Peat Market Size

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.