KEY FINDINGS The global market for biochar is estimated to grow at a CAGR of 11.22% in terms of volume during the estimated period. In terms of revenue, the global market is set to record a CAGR of 13.57%. The factors propelling the market growth are the continuous availability of energy, increasing government initiatives, and the availability of a diverse feedstock.
MARKET INSIGHTS Biochar is the end product that is obtained upon the burning of organic matter like agricultural waste, residential waste, forest waste, and is rich in carbon. It aids in increasing the soil properties, and in carbon sequestering. In the case of carbon sequestering, carbon is captured and stored, and biochar can withhold carbon for longer durations. It enriches soil fertility, thereby stimulating plant growth. The energy thus generated during the production of biochar can be substituted for carbon positive energy from fossil fuels. Biochar also results in reduced greenhouse emissions. These aspects of biochar drive its global market growth.
The transportation and application of biochar have resulted in its loss, and hence needs extensive R&D activities in order to minimize the losses. The agriculture & feedstock category in the application segment garnered the largest market share in 2019. Horticulture is estimated to be the fastest-growing application during the forecasted period. Farmers are the end-users for biochar, since they use it to increase the yield capacity of the land. The high costs of biochar, with regard to large-scale applications, are projected to hinder the market growth.
REGIONAL INSIGHTS The global biochar market is analyzed geographically on the basis of markets situated across the regions of North America, Europe, Asia Pacific, and the Rest of the world. As of 2019, the market region of North America holds the largest market share in terms of revenue, and continues the trend by the end of the projected period. This is attributed to the commercialization of application and production, along with the standardization of the biochar manufacturing facilities. The Asia Pacific region is projected to be the fastest-growing market region in terms of revenue. One of the primary factors boosting the market growth is the rapid agricultural and economic development in the region.
COMPETITIVE INSIGHTS The market boasts the presence of a large number of big industry players. Some of the imminent players registering its presence in the market include, Pacific Biochar, Tolero Energy, Biochar Now, Agri-Tech Producers LLC, Biogreen-Energy, etc.