Floriculture is also known as flower farming, as it deals with cultivating of ornamental and flowering plants. Floriculture products are used as gifts in conference and activities, and also as personal use. Types of floriculture includes bedding plants, potted plants, and cut flowers.
Manufacturers in developing economies cultivates high quality flowers and exports them to the developed economies such as Europe, US, and Japan. Exports for floriculture products have increased significantly owing to favorable climactic conditions, rich biodiversity, low labor costs, favorable government support which is expected to drive the growth of the market over the forecast period.
Floriculture products especially cut flowers are transported by air since flowers are highly perishable by nature, an appropriate temperature control measures are required during the transit. Floriculture products requires cold stores and pre-cooling facilities. In addition, high freight rates add up to the logistic cost of product thus hampering the growth of the market.Business expansion through improving the product quality and collaborating with other industry is expected to create high potential revenue opportunities for existing as well as new entrants in the target market.
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Among the end use segments, the gift segment is expected to dominate with nearly 50% of revenue share contribution in the global market, and is expected to continue its dominance over the forecast period owing to, cut flowers being used to gift on various occasions such as wedding, anniversary, birthday, festivals, funeral, etc.
The dominance of Europe market can be attributed to countries such as Netherlands being largest exporter of cut flowers in this region. According to European Commission, in 2017, Europe had 44% of world's flowers and pot-plant production. Furthermore, Europe had highest densities of flower production per hectare.In North America market, the market in the US accounted for highest revenue share for floriculture market in 2016, and is expected to continue its dominance over the forecast period. According to the USDA National Agricultural Statistics Service, in 2015, the whole sale value of floriculture crops increased by 4% as compared to previous year.
The market in Asia Pacific is estimate to account for over 20% share in terms of revenue in the global market. Increasing number of flower growers in the floricultural market and economic development in countries such as China and India is expected to drive the Asia Pacific floriculture market over the forecast period. In India, government had taken various initiatives for promoting floriculture exports from the country. For instance, government provides subsidy on airfreight for export of cut flowers and tissue-cultured plants.
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