by Freedonia Focus Reports Team
December 26, 2023
Expanding cultivation of cannabis to boost need for growing media
Cleveland, OH, December 26, 2023 — Demand for peat in the US is forecast to rise 1.9% annually in volume terms through 2027, according to Peat: United States, a report recently released by Freedonia Focus Reports. Suppliers are expected to benefit from increased gardening participation, rising disposable personal incomes, and elevated levels of construction activity. The COVID-19 pandemic drove growth in gardening participation and supported stability in golf participation, a trend expected to continue as consumers value fun outdoor exercise and experiences. Rapid increases in demand for growing media for cannabis cultivation will aid sales of peat through 2024. Cannabis production – including licensed production of cannabis for marijuana and hemp – will be spurred by:
federal legalization of industrial hemp production (through the 2018 Farm Bill)
rapidly growing demand for cannabidiol (CBD) infused products
more states legalizing adult-use marijuana and passing legislation to allow for the ramp-up of commercial production
However, further peat sales gains will be limited by the use of peat substitutes, such as anaerobically digested dairy fiber as a renewable substitute for peat in potting mixes.
In 2023, demand is expected to fall over 30%, representing a retreat from the elevated levels of the 2020-2022 period. During that time, many buyers had likely amassed some stocks from their large peat purchases, reducing the need to buy in 2023. In addition, Canada, which supplied 78% of peat to the US market in 2022, reported a poor harvest in 2023 due to unfavorable weather, limiting the supply of peat.
These and other key insights are featured in Peat: United States. This report forecasts to 2024 US peat demand and production in metric tons. Total demand is segmented by product in terms of:
Total demand is also segmented by application as follows:
To illustrate historical trends, total demand, total production, the various segments, and trade are provided in annual series from 2012 to 2022.
Demand and production figures correspond to the conterminous US, excluding Alaska and Hawaii. Re-exports of peat are excluded from demand figures.
This report includes the results of a proprietary national online consumer survey of US adults (age 18+). This Freedonia Focus Reports National Online Consumer Survey has a sample size of approximately 1,500, screened for response quality, and representative of the US population on the demographic measures of age, gender, geographic region, race/ethnicity, household income, and the presence/absence of children in the household.
More information about the report is available at:
https://www.freedoniagroup.com/freedonia-focus/peat-united-states-ff65043.htmAbout Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Metals, Minerals, & Glass reports can be purchased at The Freedonia Group or MarketResearch.com.
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