Asia Charcoal Briquettes Market To Mushroom at 6.2% CAGR during 2020–2024

India is presently the largest Asian charcoal briquettes market because it is home to a number of producers, therefore accounts for a rather high-volume availability of the fuel.
By: P&S Intelligence
 
DELHI, India - June 4, 2021 - PRLog -- The soaring popularity of barbecued food and flourishing cement and steel industries will drive the Asian charcoal briquettes market at a CAGR of 6.2% during the forecast period (2020–2024). The market stood at $952.5 million in 2019, and it is projected to reach $1,158.4 million by 2024. Asia has a vivid culture, with every nation having its signature cuisines and cooking styles. However, changing food preferences of people and a growing awareness about a healthy lifestyle can be observed in every country. Owing to this, the consumption of grilled or barbecued food is rapidly rising in the region.

Moreover, the growing metallurgy industry in the region will facilitate the Asian charcoal briquettes market growth in the future. The mushrooming production of steel in China and India has resulted in a high demand for fuels such as charcoal briquettes, as they offer a notable amount of heat for the manufacturing process. The steel industry is increasingly using charcoal briquettes as they are a cost-effective raw material and work as an effective substitute for traditional fuels. Moreover, this fuel is a clean and renewable source of energy.

Geographically, Japan is expected to exhibit the fastest growth in the charcoal briquettes market in Asia (https://www.psmarketresearch.com/market-analysis/asia-cha...) during the forecast period. This country uses almost all of its charcoal briquettes to prepare grilled food. Moreover, upcoming events such as Olympics 2020 (rescheduled for 2021) will propel the demand for barbecued food in the country owing to the arrival of a notable number of international guests. To meet the magnifying demand for barbecued food, Japan will import a larger quantity of charcoal briquettes than presently.

The Asian charcoal briquettes market is extremely unorganized due to the presence of several small players. Some of the leading players are Thailand Premium Charcoal Supplier, Sagar Charcoal and Firewood Depot, Matsuri International Co. Ltd., Life Green Charcoal Sdn Bhd, PT. Coconut Charcoal Briquette Factory, Mackay Green Energy Inc., PT. Ruby Privatindo, Mesjaya Abadi Sdn Bhd, COCO Energy, and Subur Tiasa Holdings Berhad. These companies are using several strategic measures, such as product launches and distribution agreements, to increase their revenue.

Thus, the growing inclination toward barbecued or grilled food and strengthening metallurgy industry in Asia will fuel the demand for charcoal briquettes in the future.

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