Peat Market Size was valued at USD 3.5 Billion in 2023. The Peat market industry is projected to grow from USD 3.8 Billion in 2024 to USD 3.97 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.57% during the forecast period (2024 - 2032). Growing adoption across food & agriculture sector and horticulture are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The growing adoption across food & agriculture activities is driving market CAGR for peat. In recent years, the peat market has seen rapid expansion. Horticulture uses peat mostly because it may provide plants with a great foundation. Peat is in higher demand on the market due to the rising demand for food and agricultural operations. Whisky distilleries are helping to expand this industry by using peat to heat homes and fires. Electricity is produced in electric power plants using peat, and as the population grows, these power plants are using more of it.
Peat is a kind of partially degraded and partially decayed organic material that is mushy, fibrous, and spongy. Peat, which is created in anaerobic soil and is highly valued as a farming element because of its high organic matter concentration, slows down the degradation of plant materials. Additionally, peat can be utilized as a growing medium when combined with soil. Peat is also used for biofiltration of air and water, as well as an oil absorbent for cleaning up oil spills. The creation of electricity also uses peat.
Additionally, the market for peat is expanding as a result of the use of bio-based fuels and the industrialization process as a whole. The demand for general infrastructure growth has expanded, which has raised the demand for peat. This demand has been fueled by population growth as well as various government investments and programs, particularly in emerging countries. For instance, 8 billion people are predicted to live on the planet by November 2022. The majority of the rising demand for energy is being met by peat. Agriculture, freshwater aquariums, and water filtration systems are just a few of the diverse uses for peat.
The demand for peat has increased because of the growing desire for natural and organic materials. Concerns over the environment have grown, and people are more aware of the value of renewable energy sources, which foresees the depletion of non-renewable energy sources. Due to the growth in population, there is also an increase in the demand for power generation. Peat consumption rises as a result of the need for biofuels. Peat demand is also projected to rise as a result of several water treatment, horticultural, and alcoholic beverage businesses. Thus, driving the Peat market revenue.
The Peat market segmentation, based on type, includes Coco peat, Sod peat, and Others. The largest market share was held by the coco peat category. The development of farming technologies in many regions of the world is mostly to blame for the segment's expansion. Additionally, it's anticipated that factors including expanding demand from a number of developing nations, increased utilization in the horticulture and agricultural sectors, and growing knowledge of reusability and long lifecycle would raise demand for coco peat.
Based on material type, the Peat market segmentation includes Fabric, Hemic, Sapric, and Others. Hemic category is a partially decomposed organic material that has a fiber content of around 40% and is used extensively in agriculture and horticulture, therefore it is predicted to see the highest increase throughout the expected period.
The Peat market segmentation, based on application, includes Agriculture, Fuel & energy, and Others. The segment with the largest market share was agriculture. The increase in peat use, which shields the product from water while it is dry and retains moisture in the soil, is responsible for the segment's expansion. When the product is dry and the soil needs to be protected from water, it has the admirable ability to keep the soil moist.
Figure 1: Peat Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Due to the widespread commercialization of agriculture in Canada and the United States of America, North America is anticipated to have the greatest share of this market.
Further, the major countries studied in the market report are The US, Canada, German, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: PEAT MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe’s Peat market accounts for the second-largest market share due to the presence of favorable climatic conditions. Further, the Finland Peat market was the fastest-growing region in the market, and the German Peat market held a substantial share of the market.
The Asia-Pacific Peat Market is expected to expand at the quickest CAGR from 2023 to 2032. This is due to the evolving landscape for agriculture. Moreover, China’s Peat market held the largest market share, and the Indian Peat market was the quickest-growing market in the Asia-Pacific region.
Leading market players are investing capital and resources across research and development in order to extend their product offerings, this is expected to help the Peat market, grow even more. Market participants and manufacturers are also adopting various strategic activities to grow their worldwide presence, with vital market developments including new product developments & launches, contracts & agreements, mergers & acquisitions, increased investments, and collaboration with other similar organizations. To expand and survive in a more competitive and rising market climate, Peat industry must offer cost-effective items.
