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Peat is used in a wide variety of applications, due to their capability of offering superior moisture resistance to the final product. Thus, they are used in various applications such as fuel & energy, agriculture, domestic, medicine, and others. The global peat market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, North America is projected to grow at a remarkable rate in the global market and is projected to continue leading owing to the increasing consumption of peat in agriculture, fuel & energy, domestic, medicine, and others. It is estimated that the agriculture segment is set to observe the highest CAGR in the market due to growing consumption of the product in end-use applications. Moreover, increasing demand for the product in paper fuel & energy, horticulture, domestic, medicine, and others is likely to witness a rapid growth during the forecast period. These factors have led the U.S., Canada, and Mexico to be the major players in this region.
The Asia Pacific market is expected to grow at a higher CAGR due to growing partnerships and agreements between the leading companies. China, Japan, and India have achieved a significant place in the market due to the growing investments in end-use industries. Therefore, the growing demand for the product in agriculture, medicine, domestic, and other sectors are estimated to drive the market during the forecast period.
A significant development is predicted in the Latin American region such as in Brazil, Uruguay, and Argentina due to growing consumption of peat in agriculture, water filtration systems, and others. Moreover, a moderate growth is estimated in the Middle East & African region such as Qatar, the U.A.E, and others due to less popularity of the product in major industries.
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