LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global flower and ornamental plants market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global flower and ornamental plants market for 2017-2021 provides a detailed industry analysis based on product (cut flower and potted plant), end-user (commercial and residential), retail format (florists, supermarkets, garden centers, kiosks, and DIY stores), and geography (APAC, Europe, North America, and ROW).
Commercial end-users constitute the largest segment of the global flower and ornamental plants market, generating over 80% of the overall revenue. The residential segment despite having a lower market share is growing swiftly due to the increase in residential construction, which is enhancing the demand for ornamental plants.
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The top three emerging trends driving the global flower and ornamental plants market according to Technavio consumer and retail research analysts are:
- Impact of hybridization and biotechnology creating new opportunities
- Expanding distribution channels in B2B and B2C spaces
- Growing demand for premium flowers
Impact of hybridization and biotechnology creating new opportunities
“The advent of technology has given rise to the increased production of hybrid and genetically modified plants, which are better suited to appease human aesthetic requirements. The rose is one of the most worked on flower since it finds a large consumer base,” says Poonam Saini, a lead analyst at Technavio for retail goods and services research.
Hybrid rose varieties are multicolored with many of them having mutations, allowing them to grow additional petals. The major commercial benefit of this technology has been the development of novel and unique flower colors through the development of transgenic varieties that produce unique target species.
Expanding distribution channels in B2B and B2C spaces
Distribution channels play a crucial role in maximizing product availability and market penetration. To this end, manufacturers are creating strong distribution channels to cater to larger consumer bases. Several leading retailers such as Costco and Walmart offer ornamental plants of different varieties at different price ranges, to suit the requirements of a mixed consumer base. In the business-to-consumer (B2C) space, the e-commerce plays a major role in the growth of the market. In order to leverage on this trend, several players have started offering their products online.
Growing demand for premium flowers
“The growing economic condition of the overall consumer base is resulting in increased consumer spending in the flower and ornamental plants market. This trend is also creating a higher demand for premium quality flowers, which is boosting the revenue generated in the market,” says Poonam.
Special occasions like weddings and other parties have witnessed a drastic rise in the budget for flowers and related product offerings. Retailers in the market have been leveraging this by using pricing as a differentiating factor to launch premium versions of their existing product lines.
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