MIDDLE EAST AND AFRICA BIOCHAR MARKET 2022-2028
MARKET OUTLOOK
Triton Market Research has estimated the Middle East and Africa’s biochar market to grow with a CAGR of 16.78% by revenue terms and 11.70% by volume terms during the forecasting period between 2022 and 2028. South Africa, Turkey, and Rest of Middle East & Africa together form the biochar market in this region.
The biochar market in the region is driven mainly by the beneficial properties of biochar, such as carbon sequestration and soil enhancement. Biochar adoption also helps in retaining the carbon present in the soil and improves its fertility. Thus, the high availability of raw materials such as agricultural waste, wood, and municipal waste, and industrial waste, for producing biochar is anticipated to drive the growth of the market in the coming period.
However, the Carbon Tax Bill was implemented in South Africa in January 2019. Levying carbon tax on large-scale manufacture is hampering the biochar market’s growth. Thus, there is a growing need to reduce the impact of tax liabilities. This can be done by measuring the amount of carbon dioxide removed from the earth’s atmosphere by applying biochar as well as by reducing greenhouse gas emissions. Such strategic initiatives are likely to bolster the biochar market’s growth in the Middle East and Africa region over the coming years.
COMPETITIVE OUTLOOK
Carbon Gold, Biochar Industries, Airex Energy, Carbons Finland Oy, Pacific Biochar, Renewable Carbon Resources Australia, Air Terra, and Carbofex are the companies that have a strong foothold in the biochar market.
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