Biochar market worth US$368.85 million, globally, by 2028 at a CAGR of 11.1%

NEW YORK, April 6, 2022 /PRNewswire/ — The Insight Partners has released the latest research study on biochar market to Forecast 2028 – COVID-19 Impact and Global Analysis – by Feedstock, Application, and Geography”, the biochar market is expected to reach $368.85 million by 2028 from $177.06 million in 2021. It is expected to grow at a CAGR of 11.1% from 2021 to 2028. The growing demand for biochar in the agriculture and raw materials industry, and the benefits such as it can help stabilize toxins in mining waste and stimulate revegetation as well, biochar helps in reducing gas emissions and increasing crop productivity. Hence, these benefits of biochar are driving the growth of the market.

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Report cover

Details

Market size Value in

$177.06 million by 2021

Market Size Value by

$368.85 million in 2028

Rate of growth

CAGR of 11.1% from 2021 to 2028.

Forecast period

2021- 2028

base year

2021

Number of pages

150

Number of tables

112

Number of graphs and figures

72

Historical data available

Yes

Segments Covered

Raw material and application

Regional scope

North America; Europe; Asia Pacific; Latin America; AEM

Country scope

United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report cover

Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends

Biochar Market: Competitive Landscape and Key Developments

Major biochar players include Carbon Gold Ltd; Genesis Industries; Black Owl Biochar; Biochar Now, LLC; Airex Energy Inc.; Phoenix energy; American Biochar Society; Bioforcetech Corp; ECOERA; PYROPOWER. These players are focusing on developing innovative products to meet changing consumer demands.

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Rising demand for organic food products is driving the growth of the biochar market

In organic farming, soil fertility, defined by its content of minerals, carbon and organic matter, plays an essential role. Biochar is expected to have an impact on increasing yield on less fertile soils. Biochar is beneficial for soil resilience, which leads to increased agricultural production. The organic food industry has been booming for over a decade now. Growing awareness among people about the benefits of organic foods and the side effects of artificial chemicals used in food production has further boosted the demand for organic foods. The price difference between organic and inorganic foods is also insignificant when compared to the health benefits associated with organic foods. By having organic food, consumers can avoid the unnecessary intake of pesticides and fertilizers. Additionally, the growth of e-commerce businesses is catalyzing the proliferation of the organic food industry. Thus, with the growing popularity of organic farming practices, the biochar market is expected to grow over the forecast period.

Biochar is charcoal or high-carbon, fine-grained residue produced by pyrolysis. Biochar is used as a soil conditioner and fed to animals. Biochar is a stable carbon-rich solid and can remain in the soil for thousands of years. Biochar offers multiple benefits for soil health. It promotes healthy soil and plants.

Based on product type, the biochar crystals segment held the largest share of the biochar market. It is a precursor to polyacrylamides which have a wide range of applications as water-soluble thickeners and flocculants.

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Biochar Market: Segmental Overview

On the basis of raw materials, the market has been segmented into woody biomass and agricultural waste, animal manure and other raw materials. The woody biomass and agricultural waste segment accounted for the largest market share in 2021. Woody biomass is considered to be the most popular feedstock for the production of biochar. It is a sustainable renewable energy source, woody biomass can help mitigate greenhouse gas emissions, create healthier forests and reduce the risk of wildfires. In addition, biochar contributes to reducing greenhouse gas emissions and its use as a fossil fuel and contributes significantly to the development of new green markets, the production of bioenergy and the bioconversion of agricultural solid waste into food for animals.

Based on application, the market has been segmented into power generation, agriculture, forestry, and others. The agriculture segment accounted for the largest share in 2020. The application of biochar in the agricultural industry improves the rates of natural carbon sequestration in soil, reduces agricultural wastes, and improves soil texture and fertility. Biochar has the potential to increase agricultural productivity and mitigate greenhouse gas emissions from agricultural soils.

Based on applications, the water and wastewater treatment segment held the largest share of the global biochar market. Biochar is used to make a biochar polymer (polyacrylamide) which is used as a flocculant in wastewater treatment.

The global biochar market is mainly driven by the growing demand for biochar in the agriculture and commodity industry and the advanced benefits of biochar.

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Impact of COVID-19 Pandemic on Biochar Market

In response to the onset of the COVID-19 pandemic, the U.S. government protected small business jobs, supported entrepreneurship, increased government taxes on the use of chemicals and materials, and created productive entrepreneurship and resilient and location-specific entrepreneurial ecosystems. The COVID-19 pandemic has brought unprecedented challenges for small businesses and opened up new market opportunities for existing and new entrants. The overall disruptions in manufacturing processes, research and development activities have hampered the growth of the biochar market. However, the market is reviving thanks to the significant government measures, which are helping businesses to gain momentum. As of 2021, the countries are recovering from the adverse effects of the COVID-19 outbreak, which also propelled the growth of the biochar market. Additionally, biochar for agriculture and feedstock applications are significant growth areas of the chemical and materials industry. According to USBI, in 2018 there were approximately 135 biochar producers in the United States. In 2018, USBI found that the United States produced 45,000 tons of biochar per year. Too, Australia produces less than 50,000 tons of biochar per year. In Australiathe biochar market was in its infancy before COVID-19 hit.

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Contact: Samir Joshi
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