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).
The orchid market is expected to witness a high growth owing to the rising use of orchids in the cosmetics, herbal medicines, cooking, among others. Various types of orchids are being used for treating diseases, for instance, dried dendrobium and is believed to possess medicinal properties that can help treat cancer, strengthen the immune system, and improve eyesight. 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. The Chinese continues to use orchids for medicinal purposes until today, most commonly in the form of medicinal tea. In addition, many orchidaceous preparations are used as purgative, aphrodisiac, sex stimulator, bronchodilator, contraceptive, cooling agent in scorpion sting and snake bite. The orchid flowers are also being used in cosmetics, as it is believed that it prevents ageing of the skin. Moreover, orchids are now being used for moisturizing, fighting free radicals, increasing skin immunity and reducing the appearance of fine lines which further fuels the orchid market.
The growing tradition of gifting flowers on different occasions such as in Christmas, birthdays and wedding seasons is also driving the Orchid market growth. The trend of giving floral gifts on special occasion is rising in developing region such as China, India, Thailand and others. Product innovation has become an important strategy in order to satisfy consumer demand and maximize the sales. Seasonal decorations which include decorative home and wall decor on several occasions such as Christmas, Halloween and others are resulting to a positive impact the global floral gifting market, thus increases the demand of orchid.
On the basis of product type, the Global Orchid Market can be segmented into Phalaenopsis Orchid, Cattleya Orchid, Vanda Orchid, Paphiopedilum Orchid, Miltonia Orchid and Others. Among these, Phalaenopsis Orchid was valued at US$ 1,293.8 Mn in 2020 and holds the largest market share in the Global Orchid Market. Phalaenopsis is the second most valuable and popular flowering potted plant and cut flower around the world. It is due to their use in cultural practices, year-round availability, longer vase life and diversity in flower color, size and shape, delicacy.
Cattleya Orchid (also referred as queen of orchid) market has shown a high growth rate in the global orchid market and is expected to grow with a CAGR of 5.6% in the forecast period. The major reason for the growth is its primary use in the decorative ornaments. Owing to its various beauty advantages, it is also being used in the cosmetic application to reduce the look of fine lines and wrinkles, act as an anti-oxidant and humectant that moisturizes, soothes and conditions the skin which further fosters the demand of the cattleya orchid market.
On the basis of application, the orchid market can be segmented as garden, cosmetic and herbal medicines. The orchid market in cosmetics holds the largest share and was valued at US$ 1,598.3 Mn in 2020. The cosmetic application is witnessing growth in the 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. In addition, Orchids are now primarily being used for moisturizing, fighting free radicals, increasing skin immunity and reducing the appearance of fine lines. These benefits have positively driven the orchid markets.
The herbal application of orchids also holds a significant share in the orchid market and is growing with a CAGR of 5.1% during the forecast period. The ingredients contained in the orchid flowers helps in avoiding various nervous disorders. In addition, the orchid root contains essential oils, starches, sugars, resins, and other ingredient and are useful in overcoming various illnesses, and also brain function disease.All the parts of orchids such as root, stem and flowers contain medicinal properties. Thus, with the rising use of orchid in herbal medicines further fosters the market growth.
Based on the regions, the global orchid market has been segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, North America holds the largest share in global orchid market and was valued at US$ 1617.3 Mn in 2020. The orchid demand is rising in the North American region as consumers in the United States 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.
Moreover, Orchids have a varying level of rarity and protection across the US, and laws support vary from state to state to protect the same. Some species of the orchids are federally being listed under the Endangered Species Act (ESA). In addition, the entire orchid family, including all orchids native to the United States and its territories, are listed under the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). These regulations help in stopping illegal sales orchids. Thus, with the rising cosmetic industry and supporting laws to conserve endangered species of flora and fauna further propels the growth of orchid in this region.
Orchid Market Company Profiles and Competitive Intelligence:
The major players operating in the Global Orchid Market includes Burnham Nurseries Ltd, Sun Bulb Company, Inc., Kawamoto Orchid Nursery, Orchids by Hausermann, Cal-Orchid Inc., Odom's Orchids, Al's Orchid Greenhouse, Waldor Orchids, Gubler Orchids, Ter Laak Orchids, among others
|1||Providing customization facilities among the consumers with new ideas are expected to generate opportunities to the global floral gifting, thus fostering the demand of the orchid flowers in the market.||Positive|
|2||There is an increasing trend to use orchids in preparing and decorating food items. Many countries like Turkey use orchids in ice-creams and stir-frying. Orchids such as Karma orchid is used as a garnish to decorate cakes, chocolates, drinks and even cakes. These new uses will drive the demand for orchids in the market.||Positive|
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Section 1: Introduction
Section 2: Research Methodology
Section 3: Executive Summary
Section 4: Premium Insights
Section 5: Market Overview & Competitive Landscape
Section 6: Market Size and Share Analysis
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Section 8: Future Forecast & Impact of COVID-19
Section 9: Regional Market Size and Share Analysis
Section 10: Company Profile