Report : Asia Pacific Cut Flowers Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Flower Type (Rose, Carnation, Lilium, Chrysanthemum and Gerbera, and Others), and Application (Home and Commercial)
Rose Segment to Dominate APAC Cut Flowers Market during 2019–2027
According to The Insight Partners market research study on “APAC Cut Flowers Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Flower Type, and Application,” is expected to reach US$ 8,624.78 million by 2027 from US$ 6,566.96 million in 2019. The market is estimated to grow at a CAGR of 3.7% from 2020 to 2027. The report provides trends prevailing in the APAC cut flowers market along with the drivers and restraints pertaining to the market growth. Surging demand of cut flowers for decorative purposes are the major factor driving the growth of the APAC cut flowers market. However, issues associated with the stringent conditions to be met by cut flowers hinder the growth of APAC cut flowers market.
The APAC market for cut flowers market is segmented into flower type, application, and country. Based on type, the market is segmented into rose, carnation, lilium, chrysanthemum and gerbera, and others. In 2019, the rose segment held the largest share in APAC cut flowers market. Based on application, the cut flowers market is divided into home and commercial. Commercial is expected to be the fastest growing segment over the forecast period.
The COVID-19 is anticipated to cause a loss of more than 3 Billion in the Asia Pacific region. The consequence and impact can be even worse and totally depends on the spread of the virus. The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market. The Airports Council International (ACI) Asia-Pacific warned that the prolonged duration of the coronavirus (COVID-19) outbreak would drastically impact the region’s airports’ connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects. Such closures are anticipated to negatively impact market growth in the coming period.
Oserian, Dümmen Orange, The Kariki Group, Selecta one, and MultiFlora are among the leading companies in the APAC cut flowers market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019 Oserian invested in geothermal energy to power operations, the use of electric tugs (cars) to transport flowers and the use of sheep to mow grass and also the Oserian Production Company crowned winner in the Renewable Energy category of the Kenya Association of Manufacturers (KAM) Energy Management Awards (EMA) 2019.
APAC Cut Flowers Market – By Flower Type
APAC Cut Flowers Market – By Application
APAC Cut Flowers Market – By Country