Market Size of Singapore Floriculture Industry
| 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 % |
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).
- The floriculture market in Singapore is characterized by its robust demand, which is driven by domestic consumption and the country's strategic position as a hub for re-exports in Asia-Pacific. Cut flowers dominate the market, driven by demand from events, weddings, and festivals. Popular flowers include roses, orchids, lilies, and chrysanthemums. Lily is used in traditional Asian medicine to treat 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. Orchids also hold a special place in the Singaporean floriculture market as a popular cut flower due to the country's strong historical and cultural connection with the orchid industry. Singapore is known for its orchid hybridization efforts, and the flower is often used in branding and national symbols.
- Singapore鈥檚 small land area and urbanized nature limit large-scale domestic production, leading to a heavy reliance on imports to meet local demand. According to ITC Trade Map, Singapore imported cut flowers worth USD 44.1 thousand in 2023. Malaysia, China, and the Netherlands are the major flower exporters to Singapore.
- The Singaporean government has been promoting green spaces and encouraging urban greening projects, boosting the demand for ornamental plants and landscaping services. The 鈥淐ity in a Garden鈥� vision aligns with this, aiming to integrate nature into the urban environment fully. Therefore, the floriculture market in Singapore is poised for continued growth and is supported by strong domestic demand, technological innovation, and government support.
Singapore Floriculture Industry Segmentation
Floriculture is a type of horticulture practice that involves the cultivation of flowering and ornamental plants for gardens and commercial use. The report presents an in-depth analysis of the market size of different types of flowers that are popular in the Singaporean floriculture market. The market is segmented by type of flower (rosa, tulip, chrysanthemum, gerbera, freesia, lily, orchids, nursery stocks, and other types of flowers). The report offers market size in terms of value (USD) for the segments mentioned above.
| By Type of Flower | |
| Rosa | |
| Tulipa | |
| Chrysanthemum | |
| Gerbera | |
| Freesia | |
| Lily | |
| Orchids | |
| Nursery Stocks | |
| Other Types of Flowers |
Singapore Floriculture Market Size Summary
The Singapore floriculture market is poised for significant growth, driven by its status as a leading exporter of orchid cut-flowers and a burgeoning domestic demand for various floral products. The market is characterized by a diverse range of flowers, including lilies, peonies, and hibiscus, with orchids holding a special place as the national flower. The country's high-income economy and business-friendly regulatory environment foster a competitive market landscape, encouraging investments and technological advancements in the floriculture sector. The cultural significance of flowers, particularly during special occasions like Valentine's Day, further propels market growth, as consumers increasingly opt for premium floral arrangements and bouquets.
The demand for fresh flowers in Singapore is closely tied to fashion trends and emotional associations, with roses being a particularly popular choice due to their fragrance and variety. The market sees a surge in rose consumption, especially during the first quarter of the year, coinciding with Valentine's Day, leading to increased imports from countries like Kenya. Retailers such as Kampong flowers and Far East Flora play a crucial role in meeting this demand. Additionally, initiatives like the Gardens by the Bay's flower trial showcase efforts to diversify plant sources and adapt to the tropical climate, supporting the ongoing expansion of the floriculture market in Singapore.
Singapore Floriculture Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitutes
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1.4.5 Intensity of Competitive Rivalry
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1.5 Country Profile
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1.5.1 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 By Type of Flower
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2.1.1 Rosa
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2.1.2 Tulipa
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2.1.3 Chrysanthemum
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2.1.4 Gerbera
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2.1.5 Freesia
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2.1.6 Lily
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2.1.7 Orchids
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2.1.8 Nursery Stocks
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2.1.9 Other Types of Flowers
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Singapore Floriculture Market Size 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.
