World Floriculture Market projected to expand at CAGR of 6.38% by 2024
According to the report by ResearchAndMarkets.com the floriculture market was valued at US$49,036.935 million in 2018 and is projected to expand at a CAGR of 6.38% over the forecast period to reach US$71,056.324 million by 2024.
source- public domain
As per the report, growth factors such as well-coordinated supply chain consisting of growers, auctions, traders, logistics service providers and development of virtual freight and logistics network are expected to drive the market growth given the fast deteriorating rate of cut flowers post-harvest.
The report also highlights the increase in trading of flowers and potted plants through specialized retail channels such as auctions, gift shops, and decor shops. Online sale channels are also on the rise. As a result, all this factors are expected to drive the floriculture market growth. But the growing demand for artificial flowers is expected to be a restraint for market growth.
Significant growth rate is expected in bedding plant segment as they are widely used for seasonal display around the house and other areas. By geography, the Asia Pacific region is expected to have a significant growth rate owing to diverse agro-climatic conditions in the region resulting in increased production.
In June 2019, Dummen Orange, world's largest breeder and propagator and Kordes Rosen, breeder of cut, pot, and garden roses based in Germany, signed an agreement to develop and broaden their collaboration by working together in the Dmmen Orange rose show garden in De Kwakel, the Netherlands, creating access to the best in roses for their customers.