The Business Research Company (TBRC) has released a detailed report on the global flower and ornamental plant market, forecasting steady growth from 2023 to 2033. The report outlines key trends, market size, and predictions for the future of the industry.
Market Growth and Trends
The flower and ornamental plant market is expected to grow from $43.09 billion in 2023 to $46.68 billion in 2024, marking an 8.3% increase. This growth is attributed to several factors, including cultural and religious significance, urban beautification, landscaping, and advancements in horticulture. Looking ahead, the market is predicted to reach $67.56 billion by 2028, with a compound annual growth rate (CAGR) of 9.7%. Contributing factors to this growth include rising disposable income, the influence of social media, and increasing urbanization.
In addition, key trends in the market include the rise of online and direct-to-consumer sales, technology-enabled virtual floral experiences, customized flower arrangements, and innovative indoor gardening products. Consumers are also increasingly drawn to drought-tolerant and low-maintenance plants, further driving market growth.
Key Drivers for Market Growth
One major factor in the market’s growth is the increasing demand for indoor plants and flowers, particularly in residential settings. Indoor plants offer several benefits, including stress reduction and improved creativity and productivity. The National Gardening Association reported that U.S. households spent an average of $616 on gardening in 2022, reflecting the rising interest in home gardening.
Hybridization and biotechnology are also playing a crucial role in shaping the future of the flower and ornamental plant market. Companies are introducing new plant varieties through these technologies to stay competitive. For example, in July 2022, Somani Seeds launched a hybrid carrot variety called Red Queen, offering a new option to traditional varieties.
Stakeholder Benefits
The TBRC report provides a comprehensive overview of the flower and ornamental plant market, giving stakeholders access to vital market data, trends, and competitor analysis. This information supports strategic decision-making, helping businesses reduce risks and capitalize on opportunities. Additionally, the report offers customized insights for stakeholders, providing a global perspective on the market.
Leading Players in the Market
Key companies operating in the flower and ornamental plant sector include Syngenta Flowers, Monrovia Nursery Co., Ball Horticultural Company, and Suntory Flowers Ltd., among others. These companies are focused on innovation and market expansion, positioning themselves for future growth.
Regional Insights
In 2023, Asia-Pacific led the global flower and ornamental plant market, and the region is expected to continue driving growth in the coming years.
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