plant growth and increases crop yield. Furthermore, the addition of biochar in the soil increases the availability of basic cations, phosphorous, and nitrogen. It helps to conserve plant nutrients by storing them within its matrix and making the nutrients available when the crops need them.

Region-wise, the biochar market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific biochar market size is projected to grow at the highest CAGR during the forecast period and account for a major biochar market share in 2021. The agricultural sector in India has witnessed rapid growth owing to a surge in population and a rise in export demand where biochar is widely used for soil amendment applications.

Furthermore, the Indian government is constantly engaged in promoting the agriculture sector by providing incentives and tax rebates. For instance, the Indian government announced a production link incentive (PLI) scheme for the agriculture sector with an outlay of $1,484 million over a period of six years starting in 2022.

Key players operating in the global biochar market include FARM2ENERGY Private LIMITED, Pacific Biochar Production, Karr Group Co. (KGC), Proactive Agriculture, Airex Energy Inc., Coaltec Energy USA, Frontline Bioenergy Ltd., Arsta Eco Pvt Ltd, Biochar Supreme, Carbofex Ltd.

COVID-19 analysis

The novel coronavirus was an incomparable global pandemic that spread to over 180 countries and caused huge losses of lives and the economy around the globe. The biochar market had been negatively impacted due to the wake of COVID-19 pandemic owing to its dependence on livestock, industrial, building & construction, metal processing, and other sectors.

According to a report published by the Organization for Economic Co-operation and Development (OECD), the decreased consumer demand has put downward pressure on the prices and production of soil conditioners. This factor has hampered the demand for biochar during the pandemic period. Furthermore, to control the surge of novel coronavirus cases, there was a drastic shift of investments from other sectors toward healthcare. Moreover, several companies have either shut down or shrunk their operations due to the risk of infection among the workforce. This has temporarily hampered the demand and supply chain of the biochar market.

However, the building & construction sector is projected to get back on track and start functioning at full capacity post the COVID-19 period, which in turn may enhance the performance of the biochar market. For instance, according to a report published by the Office for National Statistics in December 2021, the total construction output in Europe increased by 12.7% in 2021 as compared to 2020 owing to a rise in new construction projects and building repair & maintenance-related activities. Furthermore, factors such as a rise in awareness for eco-friendly activities coupled with an increase in corporate social responsibility (CSR) for promoting sustainable products may surge the utilization of biochar among several end-use sectors: thus, boosting the market growth.

Key findings of the study

  • By production technology, the pyrolysis segment is estimated to display the highest growth rate, in terms of revenue.
  • By application, the soil amendment segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 13.4% from 2022 to 2031.
  • By region, Asia-Pacific garnered the highest share of more than 60% in 2021.
 

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quote Biochar Market by Production Technology (Pyrolysis, Gasification, Others), by Application (Soil Amendment, Animal Feed, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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