Biochar Market: By Technology (Pyrolysis, Gasification Systems, Others), By Feedstock (Woody Biomass, Agricultural Waste, Animal Manure, Others), By Application (Agriculture, Animal Farming, Industrial Uses, Others), and Geography

Biochar Market was valued at USD 243.8 million in 2022 and is poised to grow at a CAGR of 12.6% over 2023-2029. Biochar is a type of charcoal that is porous, and rich in carbon created from biomass materials via a process known as pyrolysis by heating biomass, such as organic waste, forestry byproducts, wood chips, and agricultural waste, without the presence of oxygen. The widespread adoption of biochar as a soil supplement is driven by the rising need for sustainable agricultural methods. Higher agricultural yields and healthier plants are the result of biochar's improved soil fertility, increased water retention, and promoted nutrient availability. Furthermore, the ability of biochar to store carbon in the soil presents opportunities in the market for carbon offsets. Investments in biochar initiatives by several countries' governments, businesses, and people who want to offset their carbon emissions to reach sustainability objectives also propel market growth. Moreover, the capacity of biochar to absorb contaminants and nutrients makes it a suitable component for water filtration and treatment systems. The application of biochar in water treatment applications has become a growing trend. But the production of biochar is capital-intensive and energy-consuming, making it relatively expensive compared to traditional soil amendments and fertilizers which hinders the market growth. However, the increase in acceptance of this technology, growing government initiatives, awareness among population, growing agricultural production for increasing population is anticipate to heighten the market growth.

Biochar Market Key Developments:

• In June 2023, Ahlstrom and Black Bull Biochar, a start-up based in the United Kingdom, partnered to help pilot the production of biochar, a greenhouse gas removal technology, for agricultural use.
• In December 2022, EVOIA Inc., launched its first product – AmpliFYR, a seed treatment manufactured from biochar for use in corn, soybeans, wheat, and other row crops.