Peat Market Remarkable Growth Rate by 2023 | Top 10 Key Players, Regions, Opportunities, Developments & Forecast

Peat
The Asia Pacific market is expected to grow at a higher CAGR due to growing partnerships and agreements between the leading companies. China, Japan, and India have achieved a significant place in the market due to the growing investments in end-use industries.

The global peat market is segmented into the type and application. On the basis of the type, the market is segregated into fabric, hemic, sepric, and other segments. On the basis of the application, the market is bifurcated into fuel & energy, agriculture, domestic, medicine, and others.

Competitive Analysis

Some of the well-known players operating in the global peat market are Vapo (Finland), Stender AG (Germany), Oulun Energia Oy (Finland), Neova AB (Sweden), Klasmann-Deilmann GmbH (Germany), Cocogreen® (Sri Lanka), Globalcoirs( India), BORD NA MÓNA( Republic of Ireland), Jiffy Products International B.V. ( the Netherlands), and PEAT LAND UKRAINE LLC ( Ukraine), among others.

Peat is an organic matter composed of wetland vegetation that includes various bog plants such as mosses, sedges, and shrubs. It is also called as turf. It has extraordinary ability to store water. This condition is spread in other parts of the soil. Histosol is the term used when an enormous amount of peat is present in the soil. This product is of various types such as fabric, hemic, sepric, and others. It is mainly used as a primary source for the production of fuel in some regions. Moreover, it is utilized in various applications such as fuel & energy, agriculture, domestic, medicine, and others.

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Among the various segments in the market, agriculture segment holds a major portion due to growing consumption of peat in the sector as it provides excellent ability to retain the moisture in the soil, when the product is dry and protect the soil from the water. It is mainly used for the production of pasture and crops in the field. It is projected that the fuel & energy sub-segment is set to grow at a significant rate owing to increasing demand for peat in the production of fuel in the sector.Additionally, the United Nations (UN) and United Nations Framework Convention on Climate Change (UNFCCC) have recognized the importance of peat as a source for the fuel and this has led to a surge in the demand from the end-user industries. Moreover, the growing consumption and increasing demand for the product in end-use industries such as alcoholic beverages, water treatment, and horticulture is set to drive the market over the assessment period.

Regional Analysis

The global peat market is segregated into five crucial regions of the world namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, North America is projected to grow at a higher rate in the market due to growing demand for peat in heavy industries. The increasing consumption of peat as an alternative fuel in the end-use application and growing demand for the product in agriculture, water filtration, freshwater aquarium, and others. Owing to these factors, countries such as the U.S., Canada, and Mexico are projected to be the leading players during the forecast period.

The Asia Pacific region is estimated to witness a good growth in the peat market owing to the rapid urbanization along with the growing population that leads to excessive demand for the product in various countries. China, Japan, and India are the major players in this region due to growing use of the product in end-use industries such as agriculture, fuel & energy, domestic, medicine, and others. The increasing consumption of the product in physiotherapy, rheumatology, and sports medicine is set to propel the market over the assessment period.

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A notable growth is observed in the European market due to extensive consumption of the product in agriculture applications to produce fiber crops and others. It is estimated that the rising disposable income in the agriculture segment has propelled the market to witness a rapid growth in the region. Owing to these factors, Germany, the U.K., and Italy are projected to be the major contributors to the market during the forecast period. The Middle East & Africa is predicted to witness a slow growth in the market due to the economic slowdown and less demand for the product in end-use industries. Moreover, it is estimated that the growing agricultural activities such as generating crops, fruits, vegetables, and increasing demand for the product in water filtration systems have propelled the Latin American region to witness a rapid growth in the market during the forecast period.

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