New York, US , May 24, 2022 (GLOBE NEWSWIRE) -- Peat Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Peat Market Information by Type, Material Type, Application, and Region - Forecast till 2030”, the market is estimated to acquire a size of over USD 5.34 Billion by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 4.57% during the review timeframe.
Market Scope:
Peat refers to the outcome of organic vegetation and fruit and vegetable scraps decomposing. These ingredients don't essentially rot, but they do break into various nutrients and minerals that are helpful for gardening and farming. The ideal place to produce peat is to put this vegetation and these food scraps in a ditch in an area with an abundance of wetland. This is the primary factor in the British Isles, and most of Northern Europe has previously been an ideal place to create peat.
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| Report Attribute/Metric | Details |
| 2030 Market Size | USD 5.34 Billion |
| CAGR | 4.57% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Material Type, Application, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Dramatic increase in agricultural activity |
| Farmers and gardeners are now acutely aware of the many benefits of using peat | |
Competitive Analysis
The global peat market has prominent players such as:
- Lambert Peat Moss (Canada)
- Oulun Energia OY (Finland)
- Global Peat Ltd (Latvia)
- Jiffy Products International B.V. (Norway)
- Klasmann-Deilmann GmbH (Germany)
- T & J Enterprises (India)
- Vapo Group (Finland)
- Cocogreen (Sri Lanka)
- Elva E.P.T. Ltd (Estonia)
- Bord na Mona (Ireland)
- Peat Land Ukraine LLC (Ukraine)
- Globalcoirs (India)
- Stender AG (Germany)
Market USP Covered
Market Drivers
The primary application area for peat other than agriculture is energy generation. The global peat market has registered an enormous rise in the growth rate in the last few years. The growth of the market is mainly attributed to the two phenomena. The first phenomenon is the remarkable growth in agricultural activity to feed the world's quickly expanding population. The second phenomenon is that several farmers and gardeners are now intensely aware of the various benefits of using peat to grow multiple crops.
With the growing awareness and supporting governmental policies related to renewable energy, the market is gaining maximum traction across several regions worldwide. The new ways of energy production have demonized conventional resources for generating power.
Furthermore, the market is highly lucrative. The conventional peat moss is not that value-added. It has encouraged several producers to develop technologies to add more value to peat moss.
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Market Restraints
Although several aspects support the growth of the peat market, certain elements may hamper the development of the market. The peat moss is not rich in nutrients. The fact has held back several from using it. The low nutritional value doesn't help the other plants grow, thus causing a significant challenge for the market.
Furthermore, the challenge of boosting the nutrient value of the peat moss is another crucial parameter likely to impede the market's growth over the coming years. the market players are making heavy investments in research & development activities to figure out new ways to boost the nutritional value of peat moss without damaging the environment in the process.
COVID-19 Impact
The global COVID-19 pandemic has had a significant impact on the majority of the market sectors worldwide. The global health crisis made all the market sectors face several unexpected challenges. The pandemic had an economic impact and had an impact on public health. With several people getting hospitalized due to the infection, governments across the globe faced a significant panic. Several governments worldwide implemented partial or complete lockdowns to stop the spread of the disease. This had a limited impact, so they wanted to open up public places and enable people to move about freely (but with some restrictions) after a few months.
The early phase with zero inactivity across several regions worldwide affected most of the market sectors. The global peat market is no different than others. During the peak time of the pandemic, people worldwide stayed inside much more. Peat market faced a significant fall in demand as this is used when gardening and farming outside. Global sales plunged, and several producers were forced to either halt production or significantly slow operations down.
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Segment Analysis
Among all the types, the coco peat segment is anticipated to dominate the global market over the coming years. The segment's growth is mainly credited to the rise in advanced farming technologies across several regions worldwide. Furthermore, the factors such as growing demand from many developing nations, rise in adoption in horticulture and agriculture industries, and increasing awareness regarding reuse & long lifecycle are also anticipated to cause a surge in demand for coco peat.
Out of all material types, the hemic segment will witness the highest growth over the assessment timeframe.
Among all the application areas, the agriculture segment is projected to secure the top position over the coming years. the growth of the segment is mainly credited to the growing consumption of peat across the sector. It offers the commendable capability to maintain the soil's moisture when the product is dry and requires protecting the soil from the water.
Regional Analysis
The global peat market is studied across five major regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.
As per the MRFR analysis, the North American region will secure the top position across the global peat market over the forecasted timeframe. The regional market's growth is credited to the growing heavily mechanized and commercialized agriculture sector across the countries such as Canada and the U.S.
The peat market for the Asia-Pacific region is likely to register the maximum growth over the forecasted era. The regional market's growth is attributed to the rapidly modernizing agriculture across developing nations.
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