Answer: Sweet Peet is basically horse manure. The manufacturing process uses tannins (plant extracts) to convert shavings-based horse manure into a high-grade coffee-colored mulch called Sweet Peet. Because it is organic, it will decompose over a period of a year or two and you can then dig it into your soil as an organic amendment or you can add more on top to replenish it as it decomposes.
Hemlock mulch is organic, as well. The material is in larger chips (as opposed to being shredded like peat). As a result, hemlock mulch will decompose at a slower rate.
Hope this answers your question!
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