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The succulent plant market size is estimated to grow by USD 2.26 billion at a CAGR of 11.13% between 2023 and 2028. The market has experienced significant growth in recent years due to several key factors. Firstly, the increasing penetration of online shopping has made it easier for consumers to purchase succulents from the comfort of their homes. Secondly, the low maintenance costs associated with succulents have made them a popular choice for individuals looking for plants that require minimal care. Lastly, the advent of organized retail for succulents has led to an increase in their availability and accessibility, making them a desirable option for both hobbyists and professional landscapers. Overall, these factors have contributed to the growing popularity of succulents and the expansion of the market.
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Succulent plants, known for their eye-catching shapes and ability to thrive in arid climates, have gained immense popularity among indoor and outdoor gardeners alike. These plants, characterized by their thick parts, including stems, leaves, and roots, are adapted to store water in their fleshy tissues, making them ideal for areas with low water availability. The succulent market caters to various segments, including succulent growers, nurseries, wholesalers, and retailers. The demand for succulents is driven by their low maintenance needs and ability to grow in various conditions, from deserts to high mountain flora, and even in saltwater environments near the seashore. Succulent varieties come in various shapes and sizes, with some having thick, swollen stems, while others have fleshy leaves that store water. These plants also produce flowers and fruits, adding to their allure. The market for succulents is fueled by the increasing trend of creating unique indoor gardens and the desire for eco-friendly, low-maintenance plants. Moisture, heat, and sunlight are essential factors for the growth of succulents. Their deep root systems allow them to absorb water efficiently, making them well-suited for dry conditions. The market is expected to continue growing as more people discover the beauty and versatility of these fascinating plants. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increased penetration of online shopping is notably driving market growth. In today's digital age, succulent plants have gained significant popularity among consumers, leading to a burgeoning online market. E-commerce systems have become the preferred choice for purchasing these unique plants due to their convenience and cost-effectiveness. Numerous international and local online stores cater to this niche market, offering a diverse range of succulent plants. These e-retailers leverage various digital marketing platforms, such as email campaigns and paid advertising, to promote their products and enhance brand image. Cloud-based solutions and AI capabilities enable real-time processing and smart device integration, providing customers with an edge in plant selection and care. Succulent plants, with their thick parts and distinct colors, are increasingly used as decorative accents in homes and workplaces.
Furthermore, industrial automation and autonomous cars have further expanded their application beyond horticulture, fueling demand. Gardening expertise is readily available online, making it easier for consumers to cultivate these exotic succulents. Ornamental succulents, including thick-stemmed, fleshy-leaved, and deep-rooted varieties, thrive in deserts and semiarid regions. Their ability to bloom in harsh climates and produce fruits and seeds makes them a popular choice for indoor houseplants. The online market offers a vast selection of succulent plants, from terrarium design to industrial applications, catering to various needs and preferences. Thus, such factors are driving the growth of the market during the forecast period.
Increasing trend for interior designing is the key trend in the market. The market has experienced significant growth in recent years, driven by the global economic recovery and increasing consumer spending on home improvement and décor products. This trend is particularly noticeable in the US economy, which has seen a robust expansion over the last decade. As a result, interior designers and design companies have been introducing new trends, inspiring homeowners to invest in succulent plants as decorative accents for their homes and workplaces. These plants, with their distinct colors and unique shapes, have gained popularity due to their ability to thrive in various environments, including deserts and semiarid regions. Their thick parts, such as stems, leaves, and roots, are adapted to store water, making them ideal for harsh climates.
Furthermore, the recent advancements in technology, including cloud-based solutions, AI capabilities, and smart devices, have also facilitated the growth of the market. E-commerce systems, digital marketing platforms, email campaigns, and paid advertising have become essential tools for industrial automation and online sales of succulent plants. Consumers can now easily purchase exotic succulents and access gardening expertise from the comfort of their homes. The niche market for succulent plants has expanded to include plant styling, terrarium design, and even industrial applications. With their blooms and fleshy tissues, succulents have become an essential part of indoor houseplants and ornamentals. Thus, such trends will shape the growth of the market during the forecast period. Thus, such trends will shape the growth of the market during the forecast period.
Criticality of product sourcing and inventory management is the major challenge that affects the growth of the market. In the market, inventory management is a crucial aspect for both traditional and online vendors. As consumer preferences shift and shopping patterns evolve, inventory turnover demands become more frequent. Suppliers and manufacturers must adapt to smaller orders from wholesalers and retailers, necessitating improved inventory turnaround times. This adjustment impacts raw materials, quality control, transportation, and labor costs. Additionally, rising energy prices and manufacturing costs in China have prompted vendors to explore more productive and efficient production locations. Countries like Brazil, India, South Africa, and Russia, with their potential to relocate production processes from China, could potentially disrupt critical delivery schedules.
