Peat Market to Reach USD 2.14 B by 2032 at 4.2% CAGR

◉ Global Peat Market Projected to Grow from USD 1.60 B in 2024 to USD 2.14 B by 2032 at ~4.2% CAGR
The global Peat Market was valued at approximately USD 1,601.9 million in 2024, and is expected to reach USD 2,136.5 million by 2032, expanding at a compound annual growth rate (CAGR) of 4.22% between 2025 and 2032.

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◉ Market Overview & Key Drivers
Peat remains integral to horticulture, agriculture, and industrial applications, thanks to its high water retention, soil conditioning ability, and use as a fuel. However, its slow renewability and environmental concerns are driving regulatory shifts and growing interest in alternatives.

Key growth drivers include:

Demand in biofuels, soil amendment, water treatment, and aquaculture applications

Rising consumption in North America, driven by horticulture, landscaping, and energy applications

Asia-Pacific exhibiting the fastest growth, propelled by urbanization and agriculture expansion in China, India, and SE Asia

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◉ Competitive Landscape & Higher Demand Region
Notable players in the peat market include Bord na Móna, Global Peat Ltd., Klasmann-Dielmann, Neova AB, Sun Gro Horticulture, among others.

Higher demand in North America and Asia-Pacific underscores the market's dual reliance on traditional peat-based systems and emerging agricultural and horticultural expansion.

◉ Country-Specific Insights
Vietnam Opportunity Growth
Vietnam's agricultural sector is ramping up adoption of peat-based substrates for horticulture and urban farming systems, reflecting broader Asia-Pacific expansion.

Thailand Trends Growth
Thailand's booming nursery trade and landscaping sectors are renewing reliance on peat for soil mixes, though alternatives are gaining traction amid environmental pressure.

Japan Consolidation Updation
Japan continues importing peat for horticultural use, while local companies explore sustainable sourcing and alternative media amid tightening regulations.

South Korea Innovation Opportunity
South Korea is piloting hydroponic and soilless technologies, reducing peat usage via innovation in substrate blends for controlled agriculture.

Singapore Benchmarking Trends
Singapore acts as a regional testbed for peat alternatives in urban green infrastructure, experimenting with cocofiber, compost mixes, and closed-loop growing systems.

United States Consolidation Trends
In the U.S., peat is widely used in professional horticulture and agriculture. Sun Gro Horticulture is a notable producer, with a history of acquisitions to scale peat-based growing mixes.

China Growth in APAC Trends
China dominates Asian peat use, particularly in greenhouse cultivation and agriculture. The country's rapid agricultural development continues to support long-term peat demand.

Europe Opportunity & Compliance
Europe remains a major peat consumer, especially in Germany, Finland, and the UK. However, increasing environmental regulation-such as UK's phased bans and EU sustainability mandates-is accelerating shifts to coir and other alternatives.

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◉ Global Peat Market Segment Overview:
by Type
Coco Peat
Sod Peat
Others

by Material Type
Sapric
Hemic
Fabric

by End User
Agriculture
Fuel & Energy
Domestic
Medicine
Others

◉ Mergers & Key Recent Developments

Bord na Móna is transitioning away from peat-based energy; by 2030 peat will be phased out for power generation, though retained for horticultural products.

The Chelsea Flower Show pushed its full peat ban to 2028 due to slow industry adaptation-highlighting supply chain inertia and regulatory delays.

Environmental campaigns-like those at Chelsea and from NGOs-are intensifying scrutiny. Several nurseries have successfully transitioned to peat-free media, demonstrating viable alternatives.

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