Surging Popularity of Traditional Recipes Driving Charcoal Demand in Philippines

With the growing popularity of barbecued and grilled foods, the demand for charcoal is surging in Philippines. Moreover, the traditional favorability of the material among the people, on account of its lower cost than traditionally used fuels, huge popularity of charcoal-based cooking recipes, easy availability of feedstock (coconut shells and wood), affordability of accessories and stoves, and large-scale preference of people for foods cooked with the help of charcoal over other methods, is also propelling its sales in the country.

Additionally, charcoal is widely used in both upper-income and low-income households in the country, owing to its ability to preserve the natural flavor of foods, which further boosts its sales. Besides these factors, the extensive usage of the material for producing energy in both commercial and residential sectors is also driving the expansion of the Philippines charcoal market. As a result, the revenue of the market is predicted to rise from $500.0 million in 2019 to $688.2 million by 2030. Furthermore, the market will demonstrate a CAGR of 2.9% from 2020 to 2030 (forecast period).

The Philippines charcoal market is highly disorganization with the presence of a small number of domestic organizations, as per the observations of P&S Intelligence, a market research company based in India. These players are either small or medium scale enterprises and they have started including green charcoal in their product portfolios in recent years for effectively navigating regulatory and environmental constraints. Premium A.C. Corporation, Celebes Agricultural Corporation, Cenapro Inc., BF Industries Inc., Jacobi Group, GCF Multi Products Development Corporation, and MacKay Green Energy Inc. are some of the major charcoal producing companies in Philippines. 

Hence, it can be said without any doubt that the demand for charcoal will soar in Philippines in the coming years, mainly because of the surging requirement for the material as a cooking fuel, on account of the huge popularity of traditional charcoal-based cooking recipes and barbecued foods in the country.

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