Floriculture market expects to grow at 7.66% annual rate by 2030

New Delhi: The global floriculture market has been growing at a rapid speed. Its total value was around US$ 54.2 billion in 2022 in terms of revenue, and its annual compound annual growth rate is expected to touch 7.66% till 2030. A recent market intelligence report, “Global Floriculture Market 2024, Growth Opportunities, and Forecast,” provides deep insights into the sector, including demand, competition, and emerging trends.

Here are some of the ‘key trends’ influencing the floriculture sector:

Growing demand for exotic flowers: The popularity of unique exotic verities from Africa and South America is a rising trend. It is expected to grow 8% annually.

Rise of indoor farming: Leading growers have been adopting novel technologies such as hydroponics and vertical farming for the growth of flowers on a regular basis to fulfill the demand all over the year.

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Personalized flower gifting: Currently, the online flower gifting sector has been on the boom; digital platforms have been offering custom bouquets on most auspicious occasions. This trend enabled a 15% jump in average order values in the past year.

Sustainable farming practices: At present, consumers’ demand for eco-friendly products is on the rise. Therefore, growers are concentrating on techniques such as integrated pest management and renewable energy use on their farms.

New innovations are occurring in the floriculture sector like perfumes, cosmetics, and nutraceuticals derived from floral ingredients that are expected to create multi-billion dollar opportunities beyond traditional cut flowers. The floriculture market is likely to flourish with the changing technology, consumer preferences, and environmental considerations.