The floriculture market was valued at US$49,036.935 million in 2018 and is projected to expand at a CAGR of 6.38% over the forecast period to reach US$71,056.324 million by 2024.Floriculture is the cultivation of flowers and plants and foliage associated with it. Floriculture product such as single cut flowers, bouquets, and potted plants are used for decorative purpose. Its products are also used as a raw material in cosmetics, perfume and pharmaceuticals industry. A well-coordinated supply chain consisting of growers, auctions, traders, logistics service providers and development of virtual freight and logistics network is expected to drive the market growth given the fast deteriorating rate of cut flowers post-harvest. Rise in trading of flowers and potted plants through specialized retail channels such as auctions, gift shops, décor shops, and online sale channels is on the rise. This is expected to drive the floriculture market growth. But the growing demand for artificial flowers is expected to be a restraint for market growth. Based on product, bedding plant segment is expected to have a significant growth rate as they are widely used for seasonal display around the house and other areas. By geography, the Asia Pacific region is expected to have a significant growth rate owing to diverse agro-climatic conditions in the region resulting in increased production.
Well-coordinated supply chain
The rise in specialized retail channels in developed nations
Growing demand for artificial flowers
In June 2019, Dummen Orange, world’s largest breeder and propagator and Kordes Rosen, breeder of cut, pot, and garden roses based in Germany, signed an agreement to develop and broaden their collaboration by working together in the Dümmen Orange rose show garden in De Kwakel, the Netherlands, creating access to the best in roses for their customers.
Syngenta completed the acquisition of Varinova’s Cyclamen business in June 2019.
The floriculture market has been analyzed through the following segments:
Middle East and Africa