Online Retail Portals are Gaining Popularity in Europe
Key manufacturers in Europe incurred huge losses due to the pandemic, with the shutting down of several stores in 2020. Europe is home to many fashion capitals that have streets full of retail outlets. The stores suffered the blow of the pandemic due to non-existent footfall in the first half of the year.However, due to the widespread adoption of e-commerce by traditional stores, the manufacturers witnessed a steady recovery in terms of sales and production. Many stores have also reopened with keeping in-store health and safety measures in check and are experiencing average footfall.
As consumers are getting comfortable with online retail portals, the retail industry is witnessing a gradual recovery with prospects for expansion in the future.
The global BBQ charcoal market is set to witness stable growth of around 49% CAGR over the coming years of 2020-2030, with noteworthy demand increase due to rise of the food industry. Moreover, growing demand for barbecue accessories and related products is ultimately contributing to increased demand for charcoal. Demand for charcoal-based grills is increasing even after the introduction of electric and gas grills. The most important factors for this growth are portability and economic pricing, as well as the preference for the smoky flavor offered by BBQ charcoal.
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Introduction of new flavors and additives that enhance the taste of barbequed food has influenced early adopters to experiment with their cooking using BBQ charcoal. Furthermore, frequency of barbeque cooking competitions is increasing, as the youth population is increasingly involved in camping and outings every following weekend. Retail sales channel is seen to drive additional revenue through household consumption, due to increased availability of BBQ charcoal through supermarkets, specialty stores, and online channels
Manufacturers and companies are organizing barbecuing events to attract consumers to grilled food items. Most of these events are hosted by famous chefs, and leading restaurant chains have included more grilled items in their menus. This scenario can be seen extensively in North America and Europe, wherein, the market for BBQ charcoal is dominant.
Key Takeaways from Study
- The global BBQ charcoal market is anticipated to add 1.5X value by 2030.
- Demand for briquettes is expected to increase at a substantial CAGR of more than 4% over the forecast period.
- North America is the supreme market with a value of US$ 284 Mn in 2020, and is expected to inflate at a dynamic CAGR of more than 4% through 2030.
- The hotels, restaurants, and catering (HoReCa) segment is opined to exhibit a spry growth rate of more than 4% CAGR, while household consumption is projected to add 1.4X value over the forecast period.
- Europe is set to unleash growth of close to 4% CAGR, to be valued at 364 Mn by 2030, owing to higher presence of manufacturers in the region, along with a widespread consumer base and commercial consumption with a streamlined supply chain.
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The global BBQ charcoal market is segmented on the basis of Form, Source, End User and Distribution Channel.
On the basis of form, the global BBQ charcoal market has been segmented as –
- Lump wood
On the basis of source, the global BBQ charcoal market has been segmented as –
- Agricultural waste
- Coconut shells
On the basis of end user, the global BBQ charcoal market has been segmented as –
On the basis of distribution channel, the global BBQ charcoal market has been segmented as –
- Specialty stores
- Online retailers
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“Despite gas and electric grills, the smoky flavor and texture offered by BBQ charcoal is preferential among food enthusiasts, posing as a key driver for BBQ charcoal demand,” says a Fact.MR analyst.
Enhanced Attributes and Targeted End Users by Key Players
Key players such as Duraflame Inc, Kingsford Products Company, GRYFSKAND SP Z.O.O.and Dancoal sp. z o.o. are enhancing their product offerings by introducing variants in flavours and charcoal specific to meat types.
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