The manufacturers are making use of locally available resources to minimize the production costs which will aid the growth of the Peat industry to benefit clients and increase the market sector. In recent years, the Peat industry has offered some of the most significant advantages to medicine. Major players in the Peat market, including Lambert Peat Moss (Canada), Oulun Energia OY (Finland), Peat Ltd (Latvia), Jiffy Products International B.V. (Norway), Klasmann-Deilmann GmbH (Germany), T & J Enterprises (India), Vapo Group (Finland), Cocogreen (Sri Lanka), Elva E.P.T. Ltd (Estonia), Bord na Mona (Ireland), Peat Land Ukraine LLC (Ukraine), Globalcoirs (India), Stender AG (Germany), and others, are attempting to increase market demand by investing in research and development operations.
With several sales and production businesses in Europe, Asia, and America, as well as a network of sales and production partners on every continent, Klasmann-Deilmann is the leading corporate group in the substrate sector. Their growing media serve as an essential foundation for the growth of beautiful plants, trees, shrubs, edible mushrooms, herbs, and fruit and vegetables everywhere. They are an essential link in the value chain of the food industry and aid in ensuring the success of the business's partners and clients in the commercial horticulture industry. In January 2020, The Klasmann-Deilmann Group and Shakti Cocos B.V. formed a strategic alliance. The world's top substrate maker, based in Germany, will receive the rights from the Dutch company's international distribution of premium coir raw materials.
Jiffy Group is an international company. Their main office is in Zwijndrecht, Netherlands. Additionally, they have offices in the United States, Canada, Sri Lanka, Japan, Norway, Denmark, Sweden, France, Spain, and Estonia. In addition to harvesting its own peat from bogs in Sweden, the Baltic, and Canada, Jiffy also combines high-quality substrates in the Netherlands, Estonia, and Canada and creates Preforma bonded plugs in the United States, Spain, Japan, and the Netherlands. Additionally, they produce a whole line of coir goods at our own facility in Sri Lanka. In October 2020, Iffy has declared that it will bring the best peat substrates of European quality to the United States. The business now provides 26 blends tailored to meet various crops. All Jiffy mixes are perfected in close collaboration with clients from across the world, resulting in premium substrates that are specifically designed to meet farmers' demands.
Peat Industry Developments
April 2022: Neova introduces a DNA barrier accelerator, which restores the skin while acting as a barrier to fight symptoms of damage. This powerful mixture protects the skin, enhances repair, retains moisture, and soothes the skin.
November 2022: An deal to cultivate and harvest bogs on EPMS property was announced by Sun Gro Horticulture, a North American company that leads the development and sale of growth media products.
November 2021: Suntory Holdings and Beam Suntory, the producers of Teacher's, Laphroaig, and Bowmore Scotch whiskies, announce the beginning of a new Peatland Water Sanctuary initiative.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 3.8 Billion |
| Market Size 2024 | USD 3.97 Billion |
| Market Size 2032 | USD 5.68 Billion |
| Compound Annual Growth Rate (CAGR) | 4.57% (2024-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material Type, Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Lambert Peat Moss (Canada), Oulun Energia OY (Finland), Peat Ltd (Latvia), Jiffy Products International B.V. (Norway), Klasmann-Deilmann GmbH (Germany), T & J Enterprises (India) |
| Key Market Opportunities | Growing demand for natural matters |
| Key Market Dynamics | Increasing demand for biofuels and from end-use industries |
Peat Market Highlights:
Frequently Asked Questions (FAQ) :
The Peat market size was valued at USD 3.8 Billion in 2022.
The market is projected to grow at a CAGR of 4.57% during the forecast period, 2024-2032.
North America had the largest share of the market
The key players in the market are Lambert Peat Moss (Canada), Oulun Energia OY (Finland), Peat Ltd (Latvia), and Jiffy Products International B.V. (Norway).
The coco peat category dominated the market in 2022.
The agriculture segment had the largest share in the market.
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Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.
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