Peat Market size was over USD 3.59 billion in 2023 and is poised to cross USD 6.44 billion by the end of 2036, growing at more than 4.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of peat is estimated at USD 3.72 billion.
The growth of the peat market can be attributed to the growing number of industrial activities around the world, increasing usage of renewable energy sources as a result of environmental concerns, and rising demand for food and agricultural activities globally. According to the World Bank, the industrial output of the world as a share of the total world GDP was calculated to be 24.789% in 2019. The world GDP share for manufacturing was 14.562% for that year. In addition to these, surge in population growth coupled with the increase in demand for electricity is also projected to drive market growth in the upcoming years. Furthermore, over the last few years, peat is extensively being used as an oil absorbent for cleaning oil spills, and for the purpose of biofiltration for air and water, which is another crucial factor expected to result in the expansion of market in the future.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
4.6% |
|
Base Year Market Size (2023) |
USD 3.59 billion |
|
Forecast Year Market Size (2036) |
USD 6.44 billion |
|
Regional Scope |
|
The market is segmented by material type into fibric, hemic, sapric, and others, out of which, the fibric segment is anticipated to hold the largest share in the global peat market on account of the wide use of this type of peat in various applications across the globe, and the ability of fibric peat to stimulate plant growth and root development effectively. Additionally, on the basis of application, the segment for agriculture is assessed to occupy the largest share over the forecast period, which can be ascribed to the high usage of peat for the production of organic fertilizer and as a garden soil, and as a significant component of garden plant substrates.
Our in-depth analysis of the global market includes the following segments
|
By Material Type |
|
|
By Application |
|
On the basis of geographical analysis, the global peat market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Europe industry is set to hold largest revenue share by 2036, propelled by presence of large number of peatlands in various countries of the continent, especially in British Isles and Scandinavia.
Latin America Market Analysis
Moreover, the peat market in Latin America is predicted to witness notable growth during the forecast period owing to the presence of favorable climate conditions that support the growth of tropical peat, namely in countries such as Brazil, Peru, Argentina, Colombia and Venezuela.
May 6, 2021: Neova is aiming to enhance the continuous growth of profitability by investing in renewables and infrastructure in services. The strategy is focused to digitize services in the energy business and develop new products from peat.
Author Credits: Nilanjana Ray
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?