Evolve Business Intelligence has published a research report on the Global Peat Market, 2023–2032. The global Peat Market is projected to exhibit a CAGR of around 4.57%during the forecast period of 2023 to 2032.
Evolve Business Intelligence has recognized the following companies as the key players in the global Peat Market: Global Peat Ltd, Jiffy Products International B.V., Klasmann-Deilmann GmbH, T & J Enterprises, Vapo Group, Cocogreen, Elva E.P.T. Ltd, Bord na Mona, Peat Land Ukraine LLC, Globalcoirs and Stender AG.
The Global Peat Market is projected to be valued at USD 3.97 Billion by 2032, recording a CAGR of around 4.57% during the forecast period. Peat Market refers to the global market for peat, which is a type of organic material formed from decomposed vegetation in waterlogged conditions over thousands of years. Peat is primarily composed of partially decayed plant matter and is found in wetlands or peatlands.
The peat market involves the extraction, processing, and distribution of peat for various applications. Peat has been traditionally used as a fuel source in some regions due to its ability to burn slowly and steadily. It has also been used for horticultural purposes, such as in potting mixes and as a soil conditioner, due to its ability to retain moisture and provide essential nutrients to plants.
The COVID-19 pandemic has likely had some impact on the peat market, as it has affected many industries and economies worldwide. However, the specific extent and nature of the impact would depend on various factors, including the severity and duration of the pandemic in different regions and the applications of peat in various industries.
Restrictions on movement, lockdowns, and other measures taken to contain the spread of the virus could have disrupted the supply chain for peat extraction, processing, and distribution. This could have led to delays in production and shipment of peat products.
The global Peat Market has been segmented based on Type, material type and Application.
Based on Type, the Peat Market is segmented into Coco peat and Sod peat. The largest market share was held by the coco peat category.
Based on material type, the peat market is segmented into Fabric, Hemic and Sapric. Hemic category is a partially decomposed organic material that has a fiber content of around 40% and is used extensively in agriculture and horticulture.
Based on Application, the global Peat Market has been divided into Agriculture and Fuel & energy. The segment with the largest market share was agriculture.
The Peat Market is divided into five regions: Europe: As mentioned earlier, Europe has historically been the largest region in the peat market. Countries like Finland, Ireland, Estonia, Sweden, and the United Kingdom are significant producers and consumers of peat in this region. Canada is one of the prominent players in the peat market, particularly in North America. Canada has vast peatland areas and is a major exporter of peat products, including horticultural peat. Russia is a significant contributor to the global peat market from the Asian region. It has extensive peat reserves and plays a crucial role in both production and export. Countries like Chile and Argentina have been involved in peat production and utilization, contributing to the South American aspect of the market.