May 21, 2024

The Ornamental Sunflower Market Is Estimated To Witness High Growth Owing To Increasing Use Of Genetically Modified Varieties

The ornamental sunflower market involves the production and trade of hybrid and genetically modified sunflower varieties that are grown primarily for ornamental or decorative purposes rather than commercial agriculture. These sunflower varieties come in a wide variety of colors ranging from shades of yellow, orange, red, burgundy to even white, and in different sizes. They are popular garden plants known for their vibrant blooms that can last for several weeks. The global ornamental sunflower market is estimated to be valued at US$ 64.0 BN in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period of 2024 to 2031.

Key Takeaways
Key players operating in the ornamental sunflower market are Pfizer Inc., Novartis AG, Sanofi, Johnson & Johnson, GlaxoSmithKline plc, Merck & Co., Inc., Eli Lilly and Company, Boehringer Ingelheim, AstraZeneca plc, Bristol Myers Squibb, Roche Holding AG, AbbVie Inc., Biocon Limited, Lonza Group, Teva Pharmaceutical Industries Ltd. The key opportunities in the market include development of new hybrid varieties with unique traits and expansion in online retail of ornamental plants. Advancements in genetic engineering techniques are allowing greater customization of sunflower blooms, making them more attractive for ornamental uses.

Market Drivers
One of the major driver for the ornamental sunflower market is the growing popularity of outdoor and indoor gardening as a hobby. The increasing urbanization and busy lifestyles have made people interested in growing easy to maintain ornamental plants within their homes and gardens. Moreover, the development of genetically modified varieties that are more resilient to diseases and weather changes is further propelling the consumption of ornamental sunflowers globally.

Challenges in the Ornamental Sunflower Market

The ornamental sunflower market faces various challenges, such as susceptibility to diseases, high production costs, and climate changes. Sunflowers are prone to various fungal, bacterial, and viral diseases that can significantly lower yields. Managing pests and diseases organically increases production costs for farmers. Changing weather patterns due to climate change also pose threats as unpredictable rain and temperatures can damage crops. Farmers require specialized knowledge and skills to produce high-quality ornamental varieties, raising human resource challenges.

SWOT Analysis
Strength: High demand for sunflower demand flowers in floral industry and for personal gardens. Flower heads come in wide range of sizes, shapes and colors appealing to customers.
Weakness: Labor intensive pruning and harvesting process increases costs. Vulnerable to diseases and pests attacks without proper protection measures.
Opportunity: Growing popularity of sunflowers in gifts, bouquet making and home decors presents an expanding market. Demand for organic, pesticide-free sunflowers on the rise due to health concerns.
Threats: Seasonal fluctuations and unfavorable weather severely impact yields. Increasing fuel and input costs may result in higher retail prices discouraging customers.

Geographical Regions
North America accounts for 40% of global market value currently, driven by strong demand in U.S. and Canada. Europe is the second largest region with around 30% share led by production in Netherlands, Russia and Ukraine. Asia Pacific emerges as the fastest growing region led by countries like China, India and Japan where sales are doubling every 5 years.

The Eastern Europe region has emerged as the fastest growing geographical region for the ornamental sunflower market over the forecast period. Countries like Ukraine and Russia have ideal climatic conditions for mass cultivation of sunflowers and are major exporters catering to the increasing global demand. Strong growth in agricultural sector along with government support programs are driving higher production volumes in Eastern Europe.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it