Why The Biochar Industry Is Expected To Gain Popularity Across The Globe Between 2012-2025?
1. Biochar is an emerging industry and the product is at its nascent stage. The product is expected to be a key factor for increasing agricultural productivity and crop yield in the near future. Its ability to enhance soil fertility and plant growth is expected to be a key factor on account of growing global population and rising demand for organic food.
2. Agriculture was the largest product category in 2017 and is expected to grow substantially over the forecast period. Farming was the major application segment in agriculture with a share of over 51.8% in 2017.
3. The global biochar market is expected to reach USD 3,146.1 million by 2025, according to a new report by Grand View Research, Inc.
4. Application in agriculture segment is expected to observe the fastest growth over the next nine years with an estimated CAGR of around 12.5% from 2018 to 2025. Biochar is primarily used in agriculture to enhance soil fertility, improve plant growth, and provide crop nutrition.
5. As a result, it improves the overall productivity. It has also gained considerable popularity in livestock farming as an animal feed. The livestock sector is extremely crucial for biochar, especially in regions such as North America and Europe where meat is important for human consumption.
6. Global demand in pyrolysis was USD 737 million in 2017 and is anticipated to witness staggered growth over the next nine years
7. Key players including VerdiLife, Diacarbon Energy Inc, Vega Biofuels Inc., and Agri-Tech Producers, LLC have invested heavily in gasification technology and are expected to expand their production facilities over the forecast period.