In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWS|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~5% |
|
Base Year Market Size (2022) |
~USD 700 Million |
|
Forecast Year Market Size (2033) |
~USD 2 Billion |
The global cut flower packaging market is estimated to garner a revenue of USD 2 billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 700 million in the year 2022. The growth of the market can primarily be accounted to the rising production of flowers. For instance, in 2022, approximately 3.5 million metric tons of flowers were produced in India alone.
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Global cut flower packaging market trends such as, the constantly developing flower industry is projected to influence the growth of the market positively over the forecast period. It was estimated that in 2022, the flower industry in America reached around USD 4 billion. Additionally, the spiking production of flowers such as roses, tulips, sunflowers, orchids, lilies, and others is further estimated to hike the growth of the market during the forecast period. As of 2021, around 100 million stalks of roses were produced solely in Indonesia. Therefore, all these factors are anticipated to propel the growth of the market over the forecast period.
For instance, it was observed that approximately 300 million roses are produced across the globe for Valentine’s day. Additionally, around 25% of adults buy flowers on Valentine’s day solely in America.
Flowers need certain types of soil, temperature, and weather condition to bloom, hence, they are exported to different countries to fulfill the demand. Cut flowers are either flowers or flower buds and are generally exchanged on special occasions. Therefore, the demand for attractive packaging emerges in the market and is estimated to hike the market growth throughout the forecast period.
As of 2021, the total sales of floriculture crops were estimated to be approximately USD 7 billion.
The Netherlands is the leading country in supplying flowers globally and was projected to produce nearly 150 hectares of tulip bulbs in 2021.
In 2020, the sales of cut flowers were at their peak. Cut flower became the 351st most traded product across the globe in 2020.
The global cut flower packaging market is segmented and analyzed for demand and supply by distribution channel into retail, supermarkets, florists, and online sales, out of which, the florists segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the rising trends of exchanging flowers. For instance, in 2021, the floral industry reached nearly USD 6 billion solely in the USA.
Regionally, the global cut flower packaging market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific region is projected to hold the largest market share by the end of 2033. The growth of the market in the region can be accounted to the higher utilization of flowers in decoration and to make offerings to the gods and goddesses and the rising cultivation of flowers. For instance, the decoration segment in the Asia Pacific was estimated to generate total revenue of nearly USD 10 billion in 2022. Hence, such factors are estimated to hike the market growth in the region during the forecast period.
The global cut flower packaging market is further classified on the basis of region as follows:
Our in-depth analysis of the global cut flower packaging market includes the following segments:
|
By Packaging Type |
|
|
By Material Type |
|
|
By Distribution Channel |
|
FREQUENTLY ASKED QUESTIONS
Rising trends of offering flowers on particular occasions are estimated to majorly boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.
Difficulty in exporting and importing flowers is estimated to challenge the market growth.
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are packaging type, material type, distribution channel, and by region.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by Smurfit Kappa Group, Dilpack Kenya Limited, UFlex Limited, PerfoTec BV, Atlas Packaging & Displays, CAMAC HOLDING B.V., Flopak, Inc., Sirane Ltd., and others.
The florists segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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