Peat Market Overview
Peat Market is projected to register a CAGR of 4.57% and reach a value of USD 5.34 Billion by 2030. Peat is a constituent of decayed vegetation. The texture and pattern of the deposit deeply resemble the decaying vegetable material such that it can be differentiated. The application of the same comes in different sorts and forms.
The Peat Market's major factor is raw materials and organic matter demand in the most soluble ways possible. The increasing concerns among the people regarding the consumption of renewable energy sources have driven people to the edge of using recyclable materials. The increase in the electricity consumption that keeps on increasing by the day has led the people to believe the major consequences of the same if the natural resources aren't conserved. However, certain factors restrain the growth of the same. The major drawback of the peat is that it lacks nutrients of the required quantity. Most of the time, the peat falls into the category of non-renewable resources that cannot be formed back once used up.
Covid-19 Analysis of Peat Market
COVID-19 became a major problem during the early spring of last year. It proved to be more than just another annoying virus. The fact that some people had to be hospitalized because of it made governments around the world nervous about it. They sought to contain it and halt its spread by imposing mandatory lockdowns and quarantines. This had limited effect, so they sought to open up public places and allow people to move about freely (but with some restrictions) after a few months.
The few months of inactivity negatively impacted many markets. The global peat market was one of these. People were staying inside much more often during and for many months after the height of the pandemic. They did not have as much of a need for peat because this is used when gardening and/or farming outside. Global sales slumped and many manufacturers were forced to either halt production or dramatically and drastically slow operations down.
Another key use for peat besides agriculture is in generating energy. The high CAGR in the peat market is mainly attributed to two phenomena. The first is the dramatic increase in agricultural activity in the attempt to feed the world’s rapidly growing population. The second is the fact that many farmers and gardeners are now acutely aware of the many benefits of using peat to grow various crops.
The renewables energy market is also becoming more popular amidst environmental awareness and policies that have all but demonized traditional sources of generating energy.
The high CAGR in the Peat market is creating many opportunities for manufacturers. Traditional peat moss is not very value-added. This has prompted many manufacturers to develop the technologies to add much more value to peat moss.
Peat moss doesn’t have many nutrients. It has held back growth by discouraging many farmers from using it. They don’t know how it could help add nutrients to their crops. It’s the high nutritional value of crops that helps justify farmers’ demands to sell them at higher prices.
Peat moss manufacturers have to figure out how to create peat moss that has a higher nutrient content without polluting and/or damaging the environment in the process. They are resolving this challenge by investing heavily in research and development to develop new technologies that can make peat moss more nutrient-rich while respecting the environment!
Lambert Peat Moss is a major Canadian company in the global Peat market. It has managed to retain its superior industry position by investing heavily in research and development. Thus, it has managed to develop an entire generation of peat moss that has a much higher nutrient value.
The global peat market can be separated into the following categories based on type. These include:
By Material Type
The global peat market can be separated into the following categories based on material type. These include:
The global peat market can be separated into the following categories based on application.
The global peat market can be separated into the following categories based on region:
The North American region can be further separated into the following nations:
The European Union region can be further separated into the following nations:
The Asia-Pacific region can be further separated into the following nations:
The rest of the world can be separated into the following nations and regions:
The global Peat market is very competitive despite a high CAGR. What accounts for this is the fact that many companies are lured into the market by its high year-on-year growth and the fact that they can make a lot of money in this market.
Companies are finding that they can survive only if they do one or more of three things:
When companies invest in research and development they are actually investing in a viable future in this competitive market. They are developing the means to develop more nutrient-rich peat moss with more innovative uses and applications. This is especially true in the renewables energy industry. This allows them to make even more money in the future by allowing them to justify charging a higher price for a superior product.
In May 2021, a firm, Dutch Plantin Coir India, decided to launch its brand worldwide to increase the usage of coco substrates provided by the Dutch Plantin. The firm's growth was further enhanced when two new start-ups joined the same with the help of home and small-scale producers. The retailers and consumers of the market were profoundly benefited with the same.
Also, Sai Coco Peat Export Private Ltd., a local firm in India, is majorly focusing on the expansion of under-growing markets. This was done by tapping the untapped markets and tracking the recent developments of the Peat Market.
The same applies to companies that merge with/acquire other successful companies.
Klassmann-Deilmann GmBH is a major German company. It has managed to survive in the ever-increasingly competitive landscape that characterizes the Peat market by investing heavily in research and development. For example, it has been found that adding organic materials and minerals to decomposing white and black peat will increase its market value by making it richer in nutrients.
List of Companies
Lambert Peat Moss has formulated a more effective form of fiber-rich wood pieces., they greatly enhance the nutrient content of peat moss when they are processed and added to peat moss.
Lambert Peat Moss is introducing a new brand of organic peat moss
The CAGR for the global Peat market is projected to be 4.57% until 2030. The North American region leads the market but the Asia-Pacific region records the highest regional CAGR.
|Market Size||USD 5.34 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Material Type, Application, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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),Lambert Peat Moss (Canada)|
|Key Market Opportunities||The high CAGR in the Peat market is creating many opportunities for manufacturers.|
|Key Market Drivers||• Dramatic increase in agricultural activity • Farmers and gardeners are now acutely aware of the many benefits of using peat|
Peat market valuation was USD 4.15 billion in 2021.
Peat Market valuation would be 4.57% during the forecast period from 2022 to 2030.
Lack of nutrients in peat and its tag as slow renewable source would hold back Peat Market growth.
The segments of peat market are sapric, hemic, fibric, and others.
Peat Market report has types like coco peat, sod peat, and others.