The Global Orchid Market was valued at US$ 5,152.1 Mn in 2020 and is expected to reach US$ 7,051.3 Mn by 2027 with a growing CAGR of 4.6% during the forecast period (2021-2027)
Rapid change in consumer gifting habits on various special occasions such as birthdays, anniversaries, festivals, marriages, farewell parties and religious ceremony has become the major driving source for orchid market. The global floral gifting market has observed a substantial growth in last few years and is expected to exhibit similar trend in the upcoming future. Modernization and growing western culture are the prime factors influencing the floral gifting culture globally. Moreover, the increase in demand is also due to changing consumer preferences to go-digital, increasing purchase of gifts from various online-retailers for gifting purposes, and growing trend of corporate gifts to reward the employees for their contributions and achievements. The increasing digitization and inclination of the millennial population towards buying products online, have resulted in a sharp increase in the online sales of cut flowers which, in turn, has increased the demand for flower, thus fuels the orchid market growth.
Several other factors such as rising use of orchids in the cosmetics, herbal medicines, cooking and many more have contributed in the growth of orchid market. Orchids have been used as a source of medicine for millennia to treat different diseases and ailments including tuberculosis, paralysis, cholera, acidity, stomach disorders, chest pain, syphilis, jaundice, eczema, arthritis, tumor, piles, among others. All the parts of orchids such as root, stem and flowers contain medicinal properties. It is loaded with many benefits such as it boosts the immune power, kills worms in the stomach, strengthens the bone, prevents from constipation, helps to regulate the menstrual cycle and energizes the teeth and bone. Thus, with the rising application of orchid in herbal medicines is further fostering the orchid market growth.
The cosmetic application of orchids is also witnessing high growth in the orchid market as various types of orchid flowers are being used in cosmetics product. For instance, Cymbidium flowers are used in perfume, skin cream and anti-aging cosmetics. All varieties of orchids have the ability to store large quantity of water and they are rich in natural antioxidant phenols and polysaccharides. This impressive natural combination makes orchids very attractive for luxurious cosmetic products. Orchid extract stimulates skin cell vitality and supports the cellular metabolism. It also promotes the ability of cells to regenerate, strengthens the cell membrane and protects the skin’s immune system. In addition, the orchids are also being used in enriched cream, gel cream, eye cream, intense cream and massage cream products. Orchids are also being used for moisturizing, fighting free radicals, increasing skin immunity and reducing the appearance of fine lines. Owing to these advantages, renowned cosmetic companies such as Boutique and The Face Shop uses orchids in their wide range of cosmetic products.
In terms of geography, North America holds the largest share in the global orchid market primarily driven by U.S. This is because, consumers in this region are increasing their consumption of herbal beauty products, particularly skin care and hair care products, due to their ‘vegan’, ‘natural’, ‘organic’, ‘botanical’, and ‘free-from’ labels. In addition, premium beauty and personal care segment have shown an impressive growth year over year.
List of Key Players of Global Orchid Market