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Flower and Ornamental Plant Global Market Exhibit a Remarkable CAGR of 9.7% and is expected to reach $67.56 Billion By 2028
Flower and Ornamental Plant Global Market
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According to The Business Research Company's, The flower and ornamental plant market size has grown strongly in recent years. It will grow from $43.09 billion in 2023 to $46.68 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to cultural and religious significance, landscaping and urban beautification, event decoration, memorial and funerary practices, horticultural advancements.
The flower and ornamental plant market size is expected to see strong growth in the next few years. It will grow to $67.56 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to economic growth and disposable income, sustainable and local sourcing, social media influence, community gardens and green spaces, increasing urbanization. Major trends in the forecast period include online and direct-to-consumer sales channels, technology for virtual floral experiences, customization of flower arrangements, innovation in indoor gardening products, drought-tolerant and low-maintenance plants.
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Market Drivers and Trends:
The rising demand for indoor plants and flowers in the residential sector is expected to propel the growth of the flower and ornamental plant market going forward. Indoor flowers and plants refer to plants that are grown indoors in places such as residences and offices. Ornamental plants can be grown indoors year-round as warm-weather plants. Indoor plants have many advantages, such as reducing stress and boosting creativity, productivity, and focus. These plants can be kept indoors as long as they get plenty of sunlight. For instance, in April 2023, according to the National Gardening Association, a US-based gardening association, the average household spent $616 on lawn and gardening activities in 2022, up $74 from 2021. Therefore, the rising demand for indoor plants and flowers in the residential sector is driving the growth of the flower and ornamental plant market.
Hybridization and biotechnology are the key trends gaining popularity in the flower and ornamental plant market. Major companies operating in the flower and ornamental plant sector are focused on introducing ornamental plants produced by hybridization and biotechnology such as Pink Kisses and other varieties to sustain their position in the market. For instance, in July 2022, Somani Seeds, an India-based vegetable seed company, launched a new hybrid carrot variety, Red Queen. The red-queen carrot is an alternative to the Nantes carrot, an English cultivar that is less sweet and orange in color. The Nantes carrot also has a shorter shelf life.
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Major Key Players of the Market:
Syngenta Flowers, Selecta Klemm GmbH & Co. KG, Monrovia Nursery Co., Kurt Weiss Greenhouses Inc., Ball Horticultural Company, Suntory Flowers Ltd., Sakata Seed, Beekenkamp Group., Dümmen Orange, Florensis, Karuturi Global Ltd., Tagawa Greenhouses, Van Belle Nursery, KP Holland, Color Spot Nurseries, Oserian Development Company, Volmary GmbH, HilverdaFlorist, Ernst Benary Samenzucht GmbH, Florexpo LLC., Afriflora Sher Ethiopia, Butters Group, Chrysal International, Marginpar B.V., Arcangeli Giovanni and Figlio, Belaya Dacha Flowers, Fides Oro, Danziger ""Dan"" Flower Farm, Kapiteyn horticulture bv., Jetha Lachmandas Bhatia.
Flower and Ornamental Plant Market 2024 Key Insights:
• The flower and ornamental plant market size is expected to see strong growth in the next few years. It will grow to $67.56 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• The Surging Demand For Indoor Plants And Flowers Transforms The Flower And Ornamental Plant Market
• Hybridization And Biotechnology Reshaping The Flower And Ornamental Plant Market
• Asia-Pacific was the largest region in the flowers and ornamental market in 2023
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