LATIN AMERICA BIOCHAR MARKET 2022-2028

LATIN AMERICA BIOCHAR MARKET 2022-2028

MARKET OUTLOOK
According to an analysis by Triton Market Research, the Latin America biochar market is expected to register a CAGR of 14.98% by revenue and 12.28% by volume for the forecasting duration 2022-2028. Mexico, Brazil, and Rest of Latin America are studied for the biochar market in this region.
Mexico is showing growing interests in adopting bio-based solutions for soil amendment and enhanced crop yield. This is expected to help raise the market penetration of biochar over the projected period. The traditional technological methods used for producing biochar, such as cooking stoves, are also used by a large number of farmers due to financial constraints. The agricultural sector is expected to be the driving force for the biochar market. The rising penetration of biochar in livestock farming is anticipated to be a critical factor for promoting the market growth during the forecast period. Poultry, dairy, fish, and beef are some of the major farming segments in the nation.
The Rest of Latin America region includes countries like Colombia, Chile, and Argentina, among others. At the United Nations’ Framework Convention on Climate Change in December 2018, Argentina declared its plans to implement its long-term strategy to mitigate emission rates, with the help of sectorial plans for energy, land use, agriculture, forestry, and transportation, in 2020. Previously, Argentina announced its targets to decrease greenhouse gas emissions unconditionally by 18% and conditionally by 37% over its 2005 baseline by the year 2030. Biochar helps in sequestering carbon, thereby reducing GHG emissions. The government might thus formulate policies in favor of biochar manufacturers.
COMPETITIVE OUTLOOK
Some prominent players in the biochar market are Air Terra, Arsta Eco, Novo Carbo, Carbofex, Renewable Carbon Resources Australia, Airex Energy, Carbons Finland Oy, and Bioenergy Earth Systems.