Indian Floriculture Market to Reach INR 460.6 Billion by 2028, Catalyzed by Favorable Government Initiatives

According to the latest report by IMARC Group, titled “Indian Floriculture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the Indian floriculture market size reached INR 231.7 Billion in 2022. Also known as flower farming, floriculture refers to the cultivation, processing, and marketing of ornamental plants, such as cacti and other succulents. It assists in generating employment opportunities aroundtheyear and earning foreign exchange. It also aids in combating pollutionand adding an aesthetic value, such as psychological, landscaping, indoor gardening, and flower arrangement.

Indian Floriculture Market Trends:

There is presently a rise in the demand for quality flower seeds, especially annual ornamentals and ornamental planning materials, in India. This, in confluence with the changing lifestyles and increasing per capita income of individuals, represents one of the key factors bolstering the growth of the market. Apart from this, the rising trend of presenting flowers on different occasions, such as Valentine's Day, birthdays, festivals, marriages, anniversaries, religious ceremonies, and farewell parties, is another factor contributing to market growth. Furthermore, the Government of India is providing subsidies for establishing pre-cooling units, cold storage, greenhouses, and refrigerated vans, which is creating a favorable market outlook. Besides this, the growing utilization of flowers as raw materials for the production of perfumes, essences, medicines, and confectioneries is driving the market. Looking forward, the market value is projected to reach INR 460.6 Billion by 2028, exhibiting a CAGR of 13.1% during 2023-2028.

Market Summary:

• Based on the flower type, loose flowers hold the largest market share.
• The market has been analyzed on the basis of retail vs institutional, wherein the retail segment accounts for the majority of the total market share.
• Based on the distribution channel, the market has been categorized into unorganised retail, florists, supermarkets and hypermarkets, online, and others. Amongst these, the unorganised retail channel dominates the market.
• On the basis of the application, the market has been segmented into aesthetic and decorative applications, flavours and fragrances, natural colours, medicines, and others. At present, aesthetic and decorative applications account for the biggest market share.
• The competitive landscape of the market has been examined in the report, with the detailed profiles of the key players operative in the industry.

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