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.
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.
Market Summary:
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