Biochar is charcoal-like, black, lightweight residue formed by burning of biomass and organic material from agricultural and forestry waste. The burning process of biomass is done through direct thermal decomposition, in limited oxygen environment that prevents combustion of the biomass. Biochar is very rich in pyrogenic carbon which makes it suitable for acidic soils; biochar is added to acidic soils to increase their fertility. Studies have shown that this practice of adding biochar to the soil to increase its fertility goes way back to thousands of years to the Amazon basin where ancient local population called it ‘terra preta’, meaning, dark earth.
Forecast Analysis of the Biochar Market
In the recent years, there has been an increase in the demand for biochar due to its application in agriculture, horticulture, soil remediation sector, etc. This growing applicability of biochar is expected to be the primary growth driver of the biochar market in the forecast years, 2022-2031. Along with this, rising use of biochar for waste management is expected to push the biochar market further. Also, biochar has become popular in the recent years due to its ability to address climate change by sequestering 50% of the carbon from the feedstock. This growing popularity of biochar is predicted to offer numerous investment and growth opportunities to the market in the analysis timeframe. However, risk of contamination and compaction associated with overuse of biochar may restrain the growth of the market in the forecast period.
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Regionally, the biochar market in the Asia-Pacific region is expected to be the most dominant by 2031. The presence of major biochar producing countries like China and Australia is anticipated to become the primary growth driver of the market in this region. Additionally, growing use of biochar in countries like India, South Korea, Japan, etc. is expected to the push the market in this region further.
According to the report published by Research Dive, the global biochar market is expected to gather a revenue of $2,366.4 million by 2031 and grow at 18.4% CAGR in the 2022-2031 timeframe. Some prominent market players include Agri- tech Producers, LLC, Biochar Now, Pacific Biochar Benefit Corporation, Airex Énergie Inc., Bioforcetech Corp., Phoenix Energy, American BioChar, Chargrow USA LLC, ARSTA Eco PVT LTD., ECOERA, and many others.
Covid-19 Impact on the Market
The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The biochar market, however, showed resilience during the pandemic. The sustainable model of biochar production helped the market sail through tough times. Also, several biochar companies received funding for biochar production during the pandemic period which helped the market sustain the devastating effects of the lockdowns.
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Significant Market Developments
The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the biochar market to flourish. For instance:
In June 2020, EarthRenew, an electric services company, announced that it was signing a supply agreement to acquire biochar from BiocharNow, a leading biochar producing company in the US. This agreement will help EarthRenew to receive biochar from BiocharNow at a discounted rate and redistribute it to sellers in the US on a non-exclusive basis. This agreement will, thus, help in a better penetration of biochar in the Americas and expand the market in this region.
In June 2022, Biochar Life, an impact venture of Warm Heart Worldwide, announced that it was partnering with Carbonfuture, a carbon removal tracing platform based in Germany. The partnership is aimed sourcing 1000 tons of CO2e from biochar projects in countries like Kenya and Thailand. The partnership is predicted to boost the market share of both the partners in a substantial manner in the coming period.
In December 2022, EVOIA, a leading agriculture technology company in the US, announced the launch of AmpliFYR, a biochar-based seed and root treatment product. This product launch is anticipated to boost the company’s footprint in the biochar market and place the company in the poll position in the next few years.
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