LONDON--(BUSINESS WIRE)--The new floriculture market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the increase in online flower sales,” says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the floriculture market size to grow by USD 15.20 billion during the period 2020-2024.
Floriculture Market Segment Highlights for 2020
- The floriculture market is expected to post a year-over-year growth rate of -11.96%.
- Based on the product, the cut flowers segment led the market in 2019. The growth of the segment can be attributed to the increasing gifting culture and rising urban population.
- The market growth in the segment will be significant over the forecast period.
- 37% of the growth will originate from the APAC region.
- The increasing spending on flowers as gifts is one of the key factors driving the market in APAC.
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 accelerate 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), Geography (APAC, Europe, North America, South America, and MEA), and Application (conferences and activities, gifts and personal and corporate use).
- 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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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.