"One of the primary growth drivers for this market is the increase in online flower sales,” says a senior analyst for Industrials at Technavio. The floriculture industry is witnessing an increase in sales of flowers through the online channel as compared to sales through retail stores or conventional florist shops. The growing penetration of smartphones and the Internet along with high patronage from the tech-savvy millennial customer are factors behind the increased online flower sales. As the markets recover Technavio expects the floriculture market size to grow by USD 15.20 billion during the period 2020-2024.
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Floriculture Segment Highlights for 2020
- The floriculture market is expected to post a year-over-year growth rate of -11.96%.
- Cut flowers dominated the market in 2019.
- Cut flowers are removed from the plant that bears it and used for decorative purposes in garlands and vases. As these flowers wither within a few days of being cut, they require extensive care after being cut from the plants.
- Cut flowers include roses, chrysanthemums, and carnations. They are generally used for gifting purposes. The main cut flowers that are exported globally are roses and chrysanthemums.
- With the rising urban population across Europe, the gifting culture is increasing, thereby driving the cut flower market.
- 37% of the growth will originate from the APAC region.
- The increased spending on flowers as gifts will significantly drive floriculture market growth in this region over the forecast period.
- China and Japan are the key markets for floriculture in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The floriculture market size is expected to decelerate at a CAGR of almost 4% during the forecast period.
- The floriculture market is segmented by product (cut flowers, bedding plants, potted plants, and others), application (conferences and activities, gifts, and personal and corporate use), and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Beekenkamp Group, Danziger Group, Dummen Orange, Flamingo Horticulture Investments, Karen Roses, Kurt Weiss Greenhouses Inc., Marginpar BV, Ruparelia Group, Selecta Klemm GmbH & Co. KG, and Syngenta Seeds BV.
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