Peony Market Size, Share, Growth, and Industry Analysis By Type (Paeonia Suffruticosa and Paeonia Lactiflora) By Application (Domestic Field and Business Field), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2024 To 2031

Updated On: 01 April 2024

PEONY MARKET REPORT OVERVIEW

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The global peony market size is estimated to be worth US$ 522.7 million in 2021 and is forecast to a readjusted size of USD 714.2 million by 2031 with a CAGR of 3.2% during the forecast period.

Peony is a flowering plant belonging to the genus Paeonia, which is the only genus in the Paeoniaceae family. When peony kinds with large, double blossoms bloom in early June, they will be the garden's center point. Single-flowered varieties are more understated and go nicely with other perennials. Pink, red, white, and yellow flowers bloom on plants that reach 18 inches to 3 feet tall, depending on the type. Low-growing peonies make a lovely low hedge. They take up to three years to mature, and they don't thrive well in hot summer climes. Currently, the Netherlands peony holds the absolute position, but this will change in the coming years, as his market will be increasingly absorbed by other nations, particularly China and India.

COVID-19 Impact: Halt on Manufacturing and Stringent Lockdown Regulations to Hinder Industry Growth

The COVID-19 epidemic has wreaked havoc on the economy and society. Several firms' supply chains and value chains have been impacted by the outbreak. The market for peonies is no exception. The impact of the COVID-19 epidemic will be assessed across the entire sector, taking into account both the demand and supply sides. The pandemic's consequences would be researched and examined for both short- and long-term situations. This will help all players in the sector, including suppliers, manufacturers, vendors, distributors, and end-users, establish business strategies for the period during the pandemic and the post-pandemic era.

LATEST TRENDS

"Increasing Adoption in Medical Sector to Foster Market Growth"

Peonies are helpful medicinal plants and beautiful aesthetic flowers. Paeonia root has been utilized in medicinal systems such as Unani, Ayurveda, and homeopathy for many years. Peony root is used to cure fungal infections, wounds, and body aches and pains. It's a drug that's used to treat a variety of ailments, including hepatitis, jaundice, liver problems, kidney stone disease, migraines, tumors, and more.

PEONY MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into Paeonia Suffruticosa and Paeonia Lactiflora.

Paeonia Lactiflora is the leading segment because of its rising incidences of diabetes and new product launches expected to drive the segment growth. These factors are likely to boost the market. 

• By Application Analysis

Based on applications, the market is classified into the Domestic Field and Business Field.

DRIVING FACTORS

"Increasing Prevalence of Diseases to Promote Growth"

Paeonia lactiflora, Paeonia radix, and Paeonia suffruticosa are all common Paeonia species utilized in traditional and Chinese medicine. Peony may inhibit the body's production of substances that induce muscle spasms. It can also function as an antioxidant and protect blood from clotting. The root was used to cure epilepsy and encourage menstruation in the past. Peony is used to treat menstruation cramps, a hormonal issue that causes enlarged ovaries (polycystic ovarian syndrome or PCOS), cracked skin healing, and a variety of other disorders in women. Peony use may help to regulate menstrual cycles, increase quality of life, and reduce body weight.

"Research & Development Activities to Foster Market Growth"

Extreme weather events are becoming more frequent, and global warming is increasing the need for crop output around the world, boosting the peony market. The European region dominates the market. Furthermore, advances in imaging technology allow for a more accurate assessment of plant features, allowing for the production of superior crop breeds that are better suited to the environment. Imaging approaches use diverse technologies such as imaging spectroscopy, infrared imaging, fluorescence imaging, and visible light imaging to identify optical features of plants, with data ranging from macroscopic to molecular scale.

RESTRAINING FACTORS

"Side Effects to Impede Market Progress"

Paeonia is harmful to women during pregnancy and breastfeeding. It is suitable for children aged 12 months and up. Peony inhibits blood coagulation and has been linked to an increased risk of bleeding in patients with bleeding disorders which is expected to hamper peony market growth.

KEY INDUSTRY PLAYERS

"Incorporation of Strategies for Increasing Product's Adoption to Help Companies Grow"

The peony industry is highly consolidated, with only a few major firms dominating. Because the market is so competitive, corporations are progressively spending on new product launches, mergers and acquisitions, collaborations, and expansions to stay ahead of the pack.

PEONY MARKET REGIONAL INSIGHTS

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"Presence of Prominent Players to Promote Growth in North America"

North America is projected to dominate the largest revenue contributor to the peony market share. The presence of large pharmaceutical manufacturers and cannabis extractors in the region. Due to early legalization for medical and recreational purposes in most states, North America has the world's largest peony market.

Due to the presence of the world's top pharmaceutical industries in the region, such as India, China, and Japan, Asia Pacific is predicted to grow significantly throughout the projection period. In addition, rising demand for organic products, and the legalization of cannabis production for industrial and therapeutic applications, are expected to boost the market for botanical extraction equipment in the region.

INDUSTRY DEVELOPMENT

"List of Market Players Profiled"

• Kennicott (U.S.)
• Adelman Peony Gardens (U.S.)
• Castle Hayne Farms (U.S.)
• Alaska Perfect Peony (U.S.)
• Third Branch Flower (U.S.)
• Pivoines Capano (France)

REPORT COVERAGE

The research examines the most recent developments and the most profitable categories. It goes through the influence of COVID-19, the driving and restraining elements in detail. It keeps track of the important players' strategies and regional trends. It allows readers to learn about the critical methods that promote market growth.