Press release
Peat Market Forecast to Reach USD 2.14 Billion by 2032, Growing at a CAGR of 4.22% Driven by Horticulture Demand
Peat Market
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♦ Key Highlights:
Market Size & CAGR: USD 1.60 Billion in 2024; CAGR of 4.22% (2025-2032)
Leading Segment: Coco Peat, dominant in horticulture applications (44.5% market share in 2024)
Fastest-Growing Regional Market: Europe, driven by regulatory shifts toward sustainable peat use
Key Drivers: Sustainability initiatives, organic farming trends, hydroponics and aeroponics adoption
Top Companies: Legro, Neova
♦ Market Outlook
The global peat market is evolving amid environmental scrutiny and technological advancements. Peat remains vital in horticulture, agriculture, and industrial applications, with an increasing focus on sustainable extraction methods. Alternative growing media, such as cocopeat, are gaining popularity due to regulatory pressures and consumer preference for eco-friendly products.
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♦ Regional Insights
Europe is witnessing regulatory changes, including the UK's ban on horticultural peat by 2026, pushing growers toward alternatives. Asia-Pacific shows strong growth potential, fueled by expanding horticultural activities and increasing exports from India to markets like Morocco, Australia, and Egypt.
♦ Key Players & Competitive Landscape
Leading companies, including Legro and Neova, focus on innovation, sustainable extraction, and ecosystem restoration. Competitive strategies include investment in peat alternatives, efficient production methods, and compliance with evolving environmental regulations.
♦ Quote
"Growing environmental awareness and regulatory changes are transforming the peat industry. Companies that adopt sustainable practices and alternative substrates will benefit from both market growth and long-term environmental compliance," said a Maximize Market Research analyst.
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