Floriculture Market Trends
Growth Drivers
- Growth in global trade: The growing international trade has seen an increase in the import/export of floral products, which has driven the market growth. The increase in world merchandise trade is expected to grow 0.8% this year, down from the 1.7% forecast in April, while the 3.3% growth projected for 2024.
- Increased availability of online floral purchases: Online flower businesses have increased the availability and accessibility of floral decor to consumers, as well as providing a more convenient and quicker way of purchase and delivery.
- Growing popularity of home gardening: The growing interest in home gardening has also increased the demand for flowers and plants, particularly in urban areas.
- Development of hybrid flowers and plants: Hybridization has led to the development of new and unique flower varieties, increasing the appeal and interest among consumers.
- Rising disposable income: The rising disposable income has also enabled consumers to spend more on floral decor, further driving the market growth.
Challenges
- Seasonality: The market is subject to seasonal fluctuations, with demand for flowers and plants being relatively lower during winter and higher during summer.
- Limited shelf life: The shelf life of the products is limited, meaning that any unsold goods can become waste, which can adversely affect the market growth.
- Availability of substitutes: The availability of non-fresh and artificial alternatives, such as plastic flowers and artificial greenery, can limit the growth of the natural flower market.
Floriculture Market: Key Insights
Global floriculture market is expected to flourish at a CAGR of 8.6% during the forecast period. Further, the market of floriculture is expected to garner USD 3.65 billion by the end of 2027. In recent years, Japan has the largest importers of cut flower from Vietnam. Increasing demand for cut flowers for personal use, occasions, gift purpose is expected to boost the growth of floriculture market. High quality flower type such as lily, orchids and roses captures the high demand in floriculture market.
In the terms of regional platform, Asia Pacific dominated the overall floriculture market in 2016. Further, Asia Pacific region is expected to continue its dominance over the forecast period. This can be attributed to the high demand of cut flowers in the region. Further, rising government participation in the adoption of floriculture is expected to foster the growth of the floriculture market. Government is also providing high yield variety of seed and pesticides to promote the growth of floriculture in their respective countries.
In North America region, Managau accounted for the largest market share of floriculture market. Additionally, rising adoption of floriculture by the U.S. residential and commercial areas are anticipated to garner the growth of the market in the nation. Further, Canada is also expected to contribute significantly to the growth of floriculture market due to the rising public demand.
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Asia Pacific is projected to witness significant growth over the forecast period. Increasing awareness of cut flower in the region is expected to swell the demand for floriculture during the forecast period. Additionally, China and India are expected to be the major contributor to the growth of the floriculture market over the forecast period.
The market in Europe accounted for highest revenue share in the global floriculture market in 2016, and is expected to register a CAGR of over 5.9% between 2018 and 2027 owing to the increasing consumption of floriculture products in the countries such as Denmark, Netherland and Switzerland.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
3.6% |
|
Base Year Market Size (2024) |
USD 56.98 billion |
|
Forecast Year Market Size (2037) |
USD 90.24 billion |
|
Regional Scope |
|
