Global biochar market worth $4.27 million in 2015
The global biochar market reported an estimated value of $4.27 million in 2015. As per the latest findings, it may record a CAGR of 17.1%, during 2015 – 2023. Majorly, the market is witnessing a leap owing to improved soil fertility, natural carbon sequestration feature of biochar, waste management potential, and increased government initiatives. Stringent environmental regulations also act as a major driver for the growth of the global biochar market.
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Insights on market segments
Among all other applications, agricultural segment is witnessing a strong growth rate in the global biochar market, since biochar helps improve soil quality and crop yield. Chemical fertilizers are largely used in agriculture, which lead to decline in agricultural land per capita as well as in soil quality. To address this issue, biochar is remaining high in demand. As per the research, forestry waste is estimated to be the largest segment by feedstock. Also, it is expected to continue being the largest segment during 2015 – 2023. In terms of application, gardening is estimated to have accounted for the largest revenue, which is expected to register the highest CAGR in the near future. The need for improvement in soil texture and quality in North America is boosting the demand for biochar, which acts as a soil amendment.
North America stands as the largest market for biochar
In 2015, North America was geographically the largest biochar market. Due to growing demand for agricultural products and enhancement in soil fertility and crop yield, the North American market for biochar has been witnessing significant growth. This region reports continuous use of chemical fertilizers, along with mining and deforestation, which results in degradation of its soil quality and texture. The same drives the demand for biochar, which leads to growth of North American biochar market. The reason behind the same is the potential of biochar to moderate soil acidity and reduce nitrogen leaching into ground water.
Government and non-government organizations in North America as well as other countries, such as India, China, Brazil, and several European countries are framing guidelines for improvement of soil quality. This demands advanced research and development for biochar.
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Strict environment regulations drive the market growth
The major drivers for the global biochar market growth are strict environment regulations. Increase in government initiatives is another factor driving the growth of the global biochar market. It is due to increasing environmental pollution and global warming that the demand for biochar has risen. Thus, governments of several nations have introduced projects that promote the usage of biochar. American Power Act of 2010 is an example, which has various provisions to support biochar initiatives. International Biochar Initiative (IBI) is an example of a non-government organizations that promotes stakeholder collaboration, good industry practices, and ethical standards to cultivate cost-effective biochar systems.
Production of biochar helps efficiently manage agricultural and other organic waste, which is the cause of polluted waterways and landfills. Also, it helps in cutting cost of waste disposal. Hence, biochar is a better choice over charcoal produced from forest fires, which release harmful gases in the atmosphere.
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