Peat Market Overview to 2023:
Peat, also called as turf is a compost medium composed of wetland vegetation including various bog plants such as mosses, sedges, and shrubs. In other words, peat is a moss that forms when mosses and other living material decompose in peat bogs. Peat has extraordinary ability to store water, hence in farming; it is used as a compost medium as well as in the soil as a root base. Irrespective of the fact that it isn’t considered a renewable resource, peat-based composts still dominate, mainly because peat is a good and reliable medium to make compost and most plants grown in peat-based composts do well.
Peat is also extensively used in various applications such as fuel & energy, agriculture, domestic, medicine, and others. The United Nations (UN), as well as United Nations Framework Convention on Climate Change (UNFCCC), recognize the importance of peat as a source of biofuel which has led to a surge in demand from the end-user industries. As a result, the peat market is continuously rising on the global platform.
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Acknowledging the spurting growth, the market witnesses currently, the leading research firm ‘Market Research Future’ (MRFR) in its recently published analysis asserts that the global Peat market will observe an exponential growth by 2023, registering a phenomenal CAGR during the review period (2017 to 2023). Increasing demand for peat as fuel in the production of energy is key driving force behind the growth of the market.
Additionally, the growing consumption and increasing demand for the peat in end-use industries such as alcoholic beverages, water treatment, and horticulture foster the growth of the market. Favorable government regulations regarding renewable sources of energy and development in technology are driving the demand for the peat. Also, factors such as Climate change and the augmenting demand for electricity are expected to drive the growth in the market demand for peat.
Global Peat Market – Segmentations
For ease of understanding, the market is segmented into three key dynamics: –
By Type : Fabric, Hemic, and Sepric among others.
By Applications : Fuel & Energy, Agriculture, Domestic, and Medicine among others.
By Regions : North America, Asia Pacific,Europe, and the Rest-of-the-World.
Global Peat Market – Regional Analysis
The North American region, heading with the growing demand in heavy industries dominates the global peat market, registering a higher growth rate. Moreover, the increasing demand for peat in agriculture, water filtration, and freshwater aquarium among others and its growing consumption as an alternative fuel in the end-use application foster the growth in the regional market. Countries such as Canada, Mexico, and the U.S. are projected to be the leading markets during the forecast period.
In Latin America, the Peat Market is estimated to witness a remarkable growth owing to the increasing agriculture activities. Presence of many manufacturers in the region positively impacts the regional market growth.
The peat market in the Asia Pacific region accounts for the second-largest market, globally. The market is estimated to witness a huge product demand owing to the increasing scarcity for water led by the growing population and the rapid urbanization. Moreover, the rising consumption of the product in physiotherapy, rheumatology, and sports medicines in the region is expected to continue to propel the APAC peat market over the assessment period.
APAC countries such as China, Japan, and India backed by the growing use of the product in various end-use industries, account for the major contributors to the growth of the regional market, creating a huge product demand.
Furthermore, factors such as the improving economy and the favorable government initiatives to encourage the increased production in agriculture to meet the food demands, are expected to foster the growth of the regional market during the forecasting period.
The Europe peat market is rapidly emerging as a profitable market, globally. Extensive consumption of peat in agriculture applications led by the booming agriculture economy is propelling the peat market in Europe. European countries such as the UK, Germany, and Italy are projected to be the major contributors to the regional market during the forecast period.
Global Peat Market – Competitive Analysis
Fiercely competitive, the peat market appears to be fragmented owing to the numerous large and small-scale players alongside the new entrants forming a competitive landscape. The market players try to gain a competitive advantage through strategic initiatives such as partnership, acquisition, expansion, collaboration, and product & technology launch.
International players who are increasingly expanding their footprint in the agricultural economy of the growing market, making it difficult for regional vendors to compete with them, especially in terms of features such as quality, technology, and price.
Key players leading the global peat market include Stender AG (Germany), Vapo (Finland), Oulun Energia Oy (Finland), Klasmann-Deilmann GmbH (Germany), Neova AB (Sweden), Cocogreen (Sri Lanka), Bord Na Móna (Republic of Ireland), Globalcoirs (India), Peat Land Ukraine LLC (Ukraine), and Jiffy Products International B.V. (the Netherlands) among others.
March 01, 2019 –– Malaysia – The Global Environment Centre (GEC) and the Selangor State Forestry Department (SSFD) collaboratively announced the launch of the Peat Forest Rehabilitating Project at the Raja Musa Forest Reserve (RMFR) as a part of the Raja Musa Forest Rehabilitation Program.
Every summer Malaysians grapple with the heatwave, that only reduces the water levels but also brings with it the risk of wildfires as vegetation loses moisture. In such scenarios, peat forests act as natural reservoirs, storing water for the environment which reassurance as the dry season aproceeds.
RMFR plays a crucial role in local agriculture and is an important water supply for the North West Selangor Integrated Agriculture Development Area (IADA), including the most productive rice schemes in Malaysia in Kuala Selangor (Tanjung Karang) and Sabak Bernam (Sekinchan).
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