LONDON– The new floriculture market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
“One of the primary growth drivers for this market is the increase in online flower sales,” says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the floriculture market size to grow by USD 15.20 billion during the period 2020-2024.
Floriculture Market Segment Highlights for 2020
- The floriculture market is expected to post a year-over-year growth rate of -11.96%.
- Based on the product, the cut flowers segment led the market in 2019. The growth of the segment can be attributed to the increasing gifting culture and rising urban population.
- The market growth in the segment will be significant over the forecast period.
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