Chicago, Feb. 16, 2023 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, The global cut flowers market is estimated to be valued at USD 36.4 billion in 2022. It is projected to reach USD 45.5 billion by 2027, recording a CAGR of 4.6% during the forecast period. The decline of traditional flower shops over the years is one of the primary reasons for the expansion of the flower industry in the e-commerce sector. With internet consumers growing, individuals prefer searching for products online rather than going to the local florist’s shop to get a bouquet.
As a result, despite their initial shortage, online flower shops were widely sought after by customers who preferred engaging with florists online. As a result, traditional floral shops experienced a rapid reduction in consumption, prompting the transition of a traditionally physical industry to an online platform.
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A brief overview of the cut flowers market
- Diverse Product Offerings: The cut flowers market offers a wide variety of flowers, including roses, lilies, carnations, chrysanthemums, sunflowers, and more.
- Seasonal Availability: Cut flowers often have specific growing seasons, so their availability and prices can fluctuate over time.
- Growing Demand: Due to increased gifting and special events, such as weddings and anniversaries, the cut flowers market has seen growing demand.
- Online Sales: Increasing access to the cut flowers market has resulted from the rise of e-commerce, as consumers are now able to purchase online.
- Import Dependence: Most of the cut flower market is imported, especially from South America and Africa.
- Price Volatility: Demand changes and interruptions in supply chains are likely to cause price fluctuations in the cut flowers market.
- Sustainability Concerns: Producing cut flowers has a significant impact on the environment, and consumers are increasingly seeking sustainable and environmentally friendly options.
For flower growers to remain on the competitive edge, they have developed instruments like the growWatch, which comes in the form of a box (hub) discrete design and collects data from surrounding sensors. In short, the facility can manage up to ten sensors to measure ambient temperature, humidity, and brightness as well as administer a webcam. The case then restores the data available in real-time on the computer via a web page dedicated and on tablets and smartphones through a particular application. The case has Wi-Fi and 3G connectivity, which simplifies installation in places without an Internet connection. This software advancement has ensured accurate data on demand, and supply and profit margins are checked. Experts in flower growing have found it suitable to meet the biggest challenges of the sector: sustainable development, flower quality, safety, and biodiversity.
The rose segment is estimated to dominate the cut flowers market in 2022, because of the cultural usage of roses in gifting and celebrations. Rose is one of the most important cut flowers available year-round. It is in demand globally because of its prevalent usage in gifting and celebrations. Roses are primarily available as single roses and spray roses. Each type has more than 500 varieties and is grown annually worldwide. Rose is a species of the Rosaceae family. It is native to Asia, North America, and Europe. It has alternate feather-formed leaflets with sharp tooths. Cut roses are an important part of different cultures. According to Turkish culture, roses can alter physical, emotional, and spiritual levels. In Italian culture, cut roses are given in odd numbers to scare off evil and encourage fertility. In North America, gifting a dozen cut roses is considered auspicious and is a symbol of love.
Some of the largest rose-growing regions are Ecuador, Colombia, the Netherlands, Kenya, and Ethiopia. Kenya is important for the rose market. According to a report by Union Fleurs in 2021, Kenya makes up about one-third of all roses sold in Europe. Roses are also the second-most exported product in Kenya, after tea. The soil fertility, temperature, and overall conducive conditions support the growth of the best-quality roses in the market. Some key players growing roses are David Austen Roses, Jet Fresh Flowers, AFRIFLORA by Flamingo, and Karen Roses Company.
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Supermarkets/Hypermarkets are an important distribution channel for cut flowers. Large displays of cut flowers outside supermarkets are quite common. It lures the customer to buy fragrant fresh flowers and shop for other things from the store. Floral displays in front of supermarkets are a strategic decision. It is a pleasant welcome to the store, catches the customers’ attention, and draws interest in its offerings. Most supermarkets and departmental store chains across the globe display fresh flowers outside the store.
Cut flowers also add a high-margin item for these stores, as many of them export these from flower-producing countries and repackage them into floral arrangements and bouquets. Flowers are a highly profitable commodity. They may only account for 1% to 3% of total sales, but their profit margins can be as high as 47%, as per a report by an international manufacturer’s association. In many places in the US, shops/supermarkets can import flowers for USD 7.50/bundle but sell them for USD 15. The reason is that most flowers are shipped from South America, where production costs are cheaper.
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