According to a new market study by XploreMR, the global biochar market is growing at a healthy rate from 2019 to 2029. Biochar is a kind of charcoal produced by heating waste materials such as agricultural waste, wood waste, forest waste, and animal manure, in a controlled environment. Biochar finds notable applications in soil amendment applications owing to its ability to enrich the fertility of the soil by reducing pollutants and toxic elements, and to maintain optimal moisture level. As the biochar enhances plant growth by preventing soil leeching, it finds usage in the production of organic food. On the back of environmental awareness, cheaper cost of raw materials, and favorable government policies for waste management, the global biochar market is set for substantial growth during the forecast period.
Increasing Adoption in Untapped Sectors
With growing awareness regarding the benefits associated with it, biochar is gradually gaining traction among various end-use applications in addition to the agriculture sector. In the textile industry, biochar is being utilized as a fabric additive. Similarly, biochar is being used as a raw material in the manufacturing of materials and as a protective shield against electromagnetic radiation in the electronics industry. Furthermore, biochar is finding adoption in the water treatment facilities in the emerging economies. Moreover, the production of biochar utilizing biogas and crop residue is expected to propel the market growth during this period.
North America Leads Global Market; Asia Buckling Up
North America is expected to remain the leading regional market for biochar, primarily driven by high awareness among the farming community regarding its benefits. Furthermore, lower feed costs for livestock are expected to increase the consumption of biochar in the region. The Asia Pacific is expected to exhibit a healthy growth rate during the forecast period, invigorated by the flourishing agriculture sector in the emerging economies in the region, such as India and China. Additionally, spending on various research & development activities and favorable government initiatives are fuelling the growth of the market in the region. Moreover, China - one of the leading producers of organic food in the world - significantly uses biochar in farming, and the research initiatives taken by the country are expected to increase consumption in upcoming years.
Applications in Farming Continue to Fuel Market Growth
Agricultural applications remain the leading end-use segment owing to increasing awareness among farmers. Similarly, livestock farming accounts for a significant share in the over market revenue, on the back of biochar's ability to provide essential nutrients and maintain the health of livestock, including poultry farming, cattle farming, and meat production. Factors such as burgeoning demand for organic food and health consciousnesses of consumers are bolstering the market growth. Additionally, waste treatment applications in China and India are bestowing lucrative opportunities for players in the biochar market.