Biochar Market Worth US$ 368.85 Mn, Globally, by 2028 at 11.1% CAGR - Exclusive Report by The Insight Partners

NEW YORK, April 6, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Biochar Market to Forecast 2028 – COVID-19 Impact and Global Analysis – by Feedstock, Application, and Geography," the biochar market is projected to reach US$ 368.85 million by 2028 from US$ 177.06 million in 2021. It is expected to grow at a CAGR of 11.1% from 2021 to 2028. Growing demand for biochar in the agriculture & feedstock industry, and the benefits such as it can help stabilize toxins in mining waste and boost revegetation also, biochar helps in reducing gas emissions and increasing crop productivity. Hence, these benefits of biochar are driving the market growth.

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Biochar Market: Competitive Landscape and Key Developments

Leading players in the biochar include Carbon Gold Ltd; Genesis Industries; Black Owl Biochar; Biochar Now, LLC; Airex Energie Inc.; Phoenix Energy; American Biochar Company; Bioforcetech Corp; ECOERA; PYROPOWER. These players are focused on developing innovative products to meet the changing requirements of consumers.

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Increasing Demand for Organic Food Products Favors Biochar Market Growth

In organic farming, soil fertility—defined by minerals, carbon, and organic matter content—plays a vital role. Biochar is expected to have a yield-augmenting impact on less fertile soils. Biochar is beneficial for soil resiliency leading to increased crop production. The organic food industry has been boom for more than a decade now. Rising awareness among people about the benefits of organic food and the side effects of artificial chemicals used in food production has further boosted the demand for organic food. The price difference between organic and inorganic food is also insignificant compared to health benefits associated with organic food. By having organic food, consumers can avoid the needless intake of pesticides and fertilizers. Further, the growth of e-commerce businesses catalyzes the proliferation of the organic food industry. Thus, with the rising popularity of organic farming practices, the biochar market is expected grow during the forecast period.

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

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

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Biochar Market: Segmental Overview

Based on feedstock, the market has been segmented into woody biomass and agricultural waste, animal manure, and other feedstock. The woody biomass and agricultural waste segment accounted for the largest market share in 2021. Woody biomass is considered the most popular feedstock for biochar production. It is a sustainable renewable energy source, woody biomass can help mitigate greenhouse gas emissions, create healthier forests, and reduce the risk of wildfires. Moreover, biochar helps in reducing greenhouse gas emissions and use as fossil fuel and contributing significantly to the development of new green markets, bio-energy production, and bio-conversion of agricultural solid wastes to animal feed.

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

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

The global biochar market is primarily driven by growing demand for biochar in agriculture & feedstock industry and 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 US government has been shielding small business jobs, supporting entrepreneurship, rising government impositions on use of chemicals and materials, and creating productive entrepreneurship and resilient location-specific entrepreneurial ecosystems. The COVID-19 pandemic led to unprecedented challenges for small businesses and brought new market opportunities to the existing and new entrants. Overall disruptions in manufacturing processes, research, and development activities restrained the growth of the biochar market. However, the market is reviving due to the government's significant measures, which has been helping businesses to gain momentum. Since 2021, countries are reviving from the adverse effects of COVID-19 outbreak, which has also propelled the biochar market growth. Moreover, biochar for agriculture and feedstock applications are significantly growing fields of chemicals and material industry. According to the USBI, in 2018, there were approximately 135 biochar producers in the US. In 2018, USBI found the US produced 45,000 tons of biochar per year. Also, Australia produced less than 50,000 tons of biochar per year. In Australia, the biochar market was in the early stages before the COVID-19 hit.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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