Articles Of Peat Market

The global market for articles of peat is expected to continue growing from 2022 to 2030, with forecasted increases in both volume and value. Consumption and production trends are analyzed, along with insights into key importing and exporting countries. The article provides detailed data on market performance, including fluctuations in consumption and production levels over the past decade. Key countries such as China, the United States, and India are highlighted for their significant roles in the market. Import and export prices and trends are also discussed, showing notable fluctuations and growth rates for various countries.

Market Forecast

Driven by increasing demand for articles of peat worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market volume to 18M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.8% for the period from 2022 to 2030, which is projected to bring the market value to $95.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Articles Of Peat

In 2022, consumption of articles of peat decreased by -4.3% to 13M tons for the first time since 2019, thus ending a two-year rising trend. In general, the total consumption indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +64.6% against 2012 indices. Over the period under review, global consumption attained the peak volume at 14M tons in 2021, and then contracted modestly in the following year.

The global articles of peat market value fell to $60.8B in 2022, with a decrease of -5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a prominent expansion. Over the period under review, the global market attained the peak level at $64B in 2021, and then reduced in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (2.4M tons), the United States (1.6M tons) and India (951K tons), together accounting for 37% of global consumption.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +12.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($18B), India ($14.1B) and China ($4B) were the countries with the highest levels of market value in 2022, with a combined 59% share of the global market.

Among the main consuming countries, the United States, with a CAGR of +18.7%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of articles of peat per capita consumption in 2022 were South Korea (5 kg per person), Japan (5 kg per person) and France (4.9 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by the United States (with a CAGR of +11.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Articles Of Peat

In 2022, production of articles of peat decreased by -4.2% to 13M tons for the first time since 2019, thus ending a two-year rising trend. Overall, the total production indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +64.9% against 2012 indices. The growth pace was the most rapid in 2020 when the production volume increased by 16% against the previous year. Over the period under review, global production reached the maximum volume at 14M tons in 2021, and then shrank in the following year.

In value terms, articles of peat production shrank to $62.2B in 2022 estimated in export price. Over the period under review, production, however, posted a remarkable increase. The pace of growth appeared the most rapid in 2016 with an increase of 20%. Over the period under review, global production attained the peak level at $66.4B in 2021, and then contracted in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were China (2.4M tons), the United States (1.6M tons) and India (951K tons), with a combined 37% share of global production.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +12.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Articles Of Peat

In 2022, approx. 21K tons of articles of peat were imported worldwide; with an increase of 17% on 2021 figures. In general, imports, however, showed a noticeable reduction. The pace of growth was the most pronounced in 2020 with an increase of 38% against the previous year. Over the period under review, global imports attained the peak figure at 38K tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, articles of peat imports skyrocketed to $46M in 2022. Overall, imports continue to indicate a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, Spain (5.8K tons), distantly followed by the United States (3.3K tons), Germany (2.6K tons), the Czech Republic (1.7K tons) and Lithuania (1K tons) were the major importers of articles of peat, together making up 69% of total imports. Canada (813 tons), Denmark (769 tons), Russia (627 tons), Austria (334 tons) and the UK (331 tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Lithuania (with a CAGR of +38.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($9.8M) constitutes the largest market for imported articles of peat worldwide, comprising 21% of global imports. The second position in the ranking was held by Germany ($3.1M), with a 6.8% share of global imports. It was followed by Canada, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value in the United States amounted to -2.0%. In the other countries, the average annual rates were as follows: Germany (-0.2% per year) and Canada (+11.2% per year).

Import Prices By Country

The average articles of peat import price stood at $2,207 per ton in 2022, surging by 27% against the previous year. In general, import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, articles of peat import price increased by +59.8% against 2020 indices. The pace of growth was the most pronounced in 2016 when the average import price increased by 29% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the UK ($8,703 per ton), while the Czech Republic ($421 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+31.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Articles Of Peat

In 2022, shipments abroad of articles of peat increased by 51% to 49K tons, rising for the sixth consecutive year after four years of decline. Over the period under review, exports saw a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, articles of peat exports surged to $62M in 2022. Overall, total exports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +119.1% against 2018 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

Latvia was the key exporter of articles of peat in the world, with the volume of exports resulting at 23K tons, which was near 46% of total exports in 2022. It was distantly followed by Sweden (9.6K tons), the Czech Republic (2.8K tons), Canada (2.5K tons), the Netherlands (2.3K tons) and Poland (2.2K tons), together achieving a 40% share of total exports. Denmark (1.5K tons) followed a long way behind the leaders.

Latvia was also the fastest-growing in terms of the articles of peat exports, with a CAGR of +86.3% from 2012 to 2022. At the same time, Sweden (+80.4%), the Netherlands (+47.6%) and Poland (+3.5%) displayed positive paces of growth. Canada experienced a relatively flat trend pattern. By contrast, Denmark (-1.5%) and the Czech Republic (-4.0%) illustrated a downward trend over the same period. Latvia (+46 p.p.), Sweden (+20 p.p.) and the Netherlands (+4.5 p.p.) significantly strengthened its position in terms of the global exports, while Denmark, Canada and the Czech Republic saw its share reduced by -3%, -3.6% and -8.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest articles of peat supplying countries worldwide were Canada ($9.5M), Denmark ($7M) and the Netherlands ($6.3M), together comprising 37% of global exports.

The Netherlands, with a CAGR of +47.4%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average articles of peat export price stood at $1,264 per ton in 2022, dropping by -11.9% against the previous year. Overall, the export price showed a slight descent. The pace of growth was the most pronounced in 2013 an increase of 17% against the previous year. The global export price peaked at $2,265 per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Denmark ($4,558 per ton), while Latvia ($97 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+4.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform