Rapid change in consumer gifting habits on various special occasions such as birthdays, anniversaries, festivals, marriages, farewell parties, and religious ceremonies has become the major driving source for the orchid market. The global floral gifting market has observed substantial growth in the last few years and is expected to exhibit a similar trend in the upcoming future. Modernization and growing western culture are the prime factors influencing the floral gifting culture globally. Moreover, the increase in demand is also due to changing consumer preferences to go digital, increasing purchase of gifts from various online retailers for gifting purposes, and the growing trend of corporate gifts to reward the employees for their contributions and achievements.
The Global Orchid Market was valued at US$ 5,152.1 Mn in 2020 and is expected to reach US$ 7,051.3 Mn by 2027 with a growing CAGR of 4.6% during the forecast period (2021-2027)
Several other factors such as the rising use of orchids in cosmetics, herbal medicines, cooking, and many more have contributed to the growth of the orchid market. Orchids have been used as a source of medicine for millennia to treat different diseases and ailments including tuberculosis, paralysis, cholera, acidity, stomach disorders, chest pain, syphilis, jaundice, eczema, arthritis, tumor, piles, among others.
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Points Covered of this report are:
To share detailed information about the key factors such as manufacturers, raw material suppliers, equipment suppliers, end users, traders, distributors etc.
To study and analyze the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Key Players covered in the Orchid Market report is:
- Burnham Nurseries Ltd
- Sun Bulb Company, Inc.
- Kawamoto Orchid Nursery
- Orchids by Hausermann
- Cal-Orchid Inc.
- Odom’s Orchids
- Al’s Orchid Greenhouse
- Waldor Orchids
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By Product Type:
- Phalaenopsis Orchid
- Cattleya Orchid
- Vanda Orchid
- Paphiopedilum Orchid
- Miltonia Orchid
- Others
By Application:
- Garden
- Cosmetic
- Herbal Medicine
Orchid Market by Region Outlook:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, The Asia Pacific region is expected to grow at a rapid pace owing to the presence of abundant natural resources like minerals, ores, among others, in countries like China, India, Australia, Malaysia, and other Asian countries. These countries carry out mining and construction activities to extract natural resources in the region. The construction industry of the region has started adopting Orchids for site inspection and for speeding up construction activities on site.
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Orchid Market Key Findings:
- Based on the product type, the Cattleya Orchid market shown has shown a high growth rate in the global orchid market and is expected to grow with a CAGR of 5.6% in the forecast period.
- Based on application, Cosmetic application holds the largest share in the orchid market and was valued at US$ 1,598.3 Mn in 2020
- Based on region, North America holds the largest share in the global orchid market and is expected to show a significant growth rate of CAGR 4.8%.
- Based on region, Asia Pacific has shown a high growth rate and is expected to show a growth rate of CAGR 5.1% by 2027
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