(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 04, 2024 (GLOBE NEWSWIRE) -- The "BBQ Charcoal market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global BBQ charcoal market is experiencing substantial growth, with projections estimating the market size to expand from $2.95 billion in 2023 to $3.23 billion in 2024, showcasing a robust compound annual growth rate (CAGR) of 9.2%. Influential factors contributing to this growth include the rising trend of at-home cooking, increased demand for charcoal grills, and the growing accessibility through e-commerce platforms. Additional factors such as the popularity of BBQ cuisine, eco-conscious grilling practices, and the introduction of varied barbecued food products are creating a dynamic landscape for the market. Looking ahead, the market is forecasted to reach $4.64 billion by 2028, with a sustained CAGR of 9.5%. Emerging Trends and Driving Factors
The market's projected growth trajectory can be accredited to several key trends and driving factors. Firstly, there is an intensifying trend towards indoor cooking experiences and a rising consumption of barbecued foods. The market is also experiencing an uptick in barbecue grill purchases and a higher rate of household grill ownership. The emerging popularity of outdoor cooking, which imparts distinctive flavors to a variety of dishes, is simultaneously driving demand for BBQ charcoal products. Technological advancements, such as the implementation of blockchain for supply chain transparency, together with developments in e-commerce, eco-friendly charcoal options, and premium specialty products, are set to invigorate the market landscape further.
Restaurant Industry's Role in Market Expansion
The culinary sector, specifically restaurants that prepare and serve meals, has significantly influenced the growth of the BBQ charcoal market. With an uptick in disposable income, evolving consumer tastes, and the seeking of convenience, restaurants are increasingly adopting BBQ charcoal in their kitchens to create unique dining experiences. As establishments number over 749,000 in 2023, their role in bolstering the BBQ charcoal sector is pronounced.
Innovation and Market Developments
Key companies within the market are harnessing innovation, as evidenced by the introduction of products like flavored charcoal, which caters to an array of consumer palates. These flavored charcoals impart a nuanced taste and aroma to barbecued dishes, thereby enriching the grilling experience. Noteworthy market activities include strategic acquisitions aimed at enhancing product portfolios and distribution capabilities, further intensifying competition within the sector.
Regional Market Dynamics
In 2023, North America emerged as the leading region within the BBQ charcoal market. However, the Asia-Pacific region is slated to be the fastest-growing in the upcoming forecast period. The expansive geographic coverage of the market comprises diverse regions and countries, each contributing to the global market dynamics.
Product Types and Distribution Channels
BBQ charcoal consists of various product types such as lump charcoal, briquettes, and binchotan, each serving different grilling applications across residential and commercial sectors. These products are distributed via several channels, ensuring accessibility and convenience for the end-users. As the market continues its growth trajectory, the BBQ charcoal industry is poised for further evolution with consumer preferences and technological advancements shaping its future direction.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $3.23 Billion |
| Forecasted Market Value (USD) by 2028 | $4.64 Billion |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | Global |
Companies Featured
KitchenAid Clorox Company The Middleby Corporation LLC Spectrum Brands Inc. Weber Inc. The Coleman Company Inc. Traeger Pellet Grills LLC Royal Oak Enterprises LLC NexGrill Viking Range Corporation Duraflame Inc. Ignite Char-Broil LLC Kingsford Products Company Bull Outdoor Products Inc. Char-Griller Broilmaster Paraguay Charcoal Direct Charcoal Limited Timber Charcoal Company LLC
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