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The peat market share is expected to increase to USD 140.3 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 2.55%.
This peat market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers peat market segmentation by application (fuel and energy, agriculture and horticulture, and others) and geography (Europe, North America, APAC, South America, and Middle East and Africa). The peat market report also offers information on several market vendors, including AB Rekyva, Aswini Multiagro Industries Pvt Ltd., Berger, Bord na Mona, Coco Coir Global., Cocogreen Ltd., Compaqpeat, Global Peat Ltd., HQPower, Klasmann-Deilmann GmbH, Kumaran Fibres, Lambert Peat Moss, Mikskaar, Neova Oy, Oulun Energia Oy, Premier Tech Ltd, Sai Cocopeat Export PVT Ltd., Sri Jayanthi Coirs, Sun Gro Horticulture, and Ventspils SIA among others.
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The increase in demand for electricity generation is notably driving the peat market growth, although factors such as the negative impact of peat on the environment may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the peat industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Peat Market Driver
The increase in demand for electricity generation is one of the key drivers supporting the peat market growth. Increasing power consumption across the globe owing to rapid industrialization and urbanization is a key reason for the high volume demand for raw materials for power generation, such as coal, peat, and others. Peat is extensively used for electricity generation, especially in Europe. It is a renewable and eco-friendly resource for producing electricity, which is encouraging electricity generation vendors to invest in this market. However, the rising population requires more electricity. Thus, the increasing demand for peat will drive the growth of the global peat market share growth during the forecast period.
Key Peat Market Trend
Peatland restoration is one of the key peat market trends that is contributing to the market growth. Peatland restoration helps create a suitable environment for peat moss to recolonize and secure the integrity of the carbon in the peat soil. It can reduce greenhouse gas emissions significantly. Meanwhile, it can secure and improve peatland services such as carbon storage, water retention and water quality, and support biodiversity and wildlife. Moreover, the government of different countries is encouraging peatland restoration for a better environment, especially in Europe which comprises peatlands in abundance. These factors will contribute to the peat market share growth during the forecast period.
Key Peat Market Challenge
The negative impact of peat on the environment is one of the factors hindering the peat market growth. Damaged peatlands impact biodiversity negatively. For instance, the number of Sumatran Orangutans has declined by 80% in the last 75 years. Other negative effects include the increase in carbon loss through water, degrading quality of drinking water, adverse effects on aquatic species, increasing risks of floods and droughts, saltwater intrusion, and generation of toxic substances. The drained peatlands can emit 1.3 gigatons of carbon dioxide per year. The increase in carbon dioxide in the atmosphere increases global warming. Thus, the emission of carbon dioxide from the drained or damaged peatlands poses a challenge to the global peat market size growth.
This peat market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global peat market as a part of the global diversified metals and mining market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the peat market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the peat market encompasses successful business strategies deployed by the key vendors. The peat market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The peat market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the peat market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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70% of the market's growth will originate from Europe during the forecast period. Finland, Ireland, Germany, and the UK are the key markets for peat market in Europe. Market growth in this region will be faster than the growth of the market in South America and MEA.
The abundant availability of peat will facilitate the peat market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 negatively impacted the economy in the region. However, by 2021, factories, warehouses, and other facilities of regional peat vendors reopened due to large-scale vaccination drives. As a result, local vendors were able to meet the increased demands from end-user industries such as fuel and energy, agriculture, and others. Thus, the rising demand for peat will drive the regional peat market size growth during the forecast period.
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The peat market share growth by the fuel and energy segment will be significant during the forecast period. Peat was used as an alternative to firewood for cooking and heating. With the advent of gas and oil, the domestic applications of peat have started to reduce. However, the demand for electricity sustained the use of peat, as it is used to fuel large power plants. The concerns about the depletion of fossil fuels such as oil and natural gas have retained the demand for peat. The use of peat as fuel is one of the main applications of the global peat market. Such increasing use of fuel and energy will drive the peat market share growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the peat market size and actionable market insights on post COVID-19 impact on each segment.
Peat Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.55% |
Market growth 2022-2026 |
$ 140.3 million |
Market structure |
Fragmented |
YoY growth (%) |
1.98 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 70% |
Key consumer countries |
US, Finland, Ireland, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
AB Rekyva, Aswini Multiagro Industries Pvt Ltd., Berger, Bord na Mona, Coco Coir Global., Cocogreen Ltd., Compaqpeat, Global Peat Ltd., HQPower, Klasmann-Deilmann GmbH, Kumaran Fibres, Lambert Peat Moss, Mikskaar, Neova Oy, Oulun Energia Oy, Premier Tech Ltd, Sai Cocopeat Export PVT Ltd., Sri Jayanthi Coirs, Sun Gro Horticulture, and Ventspils SIA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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