Singapore Floriculture Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 29.90 Million |
| Market Size (2029) | USD 41.92 Million |
| CAGR (2024 - 2029) | 7.00 % |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Singapore Floriculture Market Analysis
The Singapore Floriculture Market size is estimated at USD 29.90 million in 2024, and is expected to reach USD 41.92 million by 2029, growing at a CAGR of 7% during the forecast period (2024-2029).
- Singapore is one of the leading countries in orchid cut-flower export. Rosa, Lily, peonies, Orchids, Frangipani, Jasmine, and Hibiscus are the top 7 flowers that are grown in Singapore. Lily is used in traditional Asian medicine for the treatment of depression and certain types of toxicities, and orchids, the national flower of Singapore, are used for decorative purposes and for creating flower arrangements or bouquets.
- Peonies are usually sold as cut flowers and used in commercial bouquets by florists. These large flowers have a fragrant scent and are known as the Chinese king of flowers. You can usually find peonies in shades of white, pink, and red.
- According to the ITC Trade Map, Singapore imported USD 42.8 thousand value of cut flowers in 2021. Malaysia, China, Netherlands, and India are the major exporters of flowers to Singapore. High domestic demand and rising investments in projects and growing use of technology are the factors that are driving the growth of the market.
Singapore Floriculture Market Trends
This section covers the major market trends shaping the Singapore Floriculture Market according to our research experts:
Growth of the Singaporean Economy
Singapore is a high-income economy with a per capita gross national economy of USD 72,794 in 2021. The country provides one of the world's most business-friendly regulatory environments for local entrepreneurs and is ranked among the world's most competitive economies. The significant growth of the per capita income in the country is enhancing them to experience the best products such a hotel staycations and dining in fancy restaurants during Valentine's Day. Therefore, flowers remain the most popular gift for special days. For instance, a bouquet of red roses is always a popular choice as a gift on these days. As per the YouGov survey, 8 of the 10 people will give a valentine's gift to their loved ones in Singapore.
Due to rise in the income, customers are willing to spend more on bouquets. On average, they spend USD 100 on regular days and USD 150 on special occasions such as Christmas, New Year's day, and Valentine's day. According to the Flora moments store, there is a surge in spending on bouquets and other floral arrangements by 102% on February 11 to 14 from 2018 to 2021. Thus, the aforementioned factors are likely to support the growth of the market during the forecast period in Singapore.
Rose Expected to be the Largest and Fastest-Growing Segment
Unlike other horticultural crops, the demand for fresh flowers, like roses, is often related to fashion trends in Singapore. It is considered as the most idealistic flower because of its fragrance, different shapes, and colors. They also hold an emotional association with the people. Every variety of roses has a special significant meaning and is used for special occasions. A properly maintained rose garden will produce blooms whole year round in Singapore. There are many types of roses available, like wild roses, old garden roses, and miniature roses.
The import value of fresh roses is increasing in the country due to an increase in the demand for the flower and the increased economy of the country. For instance, the fresh rose imports in the country increased from USD 1.7 thousand in 2020 to USD 1.9 thousand in 2021. The demand for roses is high in the first quarters of the year because of Valentine's day.
Kampong flowers, The Florte, Far East Flora, G.G Fresh Flower, Sing See Soon, Ji Mei Flower, and Cold Storage are some of the rose floral retailers in Singapore. Hence, due to the demand for Valentine's day in the country, the consumption of fresh roses is increasing coupled with the increased imports from Kenya, which is driving the rosa market during the forecast period
Singapore Floriculture Market News
- June 2022: Gardens by the Bay held a showcase of 150 new plant cultivars in Southeast Asia's first flower trial aimed at diversifying plant sources and showcasing cultivars that can grow well in the tropical climate.
Singapore Floriculture Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Country Profile
4.5.1 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Type of Flower
5.1.1 Rosa
5.1.2 Tulipa
5.1.3 Chrysanthemum
5.1.4 Gerbera
5.1.5 Freesia
5.1.6 Lily
5.1.7 Orchids
5.1.8 Nursery Stocks
5.1.9 Other Types of Flowers
6. VALUE CHAIN & TRADE ANALYSIS
6.1 Value Chain Analysis
6.2 Distribution Channel Analysis
6.3 Trade Analysis
6.3.1 Import Analysis
6.3.2 Export Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Singapore Floriculture Industry Segmentation
Floriculture is a type of horticulture practice that focuses on the cultivation of flowering and ornamental plants for gardens and for commercial use. The report presents an in-depth analysis of the market size of different types of flowers popular in the Singapore floriculture market. The report incorporates an in-depth analysis of the value chain and trade analysis of the Singapore Floriculture market.
The Singapore Floriculture Market is segmented by Type (Rosa, Tulip, Chrysanthemum, Gerbera, Freesia, Lily, Orchids, Nursery Stocks, and Other Types of Flowers). The report offers market size in terms of value (USD Thousand ) for the above-mentioned segments.
| Type of Flower | |
| Rosa | |
| Tulipa | |
| Chrysanthemum | |
| Gerbera | |
| Freesia | |
| Lily | |
| Orchids | |
| Nursery Stocks | |
| Other Types of Flowers |
Singapore Floriculture Market Research FAQs
How big is the Singapore Floriculture Market?
The Singapore Floriculture Market size is expected to reach USD 29.90 million in 2024 and grow at a CAGR of 7% to reach USD 41.92 million by 2029.
What is the current Singapore Floriculture Market size?
In 2024, the Singapore Floriculture Market size is expected to reach USD 29.90 million.
What years does this Singapore Floriculture Market cover, and what was the market size in 2023?
In 2023, the Singapore Floriculture Market size was estimated at USD 27.94 million. The report covers the Singapore Floriculture Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Singapore Floriculture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Singapore Floriculture Industry Report
Statistics for the 2024 Singapore Floriculture market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Floriculture analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
