Indian Floriculture Market Analysis, Recent Trends and Regional Growth Forecast by 2024
According to the latest report by IMARC Group, titled “Indian Floriculture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Indian floriculture market reached a value of INR 157 Billion in 2018. India has around 249-thousand-hectare area under floriculture production as per the National Horticulture Database. Carnation, rose, tuberose, marigold and anthurium are some of the flowers grown in the country. These flowers are also used as raw materials in the production of essences, perfumes, medicines and confectioneries in addition to their decorative and aesthetic applications. Traditionally, most of the demand for flowers In India was witnessed during wedding seasons and religious festivities. However, with rising western influences and modernization, young consumers have begun to gift flowers on birthdays, anniversaries and occasions such as Friendship Day, Valentine Day and Mother’s Day.
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Market Trends:
India has diverse agro-climatic conditions with suitable geographical locations to grow different types of flowers. These distinctive advantages, along with the presence of skilled labor, provide better opportunities for the development of the floriculture sector in India. Further, the Government of India is encouraging export-oriented businesses by offering income-tax holidays to new floriculture entrepreneurs. Additionally, the Agricultural and Processed Food Products Export Development Authority (APEDA) is granting subsidies for establishing cold storage, pre-cooling units, refrigerated vans and greenhouses. Looking forward, the market is projected to reach a value of nearly INR 472 Billion by 2024, expanding at a CAGR of 20% during 2019-2024.
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Market Summary:
Based on types, the market has been segmented into cut and loose flowers. Currently, cut flowers are the leading product type, holding the largest market share.
On the basis of applications, aesthetic and decorative applications represent the largest segment, accounting for the majority of the market share. Other application segments include flavors and fragrances, natural colors, medicines and others.
Based on end-users, the market has been segregated into retail and institutional users. Amongst these, retail users dominate the Indian floriculture market.
The market has also been categorized on the basis of distribution channels into unorganized retail, supermarkets and hypermarkets, florists, online and others. Amongst these, unorganized retail accounts for the majority of the market share.
The regional segmentation of the market has been provided in terms of both, production and consumption. Presently, Tamil Nadu represents the largest producer of flowers in India.
The competitive landscape of the Indian floriculture industry has also been examined with profiles of the key players operative in the market.
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