The U.S. biochar market is extremely fragmented in nature with no specific leading player, finds Transparency Market Research (TMR). Some of the leading players operating in the market are Cool Planet Energy Systems Inc., Biochar Supreme LLC, Full Circle Biochar, Agri-Tech Producers LLC, and The Biochar Company. These players are emphasizing on innovations and technological advancements in order to expand their product portfolio and create a brand name. In addition, key players are making remarkable efforts to create awareness among consumers, which will help in driving the demand for biochar products in the near future.
According to the research study, the U.S. biochar market is estimated to reach a value of US$4.9 mn by the end of 2020.
Gardening Segment to Witness Robust Growth in Coming Years
Among the key application segments, the gardening segment is projected to lead the U.S. biochar market throughout the forecast period, states a TMR analyst. By the end of 2020, this segment is estimated to account for a share of 53.9% in the overall market. The high growth of this segment can be attributed to the rising awareness among consumers regarding the benefits of biochar for gardening purposes.
On the other hand, the agriculture segment is expected to witness significant growth in the coming years. This segment is projected to account for a 35.3% share in the U.S. biochar market by 2020, thanks to the advent of government initiatives to push farmers to use biochar products to enhance agricultural productivity.
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Government Support and Initiatives to Encourage Growth
The carbon sequestration property offered by biochar has several environmental benefits, which is one of the key factors expected to boost the demand for biochar products throughout the forecast period, says a TMR analyst. In addition, the improved soil fertility and promising food security due to the use of biochar is anticipated to augment the overall market in the coming years. The application of biochar in resolving waste management concerns is estimated to contribute significantly towards the development of the biochar market in the U.S.
Furthermore, government organizations and key players are introducing several programs to encourage the use of biochar, thus fuelling the growth of the market. The availability of cheaper feedstock is also expected to accelerate the market growth.
Technological Uncertainties to Restrict Growth of U.S. Biochar Market
The lack of consumer awareness about the biochar benefits is the primary factor restricting the growth of the biochar market in the U.S. Moreover, technological uncertainty is expected to hamper scaled agricultural uses and production capacity. Financial constraints are also projected to curtail the growth of the overall market in the next few years.
Nevertheless, the emergence of carbon credits on the usage of biochar is estimated to offer potential growth opportunities for players operating in the U.S. biochar market. The advent of large-scale gasification projects in this region is another factor augmenting the growth of the market.
The U.S. biochar market has been segmented as follows:
U.S. Biochar Market, by Application
- Gardening
- Agriculture (Large Farms)
- Household
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