Floriculture is a branch of horticulture, which includes the cultivation of ornamental plants and flowering plants for gardens, nurseries, and greenhouses. It also include production of flowering plants through seeds, budding, cutting, and grafting. The crops in floriculture market majorly comprises herbaceous plants, which have no persistent woody stem above the ground. Floriculture crop products are used as raw materials in manufacturing of cosmetics, perfumes, and are also used in the pharmaceutical industry. Furthermore, according to the International Trade Center (ITC), the global export of floriculture products has increase exponentially over the last few years. In emerging economies including India and China among others, the global export was recorded at US$ 4.00 billion in 2012, which was 24% higher as compared to the exports in 2010, according to ITC.
Major factors propelling growth of the global floriculture market include steadily developing plant biotechnology including genome sequencing, which results in increased yield and development of genetically modified flowering plants. For instance, Suntroy Flowers Ltd., a company based in Japan, developed the world’s first blue rose with 100% blue-pigmented petals. The company started selling its blue rose, under the brand name Applause, throughout Japan in 2011.
Furthermore, owing to adoption of novel technologies and more precise management in commercial floriculture, profit of floriculture products per unit area is higher as compared to other agriculture products. Thereby, the higher profitability, is considered as another factor, leading to growth of the global floriculture market. Moreover, growing demand for essential oil of rose, tube rose, and jasmine among others, is propelling the market growth. For instance, according to Coherent Market Insights’ analysis, the global consumption of essential oils is anticipated to grow from US$ 8.29 billion in 2016 to US$ 15.01 billion in 2025.
Key Players and Business Strategies
Major players operating in the global floriculture market include The Kariki Group, Dummen Orange, Syngenta Flowers. Inc., Karuturi Global Limited, Oserian Development Company Limited, Selecta Klemm GmbH & Co. KG, Carzan Flowers K Ltd., Ruparelia Group, Multiflora Ltd., and Karen Roses. Mergers and acquisitions, strategic collaborations, and new product launches are the key strategies adopted by these players, in order to retain their market share. For instance, in 2017, Syngenta Flowers. Inc. had launched two new flower series including Sunfinity Sunflower and Obsession Cascade Verbena. The sunflower from Syngenta, under the brand name Sunfinity, offers multiple branches and more flowers with an average of 50 blooms per plant in all season.
Based on the product type, the floriculture market is segmented into:
Based on the application, the floriculture market is segmented into:
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