Orchid Market Size, Share, Growth, And Industry Analysis, By Type (Phalaenopsis, Cattleya, Vanda, Dendrobiums and Others), By Application (Garden, Cosmetic and Others), Regional Forecast To 2032

• 

   Request a Free Sample To Get More Information on this Market

Orchid Market Report Overview

The global orchid market size was USD 0.292 billion in 2023 and is expected to reach USD 0.4 billion in 2032, exhibiting a CAGR of 3.67% during the forecast period. 

The family Orchidaceous, which includes a wide variety of flowering plants with frequently vibrant and fragrant blossoms, includes orchids as members. They are one of the two largest families of flowering plants, along with the Asteraceae. There are around 763 genera and 28,000 presently recognized species in the orchid family. Due to the fluctuating nature of confirmed data on the members of such vast families, it is still unclear which family is the largest. Regardless, there are around four times as many mammal species, more than twice as many bird species, and nearly as many orchid species as there are bony fish species.

In economies where agriculture is the main industry, orchids are becoming increasingly well-liked as bio-stimulants or bio-inhibitors that alter the physiological processes of plants. The need for plant growth regulators is continuing to rise as agriculture gets more mechanised and scientific advancement provides the potential for adopting novel inputs to improve production. However, the fact that unchecked usage of plant growth regulators causes incredibly quick crop development, which results in the ripening of the fruit's surface while its core is still unripe, continues to be a major worry for both end users and producers of plant growth regulators.

COVID-19 Impact: Halted Operations of the Industries to Hamper Market Growth

However, a number of industries have temporarily suspended their operations or are running with a reduced staff due to lockdowns and other restrictions imposed by the relevant governing bodies in response to the current COVID-19 outbreak. Due to this factor, the global orchid market is anticipated to see significant drops in revenue growth, much like other markets. The high costs associated with installing and maintaining these devices could potentially impede the expansion of the global fraud detection and prevention market throughout the course of this projection period.

Latest Trends

"Use of the Plant in Cosmetics to Fuel Market Growth"

Numerous compounds made from orchidaceous plants are used as purgatives, aphrodisiacs, sex stimulants, bronchodilators, contraceptives, and cooling agents for scorpion and snake bites. The orchid flower is frequently utilized in cosmetics since it is said to slow down the ageing process of the skin. The orchid market is further boosted by the fact that orchids are now utilized for hydrating, scavenging free radicals, boosting skin immunity, and diminishing the look of fine wrinkles.

Orchid Market Segmentation

• By Type Analysis

According to type, the market can be segmented into phalaenopsis, cattleya, vanda, dendrobiums and others.

In terms of product, phalaenopsis is the largest segment.

• By Application Analysis

Based on application, the market can be divided into garden, cosmetic and others.

In terms of application, garden is the largest segment.

Driving Factors

"Usage of the Plant in Healthcare to Augment Market Growth"

Due to the increasing usage of orchids in cosmetics, herbal remedies, and cuisine, among other things, the industry is anticipated to rise rapidly. Many different varieties of the plant are used to treat illnesses, such as dried dendrobium, which is said to have medicinal characteristics that can heal cancer, boost the immune system, and improve vision. For thousands of years, people have used this flower as a source of medicine to cure a variety of illnesses and diseases, including tuberculosis, paralysis, cholera, acid reflux, stomach problems, chest discomfort, syphilis, jaundice, eczema, arthritis, tumors, and piles, among others.

"Incremental Usage of the Plant on Occasions to Propel Market Growth "

The expanding custom of giving flowers as gifts on special events like Christmas, birthdays, and wedding seasons is also propelling the rise of the orchid market growth. Giving flowers as gifts for significant occasions is becoming more popular in emerging nations like China, India, Thailand, and others. To meet consumer demand and increase sales, product innovation has emerged as a key tactic. The demand for the flower rises as a result of seasonal decorations, which include ornamental wall art and home accents for a variety of holidays, including Christmas, Halloween, and others.

Restraining Factors

"Superstitions Regarding the Plant to Impede Market Expansion"

This flower in the house is tied to a variety of viewpoints and ideas. There are numerous indications regarding the flower that are either supported by any evidence or are merely based on general observations. This is anticipated to constraint market growth.

• 

   Request a Free Sample To Get Analysis on Major Geographic Market
•  

Orchid Market Regional Insights

"North America to Dominate the Market Due to Existence of Potential Manufacturers"

North America led the market and owns largest portion of orchid market share. This is explained by the existence of well-known producers of narrow-gauge tractors like Deere and Company and New Holland Tractor Co., Ltd. The demand for these tractors is anticipated to increase throughout the projection period as a result of the region's tremendous expansion in apple orchards in recent years.

Due to growing farmer awareness of organic farming and government programmes supporting sustainable agricultural methods in nations like India, China, Japan, and Australia, the Asia Pacific region emerged as a lucrative market and accounted for more than expected of total income earned.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

The market's competitive landscape has seen a flawless balance between the dominance of established and new competitors, with each group accounting for significant market share. Local makers of plant growth regulators, who hold a small portion of the market, have struggled to overtake their major rivals' market shares. Leading producers of plant growth regulators continue to use tactics including cutting-edge product creation, research and development investments, and cooperative collaborations with governmental agencies to maintain their market position.

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP ORCHID COMPANIES

• Green Circle Growers (U.S.)
• Odom's Orchids (U.S.)
• Kawamoto Orchid Nursery (U.S.)
• Orchids by Hausermann (U.S.)
• Orchid Plantation Hawaii (U.S.)
• Floricultura (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.