VALLEY COTTAGE, N.Y. – A new Future Market Insights (FMI) report projects the global floriculture market size to exceed US$ 80 Bn by the end of 2029. Advancement in plant biotechnology such as genome sequencing is among major factors surging the growth of the global floriculture market. In recent years, adoption of various new technologies has given rise to the development of genetically modified flowering plants and increased crop yield. Global sales of flowers are poised to grow at a CAGR of 7% during the forecast period 2019-2029.
“Increasing production of high-quality flowers in developing economies and rise in import of floriculture products in Europe and North America have positively impacted the market growth. Synergy of western culture of sending flowers for every occasion and easy online delivery services is opening a wide window of opportunities for floriculture market players,” says FMI analyst.
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A growing number of health-conscious consumers are showing preference for edible flowers, as they are rich in antioxidant and Vitamin C that help in reducing cholesterol levels and improving the skin, hair, and heart. Growing acceptance of these flowers is creating new growth opportunities for producers in the floriculture market.
Cut Flowers Hold More than 80% of Market Share
Cut flowers will continue to be key revenue generator for the market players. Sales of cut flowers such as roses for decoration are expected to reap high profits through the forecast period. Medicinal properties of these flowers are further accounting for greater gains in the floriculture market.
Preview Analysis of 2019 Analysis and Review of Floriculture Market by Product – Cut Flowers, Cut Foliage, Plants, and Propagation Material for 2019 – 2029:https://www.futuremarketinsights.com/reports/floriculture-market
Demand for cut foliage is anticipated to grow at a CAGR of 8.3% over the forecast future, as consumers are significantly inclining towards floral décor for various occasions and events. Moreover, floral designers are combining cut foliage and dried botanicals in order to add vibrant colors and beautiful texture.
Institutions and Events Remain Top End Use Areas
Currently, use of flowers and floriculture items in institutions or events approximately accounts for more than 50% of the market share. In addition, growing application in hotels, resorts, and spas will work to the advantage of market players. Furthermore, the consumption of flowers for personal use has increased, as it provides mental peace and boosts energy. The FMI study finds that sales of botanicals and flowers for personal use will surpass US$ 15 Bn by the end of 2029.
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Europe Subjugated 68% Revenue Share
Europe dominated the global floriculture market with the largest revenue share in 2018 and is projected to maintain its stronghold in the market. U.K and Germany are considered the largest markets for cut flowers and ornamental plants. Followed by the Netherlands, as it is the leading supplier of flowers that includes Chrysanthemum and Tulips. Furthermore, North American floriculture market is expected to witness a substantial growth due to increasing demand for flowers for various applications and subsequent growth in import activities for floriculture products.
Companies operating in the global floriculture market are taking several initiatives such as partnerships and mergers & acquisitions to maintain strong competition in the market. For instance, in May 2019, Selecta One acquired La Villetta s.r.l intending to expand its product portfolio in the cut carnation segment. This, in turn, will help Selecta One in strengthening its market presence.
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