This sector is seeing more competition due to its popularity. This trend will not stop, offering great opportunities.
PORTLAND OR, UNITED STATES, September 14, 20,22 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “BBQ Charcoal Market“The bbq charcoal market was valued at $2.1 Billion in 2021. It is expected to reach $3.3 Billion by 2031. The market will grow at a 4.8% CAGR from 2022 to 2031.
The BBQ charcoal industry is being driven by the rise in popularity of grilled food around the world and youth’s increased interest in grilled food. People are becoming more health conscious and prefer grilled or smoked food to fried food. Due to its health benefits, BBQ charcoal is seeing a significant rise in demand. Grilled food is smoky and delicious. BBQ charcoal grills can be used in a variety of ways, including to provide heat and portability. Additionally, the popularity of backyard grilling is growing worldwide. QSR magazine reported that more Americans enjoy barbecue food, which is creating a growth opportunity for the BBQ charcoal market in North America. Barbecue and grilling are extremely popular in the world. This is why local players are increasingly entering the production of barbecue charcoal products. Prices are negatively affected when charcoal is produced by local players. Additionally, there are more local players on the market, which means that prices are increasing and the competition for them is intensifying. Local players begin selling their products at lower prices to compete on the market. This is one of many factors that has created challenges in the global barbecue charcoal industry.
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Increase in penetration of quick service restaurant chains, hotels, fast casual restaurants, cloud kitchens, and cafes has led to surge in the processed meat market in North America and Europe, which, in turn, fuels the BBQ charcoal market growth. Ready-to-eat foods are precooked foods that have a long shelf life and are consumed on the go. In addition, these dishes are growing in popularity due to the convenience they offer, as they save time and require no additional heating before consumption and influence consumer eating habits. The increasing demand for ready-to-eat foods is driving the sales of charcoal, which is used in ready-to-eat foods and enhances the flavour of the prepared foods. Growing preference for such meals is driving the growth during the BBQ Charcoal Market Forecast.
According to the data published by the Centers for Disease Control and Prevention (CDC), around 36.6% of adults in the U.S. consume fast food on regular basis. Hence, fast food chains and emerging retail industry contribute toward growth in the use of BBQ charcoal in the developed markets such as North America and Europe. Rapid growth and penetration of these fast food chains in Asia-Pacific and LAMEA is expected to boost the demand for these products in the forthcoming years, hence providing lucrative BBQ charcoal market opportunities to the players operating in the market.
According to the BBQ charcoal market trends analysis, the market is segmented into type, end user, and region. By type, the market is segregated into lump charcoal and charcoal briquettes. Depending on end user, it is classified into households and commercial. On the basis of type, charcoal briquettes segment dominates the market, while the lump charcoal segment is expected to exhibit a decent growth during the forecast period. Taste preferences of consumers are evolving and they are trying different variants. This makes it essential for marketers and producers to understand the latest market trends and consumer’s buying behavior.
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Some of the key players profiled in the BBQ charcoal market analysis include Matsuri International Co. Ltd., The Oxford Charcoal Company, Braai & BBQ International (Pty) Ltd, Kingsford Products Company, PT Cavron Global, Duraflame Inc., Dancoal Sp. Z.o.o., Carbo Namibia (Pty) Ltd., Mesjaya Abadi Sdn Bhd, and Direct Charcoal Ltd.
Key findings of the study
By product type, the charcoal briquettes segment is estimated to witness the faster growth, registering a CAGR of 5.2% during the forecast period.
In 2021, by end user, the commercial segment held the higher share, accounting for more than 60% share in the global BBQ charcoal market share.
In 2021, the U.S. was the most prominent market globally and is expected to grow at a significant CAGR throughout the forecast period.
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