The floriculture industry in Korea is on the rise, with projected sales reaching USD 317.8 million in 2023. The demand for floriculture in Korea is likely to expand at a 7.4% CAGR from 2023 to 2033, ultimately totaling an estimated valuation of USD 647.4 million by 2033.
The 'Flower Road' effort by the government is one distinctive factor propelling the floriculture industry in Korea. This comprehensive program encourages the creation of beautiful flower gardens along the national highways, roads, and public areas. The stunning floral arrangements are meant to improve the visual attractiveness and increase tourism in various public places in Korea.
Large-scale flower gardens, creative floral arrangements, and charming flower tunnels are all part of this initiative. This program not only supports local floriculture but also emphasizes how vital the industry is to the aesthetics of both urban and rural areas. This increases public interest in and admiration for flowers and other ornamental plants, which in turn increases domestic demand and fosters the expansion of the floriculture sector.
Key Insights Promoting the Demand for Floriculture in Korea
| Attributes | Details |
|---|---|
| Industry size in 2023 | USD 317.8 million |
| Expected Industry size by 2033 | USD 647.4 million |
| Forecasted CAGR between 2023 to 2033 | 7.4% |
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In 2023, the Chrysanthemum flower segment is projected to capture an industry share of 20.60% in Korea.
| Flower Type | Chrysanthemum |
|---|---|
| Industry Share in 2023 | 20.60% |
Chrysanthemums are renowned for their ability to withstand various environmental stresses, remaining resilient. They can tolerate fluctuations in humidity and temperature and have a comparatively long vase life. Due to these qualities, chrysanthemums are frequently used in bouquets and flower arrangements since they endure longer and provide value for both customers and florists. Their strength and adaptability help them maintain their leading position in the Korea floriculture industry.
The hotels, resorts, and spas segment in the Korean floriculture sector is estimated to capture a 25.4% share in 2023.
| End Use Segment | Hotels, Resorts and Spa |
|---|---|
| Industry Share in 2023 | 25.4% |
Given their strong focus on creating welcoming and pleasant environments for their guests, hotels, resorts, and spas are expected to drive demand in the Korean floriculture industry. One important factor is that the visual appeal of the restaurants is greatly enhanced by the presence of fresh, artistically placed flowers.
Flowers enhance the entire visitor experience by creating a warm and inviting environment. The constant desire to maintain an aesthetically pleasing atmosphere is a hallmark of the hospitality industry. This atmosphere, characterized by luxury and relaxation, drives the demand for premium, seasonal flowers. This demand, in turn, provides crucial support for the floriculture business.
The province administration of South Gyeongsang has been actively assisting and advancing the floriculture sector. The local floriculture industry is being advanced by government initiatives that include research and development programs, infrastructure development, and financial support. Research, training, and marketing expenditures have all aided in the industry expansion and fostered a spirit of competition and creativity among nearby floriculture enterprises.
The regional climate, with its warm, humid summers and comparatively mild winters, is ideal for floriculture. Growing a large range of flowers and beautiful plants is made possible by the climate and ideal soil conditions of the region. The floriculture industry benefits from the natural environment since it enables year-round cultivation, longer growing seasons, and a wider variety of flower output.
North Jeolla is well-positioned for shipping flowers to both domestic and foreign markets, benefiting from its advantageous location and easy access to transportation facilities such as ports and roads. Local floriculture firms now have increased opportunities to expand their customer base and enhance profitability through exports, thanks to the province's proximity to key cities like Seoul and its connections to Asian export markets.
Agriculture and horticulture have long been integral parts of North Jeolla's culture. The floriculture business has been significantly bolstered by the regional expertise in farming and horticulture, as well as the availability of skilled farmers and horticulturists. This expertise enables the successful cultivation of a variety of flowers and decorative plants, which in turn supports the growth and diversification of the regional floriculture sector.
Korea-based floriculture companies have spearheaded advancements in areas such as flower breeding, cultivation techniques, and sustainable practices. Innovations in floriculture can manifest in various forms, from creating novel flower varieties with distinctive features.
They can also involve applying cutting-edge technologies for crop protection and greenhouse management. The aim of these innovations is to enhance the availability and quality of flowers, which hold cultural, economic, and ornamental significance.
Many Korea-based floriculture firms are adopting direct-to-consumer (DTC) business strategies to bolster revenue. Startups can boost their share of the retail industry by selling directly to customers through eCommerce platforms and subscription-based services. This allows them to bypass traditional distribution channels. This approach eliminates the need for intermediaries, granting companies greater control over costs, quality, and customer relationships. Since the flowers are sold directly to end-users who value convenience and quality assurance, DTC models often yield higher profit margins.
| Company | Recent Developments |
|---|---|
| Hyundai Green Food | In 2023, following the integration of the food businesses Hyundai H&S, Hyundai Food System, and Hyundai F&G, Hyundai Green Food Co., a subsidiary of the Hyundai Department Store Group, saw its primary business unit, food, surpass USD 1.5 billion in revenue last year. This marks the first time since the company's founding in 2010. According to the corporation, these favorable outcomes were attributed to its substantial investment in the food production industry. |
| Attribute | Details |
|---|---|
| Estimated Industry Size in 2023 | USD 317.8 million |
| Projected Industry Size by 2033 | USD 647.4 million |
| Attributed CAGR between 2023 and 2033 | 7.4% |
| Historical Analysis of Demand for floriculture in Korea Countries | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Report Coverage | Industry size, industry trends, analysis of key factors influencing floriculture in Korea, insights on global players and their industry strategy in Korea, ecosystem analysis of local and regional Korea providers |
| Key Provinces Analyzed while Studying Opportunities for floriculture in Korea | South Gyeongsang, North Jeolla, South Jeolla, Jeju, Rest of Korea |
| Key Companies Profiled | LG Electronics; Samsung C&T Corporation; Dümmen Orange; Dongbu Farm Hannong; Daejin; Hyundai Green Food; Korea Seed & Service; Shinhan Greenhouses; NongWoo Bio; Taewoong Agricultural; CNH Korea; Kisung Industry; Woojin Greenhouse; Daehan Greenhouse; Hwaseung F&B |
The floriculture industry in Korea is valued at USD 317.8 million in 2023.
By 2033, the total value of the floriculture industry in Korea is predicted to reach USD 647.4 million.
From 2023 to 2033, the Korea floriculture industry is likely to register a 7.4% CAGR.
The chrysanthemum flower type is likely to take 20.60% shares in 2023.
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Floriculture Industry Analysis in Korea
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