IMARC Group, a leading market research company, has released a report titled “Biochar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. According to the report, The global biochar market size reached US$ 1.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.5 Billion by 2028, exhibiting a growth rate (CAGR) of 12% during 2023-2028.
Biochar is a form of charcoal produced from organic materials, such as agricultural waste, wood, and other biomass, through pyrolysis. Pyrolysis involves heating these materials in a low-oxygen environment, which prevents them from fully combusting and turning into ash. They are then transformed into a stable form of carbon-rich material known as biochar. Biochar has several beneficial applications. It can be used as a soil conditioner in agriculture to improve soil fertility, water retention, and nutrient retention. It also has the potential for environmental remediation by capturing an storing carbon, thereby mitigating climate change. Additionally, it can be utilized as a filtration medium in water treatment to remove contaminants. At present, biochar is gaining immense traction across the globe due to its environmental and agricultural benefits.