Page 43 - Finanancial Management_Feb_Apr23
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Blossoming
business
recent study by market research company
Global Industry Analysts Inc. estimates a
compound annual growth rate of 4.8% in
the global cut flowers market to 2027,
A rising from an estimated $30.7 billion in
2020 to $42.7 billion by 2027. According to the report,
consumers in Western Europe, Japan, and North
America lead the way in demand.
The market in roses — the flower often given on
PHOTO BY BILLY MUTAI/SOPA IMAGES/SIPA USA/REUTERS Netherlands, Colombia, Ecuador, Kenya, and Ethiopia
Valentine’s Day— is projected to increase by 5.4% a year,
reaching $13.2 billion by 2027.
Cut flowers are a global business, with the
the top exporting countries.
The industry is expected to attract many new
entrants despite the large capital requirement, high
production and labour costs, and high levels of
technical knowledge required, the study said.
A man moves flowers for sale at City Market in
Nairobi, Kenya, where cut flowers are a popular gift
for Valentine’s Day but also an important export.
