Peat Market Overview to 2023
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. Therefore, the growing demand for the product in agriculture, medicine, domestic, and other sectors are estimated to drive the market during the forecast period.
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.
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A remarkable development is observed in Europe due to extensive demand for the product in end-use applications such as to produce crops, fruits, and vegetables, and the presence of various manufacturers that are producing the peat products in the region. This region has been dominating the market for several years and is expected to continue the same during the assessment period. The boundless use of peat in the generation of electricity and use as an alternative fuel have propelled the market to witness a better growth. Thus, countries such as Germany, the U.K, and Italy are the major contributors to this market.
Intended Audience
- Peat manufacturers
- Traders and Distributors of Peat
- Production Process Industries
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratory
A significant development is predicted in the Latin American region such as in Brazil, Uruguay, and Argentina due to growing consumption of peat in agriculture, water filtration systems, and others. Moreover, a moderate growth is estimated in the Middle East & African region such as Qatar, the U.A.E, and others due to less popularity of the product in major industries.
Segmentation
The global peat market is segmented into the type and application. The market by type is classified into fabric, hemic, sepric, and others. On the basis of the application, the market is further categorized into fuel & energy, agriculture, domestic, medicine, and others. Some of the prominent 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.
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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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