(MENAFN- GlobeNewsWire - Nasdaq) Consumers demand sustainably produced flowers, attributable to increasing consumer awareness regarding the environmental and social impact of the production and trade of floriculture products worldwide. Thus, all participants in the floriculture value chain aim to adopt sustainable agricultural practices such as integrating pest management and conservation Agriculture to reduce the negative impact of their activities on the environment.
NEWARK, Del, Aug. 28, 2024 (GLOBE NEWSWIRE) -- The floriculture market is estimated at USD 57.5 Billion in 2024 and is projected to reach USD 109.1 Billion by 2034, at a CAGR of 3.7% from 2019 to 2023.
The floriculture market is flourishing as demand for ornamental plants, flowers, and foliage continues to grow worldwide. This market encompasses the cultivation and trade of flowers, both cut and potted, as well as decorative plants used in landscaping and interior decoration.
Rising consumer interest in gardening, home décor , and gifting, along with an increasing preference for sustainable and locally grown flowers, is driving market expansion. Innovations in breeding, cultivation techniques, and logistics are also enhancing the quality and availability of flowers year-round. As people continue to appreciate the beauty and emotional impact of flowers, the floriculture market is set for steady growth and diversification.
Looking forward the floriculture market is anticipated to be upward due to factors such as urbanization, increasing disposal incomes, and rising awareness of the environmental friendliness of plants propelling demand. Furthermore, enhancement of production efficiency as well as distribution through technological advancements in greenhouse farming and logistics is expected.
Edible flowers such as citrus blossoms, hibiscus, lavender, roses, and nasturtium are gaining popularity among health conscious consumers. These flowers are rich in Vitamin C and antioxidants , which helps in reducing cholesterol levels, improves skin and hair health, and enhances heart functioning. Growing acceptance of flowers as a healthy food ingredient creates new opportunities for producers in the global floriculture market to expand their businesses
Key Dynamics in the Floriculture Market Worldwide
Floriculture Becoming a Mainstream Occupation
New market players are blooming in the local market and have witnessed a significant growth over the historical period, especially in regions like Asia and Southeast Asia. These players are collectively expected to gain a considerable market share in the future, as floriculture is becoming a mainstream profession for earning their livelihood. In developing countries, like India, where farmers are plagued with uncertainties in their annual agricultural yield, floriculture companies are taking up initiatives to encourage and educate them to embrace floriculture as an alternative business for earning better profits.
Implementation and Efforts by the Biotechnology Industry
The biotechnology industry is breathing new life of its own in the floriculture market. Successful research and development in molecular breeding is on the rise in the floriculture market. Rapid progress in micro-propagation and the production of disease-free and stress tolerant plantlets enables the market participants to overcome previous hurdles faced by them such as the invasion of pests and fungus on the crops and dependency on the climatic conditions. The biotechnology companies are increasingly investing in the floriculture segment and meticulously expanding nurseries and research laboratories, indicating a massive growth over the forecast period.
Improved Varieties & Cultivation Practices
Transportation and vase life impose many hurdles in the floriculture market. Hence, breeders have come up with various strategies to overcome it. They bred varieties of flowers that suit the regional atmosphere in Europe, which is a key market. Consequently, there has been a successful increase in the number of varieties of floriculture products offered by the breeders. Oft times, these varieties are available in retail stores as higher prices and superior products.
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Key Takeaways from the Floriculture Market Report
The US is anticipated to rise at a CAGR of ~6.2% during the forecast period 2024 to 2034. The Indian floriculture market is anticipated to rise at a CAGR of ~9% during the forecast period by 2034. Institutions/events that currently hold around ~58.1% of the share in the market would remain the prominent adopters of floriculture items. The direct sales segment accounted for a major share of ~ 77.6% of the global market in 2022 as most of the sales in the floriculture market take place directly through the manufacturers. the supermarkets/ hypermarkets segment is anticipated to grow at a rapid rate with a CAGR of nearly 10.6% during the forecast period 2034.
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Key Companies Profiled
Forest Produce Ltd. Selecta Cut Flowers SAU Native Floral Group Tropical Foliage Plants, Inc. Oserian Group Esmeralda Farms Marginpar BV DOS GRrINGOS, LLC
Global Floriculture Market by Category
By Product Type:
Cut Flowers Cut Foliage Plants Propagation Material
By Flower Type:
Rose Chrysanthemum Tulip Lily Gerbera Carnations Texas Blueball Freesia Hydrangea Others
By End Use:
Personal Use Institutions/Events Hotels, Resorts, & Spas Industrial
By Sales Channel:
Direct Sales Specialty Stores Franchises Florists & Kiosks Supermarkets/Hypermarkets Independent Small Stores Online Retailers Other Sales Channel
By Region:
North America Latin America Europe East Asia South Asia Oceania MEA
Old Source: Floriculture Market is expected to surge to a valuation of around USD 80.5 Billion by 2029 - Comprehensive Research Report by FMI
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The floriculture industry in Japan is on track to experience a noteworthy upswing, with a projected compound annual growth rate of 7.3% through 2033.
The floriculture industry in Korea is on the rise, with projected sales reaching USD 317.8 million in 2023. The demand for floriculture in Korea is likely to expand at a 7.4% CAGR from 2023 to 2033, ultimately totaling an estimated valuation of USD 647.4 million by 2033.
The Western Europe floriculture sector is anticipated to experience a CAGR of 5.3% through 2033. In 2023, the industry is expected to present substantial prospects with an industry value of USD 15,167.0 million.
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