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The succulent plant market share is expected to increase by USD 2.03 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 10.22%.
This succulent plant market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the succulent plant market segmentation by type (Cactaceae, Crassulaceae, Aizoaceae, and others) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The succulent plant market report also offers information on several market vendors, including 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 among others.
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Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the succulent plant market. During the COVID-19 pandemic, the succulent plant market demand has been impacted greatly. A holistic analysis of drivers will help in exact demands and refining marketing strategies to gain a competitive advantage.
Key Succulent Plant Market Driver
Increased penetration of online shopping is one of the key drivers supporting the succulent plant market growth. Online shopping through smart devices has gained traction over the years because of the high penetration of Internet services, improved economic growth, and upgraded purchase and delivery options. Moreover, the availability of online payment options, a wide range of merchandise, the online tracking of shipments, and others have increased the demand for online shopping. Currently, customers have several payment options, such as credit cards, debit cards, cash-on-delivery (COD), and Internet banking. Thus, owing to the increasing penetration of online shopping and the availability of various types of succulent plants on the online platform, it is anticipated that the market in focus will grow positively during the forecast period.
Key Succulent Plant Market Trend
The increasing trend for interior design is one of the key succulent plant market trends contributing to market growth. The growing number of working women and their increased participation in household decision-making has significantly augmented interest in interior design. In the US, the female labor force as a percentage of the total labor force has been increasing gradually over the last two decades. Moreover, online platforms play a major role in generating interest and motivating consumers to invest in interior design. Therefore, interior design and aesthetics will propel the demand for succulent plants during the forecast period.
Key Succulent Plant Market Challenge
The criticality of product sourcing and inventory management is one of the factors impeding the succulent plant market growth. Managing inventory is a key concern for both offline and online vendors. Consumer preferences change over time, speeding up the inventory turnover requirements. Suppliers or manufacturers of succulent plants need to adjust to smaller orders from wholesalers and retailers, which compels them to improve their inventory turnaround times. Meanwhile, the ability of countries such as Brazil, India, South Africa, and Russia to handle the movement of production processes from China can negatively affect critical delivery schedules. However, the key vendors follow various strategies for managing their inventory, which can be a challenge for the market.
This succulent plant market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global succulent plant market as a part of the global agricultural products market under the global food products market of the global food, beverage, and tobacco market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the succulent plant market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the succulent plant market encompasses successful business strategies deployed by the key vendors. The succulent plant market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The succulent plant market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our In-house experts produce extensive information on the value chain and parent market of the succulent plant market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
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39% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the succulent plant market in North America. Market growth in this region will be faster than the growth of the market in other regions.
The improving economic conditions will facilitate the succulent plant market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 majorly impacted the regional market. However, the increasing awareness regarding environmental sustainability and the growing horticulture and nursery industry in North America are spurring the demand for succulent plants during the forecast period.
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The succulent plant market share growth by the Cactaceae segment will be significant during the forecast period. Cactaceae is a type of succulent plant that has increased in popularity due to its low-maintenance and care, and it is an ideal choice for first-time plant owners. These plants are used in homes and commercial places to enhance their aesthetics. Thus, owing to the advantages, succulent Cactaceae plants are used as indoor plants. Such factors will boost segment growth in the near future.
This report provides an accurate prediction of the contribution of all the segments to the growth of the succulent plant market size and actionable market insights on the post-COVID-19 impact on each segment.
Succulent Plant Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.22% |
Market growth 2022-2026 |
$2.03 billion |
Market structure |
Fragmented |
YoY growth (%) |
9.5 |
Regional analysis |
North America, APAC, Europe, the Middle East and Africa, and South America |
Performing market contribution |
North America at 39% |
Key consumer countries |
US, Canada, China, Germany, and France |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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 growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the 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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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