The global biochar fertilizer market size is expected to reach US$ 3,714.3 Mn by the end of 2030. Future Market Insights predicts the market to rise at an impressive CAGR of 14.5% between 2020 and 2030. According to the report, North America is expected to account for the leading share in the global biochar fertilizer market and is estimated to be experiencing robust growth over the forecast period. The high growth of the North America biochar fertilizer market is due to rapid population growth, urbanization, and increasing demand for organic product.
The effect of using biochar on soil relies on regional conditions including soil type, soil (depleted or healthy), temperature, and humidity. The pyrolysis of biomass residue extracted from agricultural, or forest provides biofuel.
Biochar is a by-product of pyrolysis that can be used to fertilize farms to improve their fertility and stability.
Using biochar fertilizers has resulted in remarkable improvement in tropical soils, improving soil fertility and plant disease resistance.
Due to rapid growth of urbanization, hectic and busy lifestyle and conservative supplementary dietary needs make consumers to shift towards the healthy and organic products.
To fulfill all the daily nutrition supplements such as vitamins, minerals consumers are more attracted towards organic food products.
The estimated value of the market was at US$ 954.0 Mn in 2020. Increasing demand for organic food products is expected to drive market growth.
Expansion of agricultural sector, launch of advanced and organic products, and improved technologies are expected to create growth opportunities.
Some of the players functioning in this market include ECOSUS, Cool Planet, Biochar Supreme, NextChar, Terra Char, Genesis Industries, Interra Energy, CharGrow, Pacific Biochar, Biochar Now, The Biochar Company (TBC), ElementC6, Vega Biofuels, Carbon Gold, Kina, Swiss Biochar GmbH, BlackCarbon, Carbon Terra, Sonnenerde, Biokol, Verora GmbH, Biochar Products Inc., Diacarbon Energy Inc., Agri-Tech Producers LLC, Green Charcoal International, Vega Biofuels Inc, Full Circle Biochar, Pacific Pyrolysis Pty Ltd.. Companies such as Phoenix Energy, Pacific Pyrolysis, 3R ENVIRO Tech Group and Cool Plant Power Systems Inc. delivers pyrolysis technology to solve and manufacturer energy solutions. The manufacturers concentrate primarily on new product launch and strategic alliance, merger and acquisition, collaboration to extend their presence in the coming years.
SOURCE: Future Market Insights (FMI)