Competition in this BBQ sector is growing every passing day due to the popularity of this concept. This will continue for some time, but competition and rivalry provide a great opportunity to improve and understand new trends in the industry. Every other day, a new restaurant opens up with the same theme and domain which shows the increase in demand and rise in popularity of live grills.
The bbq charcoal market size was valued at $2.1 billion in 2021, and is estimated to reach $3.3 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.
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The increase in the influence of grilled food across the world and growth in adoption of grilled food among youth are majorly driving the BBQ charcoal industry. People are increasingly getting health conscious due to which consumers are preferring smoked or grilled food over fried food. The demand for BBQ charcoal is showing a significant increase due to its benefits such as grilled food is smoky flavored and healthy. Moreover, BBQ charcoal grills provide more heat and are portable. In addition, growth in cookout trends, such as cooking grilled food in the backyard, is increasing among the youth across the world. QSR magazine has reported that more than 90% of Americans like BBQ food, which is creating growth opportunity for BBQ charcoal market in North America. However, barbecue and grilling are very popular around the world, so the entry of local players into the production of barbecue charcoal products continues to increase. Local players start producing charcoal, which negatively impacts prices. In addition, the number of local players in the market is increasing, and price competition is intensifying. To compete in the market, local players start selling their products at lower prices. This is one of the major factors creating challenges in the global barbecue charcoal market.
Increase in penetration of quick service restaurant chains, hotels, fast casual restaurants, cloud kitchens, and cafes has led to surge in the processed meat market in North America and Europe, which, in turn, fuels the BBQ charcoal market growth. Ready-to-eat foods are precooked foods that have a long shelf life and are consumed on the go. In addition, these dishes are growing in popularity due to the convenience they offer, as they save time and require no additional heating before consumption and influence consumer eating habits. The increasing demand for ready-to-eat foods is driving the sales of charcoal, which is used in ready-to-eat foods and enhances the flavour of the prepared foods. Growing preference for such meals is driving the growth during the BBQ Charcoal Market Forecast.
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Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global BBQ charcoal market, as a majority of hotels, bars, and restaurants were closed and few were working with minimal occupancy in 2020.
- However, there has been a significant rise in the demand for BBQ charcoal in the post-COVID era. This is attributed to the growth in demand for grilled food due to their smoky taste, better portability, and high nutrition profile.
The report provides a detailed analysis of these key players of the global BBQ charcoal market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Some of the key players profiled in the BBQ charcoal market analysis include Matsuri International Co. Ltd., The Oxford Charcoal Company, Braai & BBQ International (Pty) Ltd, Kingsford Products Company, PT Cavron Global, Duraflame Inc., Dancoal Sp. Z.o.o., Carbo Namibia (Pty) Ltd., Mesjaya Abadi Sdn Bhd, and Direct Charcoal Ltd.
Key findings of the study
- By product type, the charcoal briquettes segment is estimated to witness the faster growth, registering a CAGR of 5.2% during the forecast period.
- In 2021, by end user, the commercial segment held the higher share, accounting for more than 60% share in the global BBQ charcoal market share.
- In 2021, the U.S. was the most prominent market globally and is expected to grow at a significant CAGR throughout the forecast period.
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