June 08, 2023 09:49 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, June 08, 2023 (GLOBE NEWSWIRE) -- The global artificial flowers market size was valued at USD 1,577.38 million in 2022 and is projected to grow from USD 1,637.64 million in 2023 to USD 2,275.33 million by 2030, exhibiting a CAGR of 4.57% during the forecast period. The increasing popularity of festival celebrations in the post-pandemic era has elevated the demand for artificial flowers. This, in turn, has prompted many new players to enter the market. Moreover, the rising product demand from event management companies for floral arrangements during festivals will further propel market growth. This information is provided by Fortune Business Insights, in its report titled, “Artificial Flowers Market, 2023-2030.” Chrysanthemum Flower Ball
Get a Free Sample Research Report:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/artificial-flowers-market-104459
List of Key Players Profiled in the Artificial Flowers Market Report:
Report Scope & Segmentation:
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/artificial-flowers-market-104459
Polyester Segment to Lead Due to its Advantages
As per material, the market is bifurcated into polyester, plastic, paper, silk, nylon, and others. Among these, the polyester segment dominated the market in 2022 owing to factors such as durability, cost-effectiveness, and the ability of the material to combine with dyes and glues.
Commercial Segment to Hold Significant Share Owing to its Growing Adoption in Hotels and Shops
By application, the market is divided into residential and commercial. Among these, the commercial segment held the largest global market share in 2022. Rising product adoption in commercial settings, such as corporates, hotels, and shops, for decorative and aesthetic purposes is aiding segmental growth in the region.
Offline Segment to Dominate Stoked by Easy Product Availability and Accessibility
Based on distribution channel, the market is arrayed into online and offline. The offline segment is projected to capture a significant market share. Easy product availability and accessibility in offline channels and the rising number of retail outlets worldwide, including specialty stores, supermarkets, and hypermarkets increased their popularity among consumers.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report provides valuable insights into drivers, opportunities, threats, and challenges affecting market dynamics over the forecast timeframe. Growth rate, market share, valuation, and revenue of each region and segment is also given in the document. Moreover, key players in the global market are listed in the report along with strategic developments undertaken by industry leaders to maximize profits and garner higher revenues. Moreover, the impact of COVID-19 on the global market is analyzed and measures to combat its impact on the global market are provided.
Launch of New Products by Market Players to Drive Market Augmentation
Strategic developments are undertaken by key players to maximize profits, enhance geographical reach, and gather larger revenues include: partnerships, collaborations, and mergers and acquisitions. The launch of advanced products by key companies to enhance product offerings, expand product portfolio, and meet consumer demand will also aid market expansion. For instance, in January 2019, Flourish Trading, a U.K.-based floral decoration and silk flower wholesaler, recently unveiled its exclusive new collection of luxury artificial flowers, including green pittosporum foliage, blueberry sprays, and real touch peonies
https://www.fortunebusinessinsights.com/enquiry/get-a-quote/artificial-flowers-market-104459
Surging Adoption of Innovative Products to Aid Market Augmentation
The surging demand for innovative products such as silk flowers along with the launch of new products by key players will facilitate the artificial flowers market growth. Market players are introducing new products such as floral stems, bushes, and branches in different designs, colors, and materials, which is aiding market expansion as well. Materials, such as nylon and silk, are increasingly used to make floral arrangements and wedding bouquets, thus encouraging the adoption of innovative materials and designs. For instance, in November 2018, Matilde Boelhouwer, a Dutch designer, developed a collection of fake flowers that can change rainwater into sugar water to provide a food source for insect pollinators under the Food for Buzz project.
On the other hand, rising consumer awareness regarding plastic pollution and environmental protection in tandem with government measures to control plastic use will likely hinder market growth.
Europe to Hold Dominant Share Owing to Growing Product Adoption in Hospitality Sector
Europe held majority of the artificial flowers market share in 2022 owing to rising product adoption for aesthetic and decorative purposes in restaurants, hotels, and cafes. The expansion of hospitality sector in this region will further escalate market expansion. For example, according to the House of Commons Library, the economic output of the hospitality sector in the U.K. was approximately USD 63.79 billion in 2019, which is equivalent to approximately 3% of the entire country’s economic output. Moreover, leading players in the region are participating in mergers and acquisitions to gain a competitive edge which will further contribute to market elevation in this region.
Meanwhile, the Asia Pacific market is slated to record significant expansion in the forthcoming years owing to rising consumer spending on decorative items and increasing adoption of urban lifestyle by individuals. Growing urban population, rising standard of living, and increasing number of e-commerce platforms are some other factors driving market augmentation in the region.
https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/artificial-flowers-market-104459
Wardrobe Market to Hit USD 94.59 Billion by 2030 | With a CAGR 5.98%
Smart Bed Market to Hit USD 4.44 Billion by 2028 | Industry to Generate 5.8% CAGR during (2021-2028)
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner,
Mahalunge Road, Baner, Pune - 411045,
Cattail leaf Fan Follow Us: LinkedIn | Facebook | Twitter