According to a market report published by Future Market Insights, the global sales value of floriculture was US$ 40,556.7 Mn in 2018. According to the report, the floriculture market is projected to expand at a CAGR of ~ 7.1% during the forecast period.
Various certifications and standards in the floriculture market offers responsible codes of conduct, industrial standards, and sustainable agricultural practices. Nowadays, growers and traders in the floriculture market are focusing on various certifications such as MPS, Fair Flowers Fair Plants, Max Havelaar, Florverde, and many more. Moreover, the demand for sustainable products is growing continuously among consumers. Thus, companies in the floriculture industry are seeking opportunities to recognize with various certifications and standards in the market.
Additionally, supermarkets/hypermarkets floral buyers are seeking for opportunities within the floriculture retail market. Retailers are engaging with qualified personnel in their stores to offer full service to customers, upgrading products with unique designs, bouquets, and improve product quality. It also provides consumers the convenience of e-commerce to save time and high product choices.
Overview of the Global Floriculture Market
A recent study published by FMI on the global floriculture market will record a steady growth during the forecast period 2019-2029. The report includes critical market insights based on the crucial information about the latest activities by the leading suppliers, manufacturers, and distributors in the global floriculture market. The market study published by FMI provides the most requisite data about the factors that can make a significant impact on the growth of the global floriculture market. Leading players, stakeholders, and new entrants in the market can plan right business strategies and follow a correct decision-making process.
Segmentation of the Global Floriculture Market
The floriculture market is segmented into product type, flower type, end use, sales channel, and region. Among product type, cut flowers segment dominates the global floriculture market in 2018 and continue to grow during the forecast period, which can be attributed to high demand for fresh cut roses in decoration purpose, gifts as well as occasions. The cut foliage segment is witnessing a significant growth in the global floriculture market owing to rise in demand for mix bouquets at florist shops. Cut foliage are used in bouquets and other flower arrangements at events and festivals. On the other hand, collaboration with traders and retailers as well as additional efforts to promote mixed bouquets in retail stores is expected to create an opportunity for cut foliage in the near future.
Europe and North America Dominates the Global Floriculture Market
Among regions, Europe and North America together accounted for over 85.6% of the global floriculture market. Among these two regions, Europe represented a higher share in 2018 owing to high demand for flowers among consumers and per capita flowers consumption in the region
The floriculture market has been witnessing rapid growth in East Asia, where the market is projected to expand at a CAGR of 8.5% during the forecast period owing to steady improvement in the horticultural production along with low production cost.
Apart from decoration purpose, eating flowers is one of the most popular upcoming trends in the market. Flowers are rich in antioxidants. Eating flowers helps in stimulating the body, is good for digestion, and provides numerous health benefits. With growing accessibility of edible flowers and micro greens, home-cooked food includes this new ingredient in their sweet and savory food items as well as drinks for its unique flavor as well as for its aesthetic and decorative purposes.
Additionally, the biotechnology industry is highly innovative and growing at a fastest rate globally. With its immense growth potential, it will play a significant role as an innovative manufacturing hub in the near future. Scientists in the biotechnology industry are continuously working on research and development activities to apply biotechnology to consumer products as well as to make it accessible and appealing to the public worldwide. For instance, scientists are focusing on developing unique flowers that changes colors throughout the day.
FMI’s business intelligence also highlights significant insights into the competitive scenario of the floriculture market along with manufacturers’ differential strategies. In the global floriculture market, there is rapidly increasing demand for sustainably produced flowers, which is one of the main trends that is changing the industry. All stakeholder in the floriculture value chain are implementing good agricultural practices to protect the negative impact on the environment and labor conditions. According to FMI’s report, companies in the floriculture industry are investing more on certifications and offering fair trade, FPP, and other certified flowers to the consumers.
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