Succulent Plant Market Size, Share, Growth, and Global Industry Analysis by Type (Aizoaceae, Cactaceae, Crassulaceae, Apocynaceae, Euphorbiaceae, and Others), By Application (Household and Commercial), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2024 To 2032

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SUCCULENT PLANT MARKET REPORT OVERVIEW

The global succulent plant market size was valued at USD 5.12 billion in 2023 and is projected to touch USD 21.03 billion by 2032, exhibiting a CAGR of 17% during the forecast period. Asia-Pacific holds leading position in succulent plant market share in 2023.

A Succulent plant also known as succulents, are small plants that have thick parts and are full of food. Such plants are higher plants that have hypertrophic vegetative organs with three vegetative organs: stem and leaf, root, and flower, and fruit and seed. They have thick fleshy tissues that can store water and have deep root systems that are native to deserts or semiarid regions. They are a group of plants that have the most diverse forms, colors, and blooms. They are easy to take care of as they are adapted to harsh climates. They are used as indoor houseplants and ornamentals.  

The growing demand for such indoor plants to improve oxygen levels in the house. Such plants can be grown in any type of establishments such as offices, residencies, and indoor residencies. People are more inclined towards disposing of personal income due to their popularity. The popularity is rising due to growing urbanization where people are more inclined to have plants inside their houses. Growing trend for terrace farming and indoor farming is expected to create lucrative opportunities for the market.

COVID-19 Impact: Restrictions Due to Lockdown to Affect Market Development

The global COVID-19 pandemic has been unprecedented and staggering, with succulent plant experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the succulent plant market growth and demand returning to pre-pandemic levels once the pandemic is over.

The effects of the COVID-19 pandemic are already being felt on a global level, the global succulent plant market is noticeably influenced. In 2020, COVID-19 has had a negative impact on many markets. Several countries went into lockdown. With the sudden pandemic, all kinds of businesses observed disruptions. With many restrictions in the pandemic, different types of markets were negatively impacted. Due to lockdown and quarantine rules to tackle the pandemic forced plant shops to close and halt their operations. This impacted the demand for ornamental flowers and plants, cutting flowers, bulbs, and trees negatively. On the other hand, the demand for ornamental plants was still present through online retail and also due to the mental health benefits they provide. Due to which the sale of houseplants was increased which helped in the recovery of the market and demand.

LATEST TRENDS

"Rising Use Ornamental Plants for Interior Design to Thrust Market Progress"

Growing and rising trend for urbanization is likely to increase the growth of the global succulent plant market. Rising urbanization that is associated with increasing constriction activities globally in developing and developed countries is expected to rasie the demand for ornamental plants. Growing investment in construction activities and increasing spending in interior designing and architecture has propelled demand for plants that can be used for interior designing. They are used to give green and aesthetic presence and environment for the interior and exterior. Commercial buildings such as restaurants, hotels, and residential areas have started using ornamental plants for decoration purposes. The rise in development of new infrastructure is expected to bolster the demand for such plants.

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SUCCULENT PLANT MARKET SEGMENTATION

• By Type

Based on type; the market is divided into aizoaceae, cactaceae, crassulaceae, euphorbiaceae, apocynaceae, and others.

Aizoaceae hold the largest part of the type segment.

• By Application

Based on the application; the market is divided into household and commercial.

Household holds the largest part of the application segment.  

DRIVING FACTORS

"Rising Nurseries to Increase Market Growth"

The global succulent plant market growth is projected to rise due to rise in nurseries and horticulture. Rapid changes globally have led to the trend of horticulture and nurseries that made available all types of plants. Import and export of different types of plants has led to the availability of many plants to many consumers. Rise in nurseries have made available numerous varieties of decorative plants that can escalate the demand and market growth. The continuous growth and preference for pot plants is anticipated to drive the demand for ornamental plants.

"Increasing Demand for Indoor Plants to Enlarge Demand  "

Rising interest of millennials about household plants is one of the driving factors of the market. Increasing demand for various decorative plants to improve aesthetics and also to increase the oxygen levels indoor. Online retail and sales channels have also made ornamental plants availability easy for many consumers. Such blooming interest in household plants has risen significantly and is expected to amplify the growth for succulents.  

RESTRAINING FACTORS

"High Prices to Hamper Market Growth"

There are a number of factors that can push the growth of the market. Restraining factors such as high prices of potted ornamental plants. Low per capita spending on such plants in developing nations and various different types of ornamental plants available can limit the market growth. Such factors are expected to reduce the demand for the product in the market.

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SUCCULENT PLANT MARKET REGIONAL INSIGHTS

"Asia Pacific to Dominate Market Due to Rise in Horticulture"

Asia Pacific holds the largest part of the global succulent plant market share due to growth in horticulture and floriculture. The region can foster the growth of various flowers and ornamental plants that can increase the demand for such plants. The population also focuses on improving aesthetics in the interior and also a rise in the number of weddings where plants and flowers are considered a sign of good luck. Growth in floriculture is expected to facilitate the growth of ornamental plants.  

KEY INDUSTRY PLAYERS

"Key Players to Boost Demand Leading to Market Growth"

The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

LIST OF TOP SUCCULENT PLANT COMPANIES

• The Greenhouse
• Altman Plants
• Qingdao Flowery Crafts Co., Ltd.
• AG 3 Inc
• Zhejiang Wanxiang Flowers
• BC Partners (Dummen Orange)
• Min Hui (Fujian) Horticultural Co., Ltd.
• Dongguan Hengxiang Artificial Plants Co., Ltd.
• Eurocactus
• Avant Gardens
• Qingdao Brilliant East International
• AdeniumRose Company
• Peace Tree Farm
• Costa Farms
• OVATA
• Yiwu Lishi

INDUSTRIAL DEVELOPMENT

January 2022: Dummen Orange has launched a new variety of succulent plants for the new season. There are three new varieties they have launched; the new Erysimum series WallArt, Poinsettia series Freya, and the refreshing Senecio series Mandala and Mandala Plus. They have also added two new colors varieties in the Poinsettia series Freya.

REPORT COVERAGE

This research profiles a report with widespread studies that take into an explanation of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining 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 changes.