Market Overview
The Global Peat industry share 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. Peat is widely used in horticulture because it provides a good growing medium for plants. Peat can be used as a growth media or blended with soil. Peat is also utilised as an oil absorbent to clean up oil spills and for air and water biofiltration. Peat is also used to generate power.
Market Trends
The demand for peat in the market has risen as a result of increased food demand and agricultural activities around the world. Peat is used to heat homes and fire whiskey distilleries, resulting in an increase in demand. In addition, the product is used to generate electricity in electric power plants, and the rise in population has increased the need for peat in these plants. The demand for peat in agriculture has risen in response to the growing desire for natural and organic soil conditioners. Improved demand for peat in farming has stemmed from increased farmer awareness of the benefits of peat. Due to the depletion of non-renewable energy sources, increased environmental concerns and understanding about the benefits of renewable energy sources have boosted demand for peat as a fuel and renewable energy source. One of the primary reasons driving the peat industry is the increased need for energy generation as a result of the expanding population.
Alcoholic drinks, water treatment, and horticulture are all expected to grow, contributing to the market's expansion. The peat business, however, is likely to slow down in the coming years due to its classified as a “slow renewable fuel” by the Intergovernmental Panel on Climate Change (IPCC) and many other manufacturers. The growing popularity of biofuels and the focus on developing bio-based peat products are projected to open up new potential for market expansion.
The absence of nutrients in peat, on the other hand, is a stumbling block to its use in agriculture. Peat's status as a “slow renewable source” is another issue that is limiting the global market's growth.
Key Players
Global Peat Ltd (Latvia), 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) are some of the key players in the global peat industry share.
Market Segmentation:
The global peat industry share has been segmented based on type, material type, application, and region.
By type, the global peat industry share has been segmented into coco peat, sod peat, and others.
By material type, the global peat industry share has been classified into fibric, hemic, sapric, and others.
Based on application, the global peat industry share has been segmented into agriculture, fuel & energy, and others.
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Regional Analysis
During the projected period, the peat industry share in North America is likely to dominate. The worldwide peat industry share is being driven by the expanding acceptance of modern agriculture methods, the expanding usage of renewable energy sources due to environmental concerns, and the rising industrial acceptance of peat. As a result of these forces, the United States, Canada, and Mexico have emerged as the region's primary stakeholders.
During the forecast period, Asia-Pacific is expected to have the greatest CAGR. China, India, and Japan are all contributing considerably to Asia-growing Pacific's demand. As a result, the market is expected to be driven by rising demand for the product in agriculture, medicine, home, and other sectors during the forecast period.
In Europe, there has been a notable increase in demand for the commodity in end-use applications such as the production of crops, fruits, and vegetables, as well as the existence of several producers making peat goods in the region. For some years, this region has dominated the market, and it is predicted to do so again throughout the assessment period. Peat's unrestricted use in the creation of power and as an alternative fuel has propelled the market to greater heights. As a result, important contributors to this market include Germany, the United Kingdom, and Italy.
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