The Asian charcoal briquettes market was valued at $952.5 million in 2019, and it is predicted to reach a revenue of $1,158.4 million by 2024. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 6.2% from 2020 to 2024 (forecast period). The market is being propelled by the growing popularity of barbecued food items and expanding steel and cement industries, where heat is critically required, across the region.
In recent years, the popularity of barbecued foods has grown massively in Asian countries. As charcoal briquettes are extensively used as a fuel for barbecue applications, owing to their ability to provide a smoky flavor and caramelized texture to the food, the growing popularity of barbecued foods is fueling the demand for charcoal briquettes in Asia. The rising public awareness about health and wellness and healthy diets is pushing up the demand for grilled and barbecued foods, which is, in turn, creating lucrative growth opportunities for charcoal briquette producers in the region.
When application is taken into consideration, the Asian charcoal briquettes market is divided into industrial, metallurgical, and barbecue. Out of these, the industrial category is predicted to demonstrate the fastest growth in the market in the coming years. This is ascribed to the growing adoption of charcoal briquettes as a fuel in the crop processing, food processing, and textile industries and industrial boilers. Moreover, the enactment of strict environmental regulations by the governments of several countries is also propelling the advancement of the category.
Japan is predicted to be the fastest-growing country in the Asian charcoal briquettes market in the forthcoming years. This is attributed to the fact that the country employs the use of nearly all of its charcoal briquettes for grilling food, and as the 2020 Olympics (which has been postponed to 2021) will take place in Japan, the requirement for barbecued foods is predicted to shoot up in the country in the coming years. Additionally, the increasing tourist footfall is also predicted to push up the requirement for charcoal briquettes in the country in the coming years.
Hence, the sales of charcoal briquettes will surge sharply in Asia in the coming years, mainly because of the soaring popularity of grilled and barbecued food items in the region.
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