Press release
Peat Market CAGR 14.6% From 2019 to 2024: Size, Share, Trend, Segmentation, Global Industry Key Players are Global Peat Ltd, Klasmann-Deilmann GmbH, Vapo Group, Elva E.P.T. Ltd, Peat Land Ukraine LLC
Peat Market
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. Peat is an organic matter that is composed of decayed vegetation. It is generally formed in wetland temperatures and is mostly used in agriculture and energy generation. The increasing demand for natural and organic soil conditioners has driven the demand for peat in agriculture. Increasing awareness among the farmers regarding the benefit of peat has resulted in increased demand for peat in farming. The growing environmental concerns and awareness regarding the benefits of renewable energy sources owing to depletion of non-renewable energy sources have boosted the demand for peat as fuel and renewable energy source. However, the lack of nutrient presence in peat is the restraining factor for the adoption in agriculture. Along with this, the classification of peat as ‘slow renewable source’ is another factor restraining the growth of the global market.
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Segmentation
The global peat market has been segmented based on type, material type, application, and region.
By type, the global peat market has been segmented into coco peat, sod peat, and others
By material type, the global peat market has been classified into fibric, hemic, sapric, and others.
Based on application, the global peat market has been segmented into agriculture, fuel & energy, and others.
The global peat market has been studied with regards to four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American peat market has further been categorized as the US, Canada, and Mexico. The European peat market has been divided into Germany, France, Italy, Spain, the UK, and the rest of Europe. The peat market in Asia-Pacific has been segmented into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The peat market in the rest of the world has been segmented into South America, the Middle East, and Africa.
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 market.
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Regional Market
The market in North America is expected to dominate the market for peat during the forecast period. The increasing adoption of modern agriculture practices, the growing use of renewable energy sources owing to environmental concerns, and the rising industrial adoption of peat are the major factors driving the global peat market. The US is the major country-level market in the region.
Asia-Pacific is projected to register the highest CAGR during the forecast period. China, India, and Japan are contributing significantly to the increasing demand in Asia-Pacific.
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