Global Peat Market is Segmented By Type (Sod Peat, Coco Peat, Other), By Material Type(Fibric, Sapric, Hemic, Others), By Application(Energy and Fuel, Agriculture, Horticulture, Medicine, Power Generation, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview:
The Global "Peat Market" is expected to grow at a CAGR of 9.2% during the forecast period (2024-2031)
Peat comprises decayed vegetation and is an organic material. It is a brownish deposit resembling texture and color as soil formed through decomposing vegetable material in acidic and wet conditions that are frequently sliced and dried for utilizing as fuel, for agriculture, gardening, energy generation, and agricultural energy. It is high in organic content and provides excellent moisture and aeration when applied to the soil. Several types of peat materials such as sapric, fibric, and hemic. These are mostly used in freshwater aquaria, electricity generation, water filtration, and agricultural activity.
Market Dynamics:
Rising demand to produce electricity because of the increasing population
Rising demand to produce electricity because of the increasing population is the major reason behind the growing peat market. Expanding industries of water treatment, horticulture, and alcoholic beverages are also estimated to fuel the demand of the global peat market. The rising focus on the innovation in bio-based peat products and the rising attractiveness of biofuels are anticipated to create new opportunities for the growth of the global peat market. North America and South America were the major producers of peat, followed by Europe. Nevertheless, the peat market is estimated to experience sluggish growth in the forecast period due to it being referred to as slow renewable fuel by several manufacturers and IPCC (Intergovernmental Panel on Climate Change).
Market Segmentation:
Agriculture and horticulture is the most widely applied sector, holding about XX% of the global market
By application, the agriculture and horticulture segment is projected to witness lucrative growth owing to farmers applying dried peat to absorb feces by cattle which are then wintered indoors. Peat plays an important role in the agriculture and horticulture industry as peat contains the vital property of maintaining moisture in the soil particularly when the soil is dry. Peat also plays an important role to prevent destroying crops or plant roots from excess water and extra wet soil. Based on type, the coco peat segment was accounted for the largest market share in 2020 owing to rising demand for geotextile products. These products are widely utilized for the improvement of soil stability and control of soil erosion owing to their advanced properties. They are used in horticulture, civil engineering, and agriculture sectors.
Geographical Penetration:
North America is the largest market for peat with a share of nearly XX% in global sales value in 2020
By geography, North America holds the highest market share of the global peat market in 2020 and is anticipated to be the largest regional market during the projected year. This is owing to the rising demand for peat from heavy industries along with rising preference towards the utilizing of peat as an alternative fuel in various end-use applications. Freshwater aquariums, agriculture, water filtration, and others are major factors responsible for the growing regional market. North America is followed by Europe and the Asia Pacific. The European market has observed significant growth in the market, due to the large utilization of peat in past few years. Peat is mostly applied for agricultural applications in this region to cultivate fiber crops. Asia-Pacific is estimated to exhibit the fastest growth rate over the assessment period. This is due to the rising demand for electricity on an account of the ever-increasing population and rapidly growing urbanization.
Source: DataM Intelligence Analysis (2021)
Competitive Landscape:
The global peat market is highly competitive with the presence of many formulators. Some of the major players of the market include Global Peat Ltd, Neova AB, Elva E.P.T. Ltd., Globalcoirs, Allwin Coir, Dynamic International, JIT Holdings, Hortgrow, and Benlion Coir Industry, among others. They have strengthened the market through their product offerings. Continuous innovation to introduce new products is the key competitive factor in the market. For instance, in February 2019, Global Critical Logistics has announced the acquisition of Dynamic International Freight Services and Dynamic Dox.
COVID-19 Impact: The market witnessed a negative impact
The latest crisis of the epidemic of COVID-19 has had a considerable impact on several sectors and industries around the globe. The peat market and its supply chain have been hampered in the various regions due to the regulations imposed by various governments which impacted transport. However, the peat market is back to normal condition after lockdown. The demand for agricultural commodities is not affected in the Asia Pacific during the pandemic but in Europe and the American region, it was low for a few months. The coronavirus affected the USA, the Netherlands, Germany, China, France, Italy, India, Spain, Brazil, and other major nations involved in agricultural production.
Why Purchase the Report?
• Understand the current market scenario and viability of global peat over the forecast period
• Visualize the composition of the global Peat market in terms of type, material type and application to identify major players, growth potential, and market strategies
• Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
• Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining to the market
What we offer?
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
• Excel data sheet with valuable data points of the global peat market regional and country-level segmentation
• Product mapping in excel for the key products of all major market players
• Market Share Analysis covering business revenues ($) and revenue share (%) of key market players
Target Audience:
• Peat Manufacturers
• Farming Communities
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
