According to recently published statistics from Future industry Insights (FMI), the floriculture industry is expected to grow at a compound annual growth rate (CAGR) of 6.3% from 2023 to 2033, from an anticipated USD ~57.5 billion in 2023 to USD ~106.1 billion by 2033.
The market for floriculture, which is mostly supported by cut flowers, will grow significantly thanks to the recent explosion in the popularity of edible flowers.
Institutions/events currently holding around 3/5 of the share in the market would remain the prominent adopters of floriculture items.
Huge potential for flowers for the purpose of decoration throughout multiple occasions would fuel the growth of the institutions/events segment during the forecast period.
Flowers are bought for a variety of purposes, including expressing love or sympathy, as well as achieving environmental and aesthetic aims. Horticulture is currently being adopted because of the necessity to incorporate green cover into workplace interior designs.
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Key Takeaways – Global Floriculture Market Study
Rising Environmental and Social Responsibility to Shape Market Trends
Consumers demand sustainably produced flowers, attributable to increasing consumer awareness regarding environmental and social impact of production and trade of floriculture products worldwide. Thus, all participants in the floriculture value chain aim adopt sustainable agricultural practices such as integrating pest management and conservation agriculture to reduce negative impact of their activities on the environment.
Consumers in the market are also willing to pay more for sustainably grown flowers. Thus, companies aim to obtain certifications and are offering fair trade, FPP, and other certified flowers to their consumers in order to improve their market position.
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Floriculture Market: Competitive Landscape
Prominent players in the global floriculture market are Tropiflora Ltd., Forest Produce Ltd., Selecta Cut Flowers S.A.U., Native Floral Group, Tropical Foliage Plants, Inc., Oserian Group, Esmeralda Farms, Marginpar BV, DOS GRINGOS, LLC, Flamingo Horticulture Ltd., Danziger Group, Florensis Flower Seeds UK Ltd., Verbeek Export B.V., Florance Flora, Karuturi Global Ltd., and others.
Players in the floriculture industry are focusing on Asia for production and sales of commercial floriculture products, owing to significant rise in demand for low cost flowers in this region. Companies are also entering various strategic partnerships with domestic players to expand their market footprint.
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