What is the charcoal briquette market and how is it expected to grow in the coming years 2028?

The charcoal briquette market is a market that produces and sells charcoal briquettes, which are environmentally friendly and serve as an alternative energy source for mitigating climate change. The market is fueled by the increasing adoption of clean energy sources in emerging economies and the use of charcoal briquettes as renewable fuel substitutes for contemporary combustion systems, boilers, and coal-fired heaters. Charcoal briquettes are also extensively used for cooking food on barbecue pits, outdoor grills, and hibachis.

According to the latest research by SkyQuest, the market was worth USD 0.9 billion in 2021 and is projected to hit USD 2.3 billion by 2028, with a CAGR of 6.3% during the forecast period (2022-2028). The lump charcoal segment held a 23.6% share in 2022 and is anticipated to increase its lead to 28.4% by 2028. The North American charcoal market is anticipated to cross $465 Million by 2028, while the metallurgy sector held a 32% revenue share in 2022 and is predicted to witness swift growth to touch 38% revenue by 2028.

Source : https://www. globenewswire.com/news-release/2023/01/25/2595289/0/en/Charcoal-Briquette-Market-to-Hit-USD-2-3-Billion-by-2028-Owing-to-Increasing-Preference-for-Clean-Energy-Sources.html