Pune, India, June 08, 2023 (GLOBE NEWSWIRE) -- The global artificial flowers market size was valued at USD 1,577.38 million in 2022 and is projected to grow from USD 1,637.64 million in 2023 to USD 2,275.33 million by 2030, exhibiting a CAGR of 4.57% during the forecast period. The increasing popularity of festival celebrations in the post-pandemic era has elevated the demand for artificial flowers. This, in turn, has prompted many new players to enter the market. Moreover, the rising product demand from event management companies for floral arrangements during festivals will further propel market growth. This information is provided by Fortune Business Insights, in its report titled, “Artificial Flowers Market, 2023-2030.”
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List of Key Players Profiled in the Artificial Flowers Market Report:
- FRS Holding S.R.L. (Evergreens) (Italy)
- Diane James Designs, Inc. (U.S)
- Dongguan Fusheng Arts Products Co., Ltd (China)
- Artificial Flower Factory (India)
- Tree Locate (Europe) Limited (U.K.)
- Foshan Tongxin Artificial Flowers Co., Ltd (China)
- NGAR TAT Production Fty. Ltd. (Hong Kong)
- Oriental Fine Art Co., Ltd. (Thailand)
- Xuzhou Pleasant Arts Flower Co., Ltd (China)
- SG Silk Flower Limited (China)
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 4.57% |
| 2030 Value Projection | USD 2,275.33 Million |
| Market Size in 2022 | USD 1,577.38 Million |
| Historical Data | 2019-2021 |
| No. of Pages | 193 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Artificial Flowers Market Growth Drivers | Increasing Need for Indoor & Outdoor Decoration Materials to Fuel Market Growth |
| Rising Demand for Innovative Products to Trigger Product Demand |
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Segments:
Polyester Segment to Lead Due to its Advantages
As per material, the market is bifurcated into polyester, plastic, paper, silk, nylon, and others. Among these, the polyester segment dominated the market in 2022 owing to factors such as durability, cost-effectiveness, and the ability of the material to combine with dyes and glues.
Commercial Segment to Hold Significant Share Owing to its Growing Adoption in Hotels and Shops
By application, the market is divided into residential and commercial. Among these, the commercial segment held the largest global market share in 2022. Rising product adoption in commercial settings, such as corporates, hotels, and shops, for decorative and aesthetic purposes is aiding segmental growth in the region.
Offline Segment to Dominate Stoked by Easy Product Availability and Accessibility
Based on distribution channel, the market is arrayed into online and offline. The offline segment is projected to capture a significant market share. Easy product availability and accessibility in offline channels and the rising number of retail outlets worldwide, including specialty stores, supermarkets, and hypermarkets increased their popularity among consumers.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report provides valuable insights into drivers, opportunities, threats, and challenges affecting market dynamics over the forecast timeframe. Growth rate, market share, valuation, and revenue of each region and segment is also given in the document. Moreover, key players in the global market are listed in the report along with strategic developments undertaken by industry leaders to maximize profits and garner higher revenues. Moreover, the impact of COVID-19 on the global market is analyzed and measures to combat its impact on the global market are provided.
Competitive Landscape:
Launch of New Products by Market Players to Drive Market Augmentation
Strategic developments are undertaken by key players to maximize profits, enhance geographical reach, and gather larger revenues include: partnerships, collaborations, and mergers and acquisitions. The launch of advanced products by key companies to enhance product offerings, expand product portfolio, and meet consumer demand will also aid market expansion. For instance, in January 2019, Flourish Trading, a U.K.-based floral decoration and silk flower wholesaler, recently unveiled its exclusive new collection of luxury artificial flowers, including green pittosporum foliage, blueberry sprays, and real touch peonies
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Drivers:
Surging Adoption of Innovative Products to Aid Market Augmentation
The surging demand for innovative products such as silk flowers along with the launch of new products by key players will facilitate the artificial flowers market growth. Market players are introducing new products such as floral stems, bushes, and branches in different designs, colors, and materials, which is aiding market expansion as well. Materials, such as nylon and silk, are increasingly used to make floral arrangements and wedding bouquets, thus encouraging the adoption of innovative materials and designs. For instance, in November 2018, Matilde Boelhouwer, a Dutch designer, developed a collection of fake flowers that can change rainwater into sugar water to provide a food source for insect pollinators under the Food for Buzz project.
On the other hand, rising consumer awareness regarding plastic pollution and environmental protection in tandem with government measures to control plastic use will likely hinder market growth.
Regional Insights:
Europe to Hold Dominant Share Owing to Growing Product Adoption in Hospitality Sector
Europe held majority of the artificial flowers market share in 2022 owing to rising product adoption for aesthetic and decorative purposes in restaurants, hotels, and cafes. The expansion of hospitality sector in this region will further escalate market expansion. For example, according to the House of Commons Library, the economic output of the hospitality sector in the U.K. was approximately USD 63.79 billion in 2019, which is equivalent to approximately 3% of the entire country’s economic output. Moreover, leading players in the region are participating in mergers and acquisitions to gain a competitive edge which will further contribute to market elevation in this region.
Meanwhile, the Asia Pacific market is slated to record significant expansion in the forthcoming years owing to rising consumer spending on decorative items and increasing adoption of urban lifestyle by individuals. Growing urban population, rising standard of living, and increasing number of e-commerce platforms are some other factors driving market augmentation in the region.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Key Insights
- Overview of the Parent Market
- Industry SWOT Analysis
- Supply Chain and Regulatory Landscape
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities to Support the Market
- Global Artificial Flowers Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Material
- Polyester
- Plastic
- Paper
- Silk
- Nylon
- Others
- By Application
- Residential
- Commercial
- By Distribution Channel
- Online
- Offline
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Material
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- Market Drivers
- Market Restraints
- Market Opportunities
TOC Continued…!
Key Industry Developments:
- September 2021: Fabulous Flowers recently launched its Forever Fabulous range. These flowers are made from silk in South Africa and come in various colors, themes, and styles. The Forever Fabulous range will feature quality silk flowers such as silk hydrangeas, silk roses, silk orchids, and silk peonies, among others.
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