Floriculture Market Expected to Reach USD 94.16 Billion by 2029, with 8.1 % CAGR

30.8.2023 : Floriculture Market Report Scope and Research Methodology

Report Scope

The newly released market research report, titled "Flourishing Floriculture Market: Trends, Drivers, and Regional Insights," delves into the vibrant world of floriculture. It comprehensively covers the cultivation, marketing, and significance of flowers and ornamental plants in the modern era. The report presents an exhaustive analysis of the industry's dynamics, market segments, and factors influencing its growth.

Research Methodology

To provide accurate and insightful data, the research methodology employs a combination of rigorous data collection, in-depth analysis, and expert insights. A robust approach including primary and secondary research methods has been employed to ensure the reliability and credibility of the report's findings.

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What are Floriculture Market Dynamics?

Drivers
The floriculture market is experiencing a continual upward trajectory, primarily driven by evolving consumer lifestyles and the increasing utilization of flowers for diverse purposes such as conferences, personal use, and gifting. The surge in online and offline flower sales channels has contributed significantly to the global demand for floral products. Notably, key occasions like Valentine's Day, Christmas, and Mother's Day have emerged as major revenue generators, collectively accounting for 59% of the annual revenues for floristry businesses. The report reveals that approximately 77% of flower purchases are tied to specific occasions, with birthdays and anniversaries accounting for 29% of annual sales.

Moreover, the integration of biotechnology solutions in floriculture, allowing genetic modifications to enhance color, shape, postharvest longevity, and resistance to stresses and insects, has further elevated market demand. These advancements also bolster the industry's resilience against adverse climatic conditions and potential risks for flower producers.

Restraints
While the market thrives, certain challenges persist. The intricate logistics of the floriculture supply chain and traditional trading practices have posed hindrances. However, the growing e-commerce industry and the widespread adoption of internet and smartphone technologies are instrumental in mitigating these challenges, fostering seamless market growth.

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Floriculture Market Segmentation?

The floral industry is divided into four categories based on type: cut flowers, bedding plants, potted plants, and others. In 2022, the Cut Flowers category accounted for 83% of the market. Due to their attractiveness and lovely scent, cut flowers are becoming more and more popular with customers, which is why the market is growing. Cut flowers are also simple to handle and harvest, disease- and pest-resistant, and straightforward to maintain. Since cut flowers are Kenya's second-most exported good after tea, the sector is anticipated to make a major contribution to the country's GDP.

The floriculture market is divided into conferences and activities, personal use, gifts, and others according on the application. In 2022, the Gift sector accounted for 57% of the market, which was the highest proportion. The increased usage of flowers as gifts for special occasions or events, such as birthdays, family gatherings, Valentine's Day, Mother's Day, and others, is credited with driving the rise of the floriculture market globally. In 2022, more than 60% of all flowers and ornamental plants sold worldwide will be bought as gifts; 20% will be bought for weddings or funerals; and almost 20% will be bought for the home or workplace.

Who are Floriculture Market Key Players?

1. Kariki
2. Multiflora
3. Karen Roses
4. Harvest Flower
5. Queens Group
6. Ball Horticultural
7. Afriflora
8. Karuturi
9. Oserian
10.Selecta One
11.Washington Bulb
12.Arcangeli Giovanni & Figlio
13.Carzan Flowers
14.Rosebud
15.Benary
16.Danziger
17.Sakata

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Regional Insights:

In 2022, the Asia Pacific region held the lion's share of the market at 35%. This region is projected to maintain a strong compound annual growth rate (CAGR) of 7.8% throughout the forecast period. The growth can be attributed to escalating consumer demand and increased flower production in countries like India and China.

Meanwhile, North America is poised to achieve substantial growth with a CAGR of 7.6%. This growth is fueled by shifting consumer preferences towards cut flowers over traditional options. Europe, with the highest CAGR of 8.3%, is witnessing a surge in flower production and consumption. The introduction of Dutch auctions, a major global trading system for flowers and plants, further augments Europe's growth potential.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
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