Peat Market Overview

The Global Peat Market is estimated to be USD 4.15 billion in 2018 and is expected to register 14.6% CAGR during the forecast period, 2019 to 2024. The global Peat Market has seen a remarkable growth over the past few years and it has been expected that the global market will maintain the growth status during the forecast period. The global Peat Market Size has been driven by the key factors such as rising demand of peat in the application industries like fuel & energy, agriculture, domestic, medicine and others. 

Competitive Analysis

Some of the well-known players operating in the global Peat Market are Klasmann-Deilmann GmbH (Germany), Vapo Group (Finland), Elva E.P.T. Ltd (Estonia), Peat Land Ukraine LLC (Ukraine), Stender AG (Germany), Oulun Energia OY (Finland), Globalcoirs (India), Bord na Mona (Ireland), Cocogreen (Sri Lanka), T & J Enterprises (India), Jiffy Products International B.V. (Norway), and Lambert Peat Moss (Canada)

Regional Analysis

The global Peat Market is segregated into five crucial regions of the world namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, North America is projected to grow at a higher rate in the market due to growing demand for peat in heavy industries. 

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The Asia Pacific region is estimated to witness a good growth in the Peat Market owing to the rapid urbanization along with the growing population that leads to excessive demand for the product in various countries. 

Regional Analysis

The global Peat Market is segregated into five crucial regions of the world namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, North America is projected to grow at a higher rate in the market due to growing demand for peat in heavy industries. The increasing consumption of peat as an alternative fuel in the end-use application and growing demand for the product in agriculture, water filtration, freshwater aquarium, and others. 

The Asia Pacific region is estimated to witness a good growth in the Peat Market owing to the rapid urbanization along with the growing population that leads to excessive demand for the product in various countries. China, Japan, and India are the major players in this region due to growing use of the product in end-use industries such as agriculture, fuel & energy, domestic, medicine, and others. 

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In certain part of the world, peat is harvested as a vital source of fuel. By volume, there are about 4 trillion cubic meters (5.2 trillion cubic yards) of peat all over the globe, covering a total of around 2% of the global land area (about 3 million square kilometers or 1.2 million square miles), containing approximately around 8 billion terajoules of energy. Over the time, the formation of peat is often the first step in the geological formation of other fossil fuels such as coal, particularly low-grade coal such as lignite. Factors considering the market growth includes rising demand of electricity accounting growing population, water treatment and horticulture, and increasing industries of alcoholic beverages. However, the increasing popularity for bio-fuels and improvising development on bio-based peat products are expected to provide huge growth opportunities for the market.

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The global peat market size is accounted at USD xx billion in 2018 and expected to project the value of USD xx billion in 2025 efficiently growing with a CAGR of x.x% during the forecast period.

Peat, also known turf is an accumulation of partially Decayed vegetation or Organic Matter. The peat is usually used in agriculture or gardening for increasing the nutritive value of the soil. It is generally being formed in wetland temperatures as it slows down the rate of decomposition of flood obstructing the flow of oxygen from the atmosphere. Increasing usage of biofuels favors the turf market growth, evolution of bio-medical peat products, rising demand for electricity generation due to growing population and growth opportunities/investment opportunities.

Leading players of the global peat market include Klasmann-Deilmann GmbH, Bord na Mona PLC, SMS Exports, Vapo Oy, Premier Tech, Sun Gro Horticulture, Lambert, Jiffy Products, REkyVA, Dutch Plantin, Turveruukki Oy, and Coco Green.

The global peat market is characterized by several segments such as type, applications, region, and key players. Based on the type, the market is segmented to sod peat, coco peat, and others. On the basis of applications, the market is segmented to agriculture & horticulture, fuel & energy, domestic, medicine, water filtration, and other applications. The global peat moss market holds a significant share in the agriculture segment owing to increase consumption of peat in the sector. It provides admirable capability to retain the moisture in the soil mainly during the product is in a dry state and need to protect the soil from the water.

Peat is used for the production of pasture and crops in the field. This acts as an opportunity as the countries with ever growing population needs more produce. Along with the increasing population, the Asia Pacific region is anticipated to witness high growth in the market due to the fast urbanization that however lead to an excessive demand for the product in various countries.

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