Garnar | stock.adobe.com
According to an analysis conducted by Fact.MR, the global biochar market is projected to reach an estimated value of $7.9 million in 2023, with a foreseen Compound Annual Growth Rate (CAGR) of 14.1 percent over the forecast period from 2023 to 2033. By 2033, it is expected to attain a valuation of $26.5 million.
Biochar is a form of charcoal typically produced through the pyrolysis of biomass or waste materials in an oxygen-deprived environment. This material is carbon-rich and can be used as a soil amendment, contributing to enhanced plant growth, increased crop yields, improved soil quality and various other benefits.
The increasing global population has led to a surge in demand for crops, prompting farmers to adopt biochar more widely to boost crop productivity. This, in turn, has driven the consumption of biochar.
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Additionally, the incorporation of biochar into the diets of various animals, including goats, pigs, chickens, fish and cattle, has yielded positive outcomes. It serves as a beneficial feed additive for a range of ruminants, such as goats and cattle, contributing to improved growth performance, enhanced blood profiles, heightened resistance to pathogens and other advantageous effects.
Moreover, biochar contains notable quantities of essential minerals like calcium, potassium and magnesium, which have been found to reduce the likelihood of hens producing cracked eggs. These factors have led to an increased utilization of biochar in animal feed, further bolstering the growth of the biochar market.
Year over year, the biochar market is estimated to account for an average of 13.8 percent from 2018–2033. China is estimated to grow at a CAGR of 16.2 percent during the forecast period from 2023-2033.
Prominent market players in the biochar market are ArSta Eco, Biochar Industries, Biochar Supreme, Carbon Gold, Karr Group and Phoenix Energy. Tier 1 manufacturers of biochar account for over 27.5 percent share of the global market, according to market research from Fact.MR.
