According to the latest report by IMARC Group titled, “Biochar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, The global biochar market reached a value of US$ 1.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.1 Billion by 2027, exhibiting a CAGR of 12.37% during 2022-2027.
Biochar refers to a type of carbon-rich charcoal that is produced by the heating of agricultural waste, animal manure, and woody biomass. It helps in improving soil fertilization, maintaining adequate moisture levels, reducing pollutants, providing crop nutrition, and preventing soil leaching. Owing to various technological innovations, such as gasification and pyrolysis, biochar finds extensive applications across various industries, including pharmaceuticals and agriculture.
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The prevalent trend of organic farming has stimulated the utilization of biochar in mixed farming, biodynamic agriculture, and zero tillage farming methods. In line with this, the rising health consciousness and escalating consumer expenditures on high-quality, organic food items have bolstered the market growth. Moreover, the thriving electronics industry is positively influencing the demand for biochar in the manufacturing of building materials. Apart from this, the increasing awareness about waste management, coupled with various stringent environmental regulations for minimizing carbon footprints, is expected to fuel the growth of the global biochar market in the coming years.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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