NEWARK, Del, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The global cut flower market size is estimated to reach US$ 39,596.9 million in 2024. The cut flower sales are expected to witness a CAGR of 4.9% from 2024 to 2034. By 2034, the cut flower demand is anticipated to reach US$ 63,887.5 million.
The growing need for floral selections that are ethically and sustainably obtained is one of the main reasons for accelerating the cut flower market growth. The environmental impact of flower cultivation is gaining attention from consumers, who are now looking for organic and eco-friendly solutions.
Consumer preferences evolve as new variations and trends appear. In addition to more uncommon and exotic flower species, they are getting interested in fl arrangements and floral subscription services. Online shopping has boosted cut flower market growth due to consumers' easy access to a wide array of cut flowers.
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The perishable nature of flowers and preserving their freshness and quality during storage and transit are some of the key obstacles in the cut flower industry. Cut flowers are more expensive due to these transportation expenses, making them less affordable for customers on a limited budget. These factors act as restraints in the market.
New Opportunities for Cut Flower Producers
The demand for cut flowers has a lot of room to grow since consumers are becoming increasingly involved in eco-friendly goods. The cut flower producers are concentrating on offering cut flowers that are produced sustainably to meet consumer demand. The rise of eCommerce platforms drives new prospects by enabling producers to contact a significant consumer base. The Cut flower providers have a chance to take advantage of innovative technology in the marketplace.
Since many tourists like to buy fresh flowers as souvenirs or to spruce up their lodging, the tourism industry offers a sizable opportunity for the cut flower market. Manufacturers of cut flowers can access a profitable and expanding consumer base by focusing on the market and offering premium, freshly cut flowers.
Regional Outlook
- The demand for cut flowers is fueled by rising consumer expenditure on weddings, celebrations, and home décor. North America's primary markets are the United States, Canada, and Mexico.
- The growing need for floral décor in homes and workplaces and the popularity of floral arrangements for occasions stimulate the demand for cut flowers. Europe's three most significant markets are the United Kingdom, Germany, and France.
- The growing demand for floral arrangements for events and home and office décor encourages the demand for cut flowers. China holds a significant market share in the Asia Pacific region, with Japan and India following closely behind.
“The growing demand for flowers in weddings and cultural events is expected to foster growth in the cut flower market. The cut flower manufacturers should concentrate on research and development for export-oriented packaging and production, as prompted by the need from event management companies.” -Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights (FMI)
Key Takeaways
- The rose segment in the flower type category is expected to grab a share of 44.40% in 2024.
- In the application category, the commercial segment is expected to acquire a market share of 63.30% in 2024.
- India’s cut flower industry is anticipated to grow at a CAGR of 6.5% through 2034.
- Australia’s cut flower market is projected to exhibit a CAGR of 5.6% through 2034.
- China’s cut flower sales are expected to surge at a CAGR of 4.9% until 2034.
- Germany’s cut flower market is expected to develop at a CAGR of 4.5% through 2034.
- The United States cut flower demand is anticipated to surge at a CAGR of 3.5% through 2034.
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Competitive Landscape
Several major cut flower vendors hold a significant portion of the global market, which is highly concentrated. With the primary goal of creating premium cut flowers, most cut flower companies invest a lot of money in thorough research and development. Major cut flower providers’ primary strategies include product portfolio expansion, mergers, and acquisitions.
Key Cut Flower Manufacturers:
- Ball Horticultural Company
- Carzan Flowers K Ltd.
- Karen Roses
- Karuturi Global Limited
- Oserian Development Company Limited
- Rosebud Ltd.
- Syngenta Flowers Inc.
- The Kariki Group
- The Queen's Flowers
- Washington Bulb Co., Inc.
Recent Developments
- Floriday introduced "trade settings" in February 2023 to enable growers and buyers to set up the terms of their trade agreements. Growers and buyers find it easier to trade with each other.
- Select a One and Moraglia Breeding jointly declared in 2022 that they had formed a new, official strategic relationship. The logistics capabilities and knowledge, including a solid strategy, supply chain, and team management, are significantly strengthened by this strategic partner.
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Key Segmentation from Cut Flower Market:
By Application:
- Home
- Commercial
By Flower Type:
- Alstroemeria
- Roses
- Bird of Paradise
- Carnation
- Lavender
- Lilies
- Sunflower
- Others
By Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores/Florist
- Online Retail
- Others
By Regions:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
Authored by:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments about Consumer Retail Goods.
Her work primarily focuses on facilitating strategic decisions, planning and managing cross-functional business operations technology projects, and driving successful implementations. She has helped create insightful, relevant analyses of Food and beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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