Biochar Market: Industry Analysis, Size and Forecast 2023


Biochar Market

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.

Read summary of report here : https://www.psmarketresearch.com/market-analysis/biochar-market
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.

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 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.

Some of the key companies in the global biochar market include Biochar Products Inc., Diacarbon Energy Inc., Agri-Tech Producers LLC, Genesis Industries, Green Charcoal International, Vega Biofuels Inc., The Biochar Company, Cool Planet Energy Systems Inc., Full Circle Biochar, and Pacific Pyrolysis Pty Ltd.

Request sample copy of report here :  https://www.psmarketresearch.com/market-analysis/biochar-market/report-sample

Several factors are helping the biochar market to grow worldwide. However, the high cost of biochar acts as a major restraint for the market, uncovers the research. Farmers find it difficult to afford biochar for agricultural practices. This is expected to have a negative impact on the biochar market, especially in developing or underdeveloped economies.

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