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According to a recent report published by KD Market Insights, titled, Global Flower Pots and Planters Market 2018: Market Size, Trends, Opportunity, Forecast 2018-2024, the global flower pots and planters market accounted for USD 1,869.6 Million in 2018 and is estimated to reach USD 2,208.3 Million by 2024. The global flower pots and planters market is expected to flourish at a compound annual growth rate (CAGR) of 2.9% during the forecast period, i.e., 2019-2024.
The global flower pots and planters market has been segmented based on product type and application. On the basis of product type, the market is segmented into plastic, ceramics, wood, and others. Among this segment, the plastic segment accounted for the highest market share in 2018 and is expected to capture a notable market share in 2024. Moreover, based on application, the flower pots and planters market is further sub-segmented into home decorates, commercial, municipal construction, and horticulture. Global flower pots and planters market for horticulture segment is anticipated to attain a significant CAGR over the forecast period, i.e., 2019 to 2024. The global flower pots and planters market for horticulture segment is estimated to be USD 1,169.3 Million in 2018 and is anticipated to reach USD 1,379.6 Million by the end of 2024.
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Rising Interest in Household Plants
Rising interest of millennials in household plants is one of the major factors driving the growth of global flower pots and planters market. According to the European Union, the value of European houseplants and flowers were held to USD 42 Billion in 2017. Further, entry of various leading e-commerce retailers in flower pots and planters retailing business such as Amazon is envisioned to bolster the growth of flower pots market in the years ahead.
In the United States, millennials generally accounted for more than 31% sale of household plants in 2016. Internet search trend data from Google showed that household plants searches have risen to ten times since 2010. Further, this blooming millennial's interest in household plants is believed to intensify the growth of the market during the forecast period.
Growing Nursery and Horticulture Industry
Horticulture and nursery industry trends are witnessing rapid change across the globe. Since the past three decades, a significant shift trend from cuts flowers towards pot plants is being observed. For instance, cut flowers import and production of pot flowers have grown remarkably in the United States since 1980. Similarly, various other nations, including China, India, among others, have increased the production of pot flowers. This continuous growth is signaling positive growth of pot plant industry, which in turn is expected to drive the growth of the global flower pots and planters market.
In terms of geography, the flower pots and planters market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the significant share of the global flower pots and planters market. North America flower pots and planters market is expected to reach USD 835.6 Million by the end of 2024. Apart from this, Asia Pacific flower pots and planters market is anticipated to reach USD 599.8 Million by 2024, growing at a CAGR of 4.0% from 2019 to 2024.
The report also covers a detailed competitive analysis of major market players of the global flower pots and planters market, such as The HC Companies, T.O. Plastics, East Jordan Plastics Inc., Pöppelmann GmbH & Co. KG, Keter Plastic, Nursery Supplies Inc., Landmark Plastic Corporation, Anderson Pots, Garant GP, Elho and other key & niche players. The flower pots and planters market is witnessing a wide range of industry activities such as product launch, acquisition, partnership, and expansion across the globe.
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