Pune, India, Oct. 12, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Cut Flowers Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Flower Type, Application, Distribution Channel, and Geography,” the cut flowers market is expected to grow from $36.84 billion in 2022 to $53.37 billion by 2030; it is estimated to grow at a CAGR of 4.7% from 2022 to 2030.
The Queen's Flowers Corp, Selecta Cut Flowers SAU, Sher Holland BV, Multiflora Corp, Rosebud Ltd, Karen Roses Ltd, Washington Bulb Co Inc, Dummen Orange Holding BV, Esmeralda Farms LLC, and Marginpar BV are among the major players operating in the cut flowers market. Companies in this market focus on strategies such as investments in research and development activities and new product launches. In January 2022, Selecta One and Moraglia Breeding jointly announced that the two companies entered into a new formal strategic alliance. This strategic partnership powerfully strengthens the logistics capability and expertise, including a strong strategy, supply chain, and team management. Thus, product developments are expected to provide lucrative opportunities for the cut flowers market in the coming years.
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Europe held the largest share of the cut flowers market in 2022, whereas North America is projected to register the highest CAGR from 2022 to 2030. In North America, many domestic and international players such as Washington Bulb Co., Inc.; Oserian; and Dümmen Orange operate in the cut flowers market. These companies are constantly working toward improving the characteristics and qualities of cut flowers to attract new consumers and widen their consumer base. The major demand for cut flowers is generated on days such as Valentine's Day, Mother's Day, Christmas, and Easter, as people use flowers as gifts to express love and celebrate these special occasions. According to the Society of American Florists, on mother’s day, flowers account for a 26% share of total spending on flowers at shops in the US. The wedding and event industry also drives the demand for cut flowers. Couples and event planners use cut flowers in decorations, bouquets, and centerpieces. According to the Knot Real Wedding Study, the average amount invested in wedding flowers was US$ 2,400 in 2022.
Cut Flowers are used for medicinal purposes due to their various health benefits. Flowers are known to have an immediate impact on mood. Their vibrant colors and pleasant fragrances can help reduce stress, anxiety, and depression, improving mental well-being. Studies have shown that flowers can lower cortisol levels (a stress hormone), leading to decreased stress and a more relaxed smile. For instance, a study conducted by Harvard Medical School showed that when flowers are kept at home, people feel less worried, reducing anxiety and depression.
Surging E-Commerce Platforms for Flower Delivery to Provide Lucrative Growth Opportunities for Cut Flowers Market During Forecast Period
E-commerce purchases are on the rise, which can be an opportunity for the flower industry. The number of retailers (florists, supermarkets, and online specialists) selling flowers online is increasing. The assortment of flowers that can be purchased online is also growing. The Internet is the fastest-growing market outlet in many European countries, although current market shares are typically below 10%. The online sales trend increases the importance of product uniformity, supply chain efficiency, and information exchange standards. Online sales of cut flowers (bouquets, mono-bunches, and individual flowers) are expected to increase further. Internet sales often involve florists who collectively or individually produce bouquets, flowers, or specialized bouquet producers. E-commerce offers the availability of a wide variety of cut flowers, offers and discounts on different products, and customization of gifting purposes, thereby surging the purchase of cut flowers through online platforms. It will also give supermarkets valuable information about consumer interest and demand. Retailers are targeting the new generation of customers by offering a wide variety of cut flowers and new designs and ideas. Cut flower companies are now using social media platforms to launch marketing campaigns because social media offers many benefits, including targeting specific customer segments, broad reach, and adaptability, while being relatively inexpensive.
Cut Flowers Market: Segmental Overview
Based on distribution channel, the cut flowers market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The online retail segment is projected to register the highest CAGR from 2022 to 2030. Online retail platforms provide a convenient and accessible shopping experience. Customers can browse various varieties of cut flowers from their homes without visiting physical stores. Additionally, online retailers often offer an incredible range of products, allowing customers to choose desired products by browsing different varieties of cut flowers, colors, and shapes as per their preferences. Moreover, online platforms display detailed product descriptions, customer reviews, and images, which assist shoppers in making informed decisions.
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Impact of COVID-19 Pandemic on Cut Flowers Market
The COVID-19 pandemic affected economies and industries in various countries. Lockdowns, travel bans, and business shutdowns in leading countries in North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa negatively affected the growth of various industries, including the consumer goods industries. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and sales of various essential and nonessential products. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. In addition, the bans imposed by various governments in Europe, Asia Pacific, and North America on international travel forced the companies to put their collaboration and partnership plans on hold. All these factors hampered the consumer goods industry in 2020 and early 2021, restraining the cut flower market growth.
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