Furthermore, in the digital realm, e-commerce systems, online stores, and various digital marketing platforms, such as email campaigns and paid advertising on social media, are essential tools for reaching customers in the succulent plant niche market. Cloud-based solutions with AI capabilities offer real-time processing and edge technologies to optimize inventory management. Succulent plants, with their thick parts and distinct colors, are popular as decorative accents for homes and workplaces. These higher plants with hypertrophic vegetative organs, such as stems, leaves, roots, flowers, fruit, seeds, and fleshy tissues, are native to deserts and semiarid regions and bloom in harsh climates. Indoor houseplants and ornamentals have gained popularity, making the market a thriving niche. Smart devices, industrial automation, and autonomous cars are also integrating succulent plants into their designs, further expanding the market's potential. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Altman Specialty Plants LLC - The company offers succulent plants such as variegata sunrise, purple split rock, calico kitten, and lithops spp.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the Cactaceae segment will be significant during the forecast period. The market encompasses a diverse range of plants, including those native to seashores and salt deserts, such as Xerophyllum, and those found in Saharan deserts, like Echevaria.
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The Cactaceae segment showed a gradual increase in the market share of USD 796.70 million in 2018. These plants have adapted to survive in sunny areas with minimal water, utilizing water storage capabilities and stress tolerance through photosynthetic activity. The market caters to both the commercial segment, supplying large-scale nurseries and landscaping projects, and the household segment, catering to individual plant enthusiasts. The Cacti family, known for its succulent members, is a significant contributor to this market. Self-regeneration is a key feature of these plants, ensuring their resilience and popularity.
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North America is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Succulent plants have gained immense popularity among decorators and homeowners for enhancing interior design themes in indoor environments. Their unique fleshy texture adds a chic touch to any space, making them an excellent unified design element. Container gardening with succulents in colorful pots and terrariums is a trendy choice for adding sculptural interest as focal points in living rooms, kitchens, and offices. Hanging containers offer design flexibility, especially for small spaces. During spring and summer, succulents bring vibrant colors to exterior design, making them perfect for garden parties, weddings, and outdoor events. In winter, they thrive in low light conditions, making them ideal indoor plants. Succulent plants are popular gifting trends for Mother's Day, Easter, and Valentine's Day. Online shopping for succulent plants has become increasingly convenient, with websites offering various payment methods and a seamless browsing experience. Mobile-responsive designs ensure an excellent user experience for customers on the go. Agave and Aloe are popular succulent varieties that add architectural forms to any design scheme.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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Succulent plants, known for their eye-catching shapes and ability to thrive in arid climates, have gained immense popularity among indoor and outdoor gardeners alike. These low maintenance plants are now a commercial success, with succulent growers, nurseries, wholesalers, and retailers reaping the benefits. The succulent market is diverse, encompassing various succulent varieties such as those from the Cactaceae family, including the saguaro cactus and mammillaria, and those from the Izoaceae family, like Lithops and Delosperma. The succulent market caters to both commercial and household consumers.
Furthermore, social media platforms have played a significant role in promoting succulent enthusiasts, showcasing their collections and sharing cultivation tips. Indigenous succulent species, such as those from the Euphorbiaceae family with Euphorbia and Monadenium, and those from the Crassulaceae family like Echeveria, Sedum, and Crassula, are increasingly being cultivated using conscientious methods that prioritize sustainability initiatives. Environmental factors, such as growth patterns and the presence of spines, add to the allure of succulent plants. Various succulent families, including the Apocynaceae family with Stapelia and Huernia, boast unique flower structures that further enhance their appeal. As the succulent market continues to grow, it's essential to understand the various succulent varieties, their unique characteristics, and the best practices for their cultivation.
Market Scope |
|
Report Coverage |
Details |
Page number |
132 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.13% |
Market growth 2024-2028 |
USD 2.26 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.28 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 52% |
Key countries |
US, Canada, China, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adeniumrose Co. LLC, Altman Specialty Plants LLC, Annies Garden and Patio, Costa Farms LLC, Dummen Orange, Fairyblooms LLC, FTD LLC, Mountain Crest Gardens, myBageecha, NorCal Succulent Shop, NurseryLive, Nurturing Green Plantation Pvt. Ltd., Qingdao Flowery Crafts Co. Ltd., Queen Knud Jepsen A/S, Rootly Plant Decor Pvt. Ltd., Succulent Market, Succulents Box LLC, Tenth Avenue Holdings LLC, The Bouqs Co., The Leaf and Clay, Ugaoo Agritech Pvt. Ltd., and Yiwu Lishi Imp. and Exp. Co., Ltd |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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