The global floriculture market was valued at US$ 43.23 Bn in 2018, according to Global Floriculture Market Report, by Product Type (Cut Flowers, Pot Plants, Cut Foliage, Bedding Plants, and Others), by Application (Decoration and Industrial), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) published by Coherent Market Insights.
The global floriculture market is projected to reach US$ 70.85 Bn by 2027, exhibiting a CAGR of 5.7% during the forecast period (2019-2027). The market is expected to witness significant growth over the forecast period, attributing to rising demand for flowers from various end-use industries such as personal care and pharmaceutical industry coupled with growth of these industries.
Increasing preference for beauty and personal care products and cosmetics in the recent past is a result of rising consumer awareness regarding personal grooming, which in turn is expected to increase the demand for perfumes. For instance, according to the International Trade Administration (ITA), U.S. Department of Commerce, beauty and personal care (BPC) industry in India was valued at US$ 8 billion in 2016 and is expected to record a CAGR of about 6.0% during 2016 to 2021. Therefore, demand for cut flowers is expected to increase during the forecast period, owing to increasing manufacturing of perfumes and fragrances.
However, increasing usage of harmful chemicals for the cultivation of flowers and their harmful impact on environment is expected to hinder growth of global floriculture market over forecast period. Moreover, the water seeping inside the ground affects the ground water table by polluting it. This polluted water is therefore no longer useful unless it is processed and disposing this polluted water becomes a challenge for the farmers.
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Browse 24 market data tables* and 17 figures* on "Floriculture Market” - Global forecast to 2027.
Key Takeaways of the Market:
On the basis of product type, bedding plants segment contributed for over 28.7% of the revenue share in the global floriculture market in 2018. Bedding plants are used in gardens or in the form of hanging plants to decorate the outdoors. According to the ‘Floriculture Crops 2018 Summary’ published in May 2019 by USDA, National Agricultural Statistics Service, wholesale value of all bedding and garden plants in the U.S. was US$ 2.16 billion in 2018, which increased by 17% from 2015. In 2018, bedding and garden plant category held the largest share of 47% of the wholesale value of all the reported crops in the U.S.
Based on regional segregation, Europe accounted for the largest revenue share in the global floriculture market in 2018, whereas, Asia Pacific is expected to record fastest growth during the forecast period. Major use of cut flowers in Asia Pacific, especially in Southeast Asia is due to large number of worship places in the region. Cut flowers are used as a major ingredient in cosmetics especially perfumery.
Moreover, according to the U.S. Department of Commerce estimates, in 2014, per capita expenditure on cosmetic products was reported as US$ 171 in South Korea and US$ 174 in Japan. According to same source personal care & cosmetic products imported for direct sale in Hong Kong was valued at US$ 2.7 billion in 2015. Therefore, increasing use of cosmetics and cut flowers is expected to boost the market growth during the forecast period. This scenario is likely to provide ample of opportunities for Asia Pacific floriculture market to expand in the near future.
Major players operating in the global floriculture market are The Kariki Group, Dummen Orange, Syngenta Flowers. Inc., Karuturi Global Limited, Oserian Development Company Limited, Selecta Klemm GmbH & Co. KG., Marginpar BV, Ruparelia Group, Multiflora Ltd., and Karen Roses.
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