Report : North America Biochar Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Feedstock (Woody Biomass and Agricultural Waste, Animal Manure, and Other Feedstock) and Application (Electricity Generation, Agriculture, Forestry, and Others)
At 10.0% CAGR, the North America Biochar Market is speculated to be worth US$ 72.85 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America biochar market was valued at US$ 37.34 million in 2021 and is expected to reach US$ 72.85 million by 2028, registering an annual growth rate of 10.0% from 2021 to 2028. Advanced benefits of biochar and increasing demand for biochar in agriculture & feedstock industry are the critical factors attributed to the market expansion.
There has been a rising preference for biochar due to its various benefits. Biochar is typically applicable to generate electricity, agriculture, and forestry. Biochar is versatile and can be used in different types such as woody biomass, agricultural wastes, rice husks, bagasse, paper products, animal manures, and even urban green waste. These multifaceted benefits propel the growth of the biochar market. Biochar is a carbonaceous material that can help stabilize toxins in mining waste and boost revegetation. Biochar helps in reducing gas emissions and increasing crop productivity. There has been an increase in knowledge among industry regarding the advantages of Biomass to the environment. Biochar serves as an agent for soil improvement, protection against environmental pollution, and greenhouse gas mitigation. Government agencies across the region aim to make their energy system more sustainable, secure, and competitive. Many government policies also support sustainable waste management and environmental protection leading to increasing biochar production capacity, thereby driving the market of biochar. Biochar is highly porous, and its application to forest soil can improve a range of soil physical properties, including soil porosity, pore-size distribution, bulk density, moisture-holding capacity, infiltration, and hydraulic conductivity. Hence, the forest sector witnessed lucrative growth for the biochar market during the forecast period.
On the contrary, limited adoption by farmers in agro-based economies hurdles the growth of North America biochar market.
Based on feedstock, the North America biochar market is segmented into woody biomass and agricultural waste, animal manure, and other feedstock. The woody biomass and agricultural waste held 54.9% market share in 2020, amassing US$ 18.80 million. It is projected to garner US$ 41.35 million by 2028 to expand at 10.5% CAGR during 2021–2028.
Based on application, the North America biochar market is segmented into electricity generation, agriculture, forestry, and others. With 65.3% share of the domain, the agriculture segment dominated the market in 2020. It accrued US$ 22.38 million in 2020 and is estimated to generate US$ 48.90 million by 2028 to grow at a CAGR of 10.4% over the forecast period.
Based on country, the North America biochar market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 83.6% market share in 2020. It was assessed at US$ 31.27 million in 2021 and is likely to hit US$ 61.56 million by 2028, exhibiting a CAGR of 10.2% during the forecast period.
Key players dominating the North America biochar market are Airex Énergie Inc.; American BioChar Company; Biochar Now, LLC; BioForceTech Corporation; Black Owl Biochar; Genesis Industries; and Phoenix Energy among others.