The floriculture industry in India is still at its nascent stage and a large portion of its potential remains untapped. The Indian floriculture industry has shifted from traditional flowers to cut flowers, mainly for export purposes.

The new report from IMARC Group entitled, ‘Agriculture Industry in India: Market Segments, Key Drivers, Challenges, Market Trends and Regulations’, finds that although export is the main motivating factor for the flower cultivators, the demand for local consumption is also increasing.

Modernisation and the growing western cultural influences has resulted in the growth in demand for flowers amongst the consumers in India – especially the young – as they buy flowers on occasions like Valentine’s Day, Friendship day, etc. Apart from this, there is also a huge spurt in the demand for flowers during festivals. This growth in demand for flowers has impacted its retailing in India. Many shopping malls and large retailers have exclusive flower shops that witness demand round-the-year. The report states that in terms of rupee value, the industry has grown at a CAGR of nearly 28% in the last five years.

Currently, most of the flower cultivators entering the business seek to create a niche in the global market. Fresh flowers from India are being exported to several countries such as the USA, UK, Netherlands, Japan, Germany, etc. The credit for the growth in exports goes to the various initiatives introduced by the government.

The floriculture industry has been identified as a priority sector by the government and has accorded it 100% ‘export oriented unit’ (EOU) status. It has also facilitated 100% foreign direct investment, encouraging joint ventures, a steady flow of capital and the establishment of state-of-the-art technologies for its cultivation, storage and transportation.

As the opportunities for the floriculture industry in India are immense, certain measures to increase the reach and appeal of Indian flowers need to be taken. These measures include: improvement in the infrastructure for storage and transportation of flowers for the export market, conducting workshops to impart training on floriculture skills and new cultivation techniques, and entering into a strategic alliance with other industries, such as tourism, to promote floriculture products.

This huge potential of the floriculture industry in India has attracted several big corporates such as Reliance, ITC, Tata Group, Thapar Group, etc. Their foray into this industry is driven by the growing demand by overseas retailers such as K-mart, Wal-Mart, Sears, Sansbury, etc. As a result, it has become obvious that the floriculture industry in India is becoming a lucrative opportunity for potential investors.

Apart from analysing the floriculture industry, the report also gives an insight into the market trends, market segments, drivers, challenges, opportunities, various sub-sectors, regulations, marketing requirements, etc. of the Indian agriculture industry. This report, which is based on both desk based research and multiple waves of qualitative primary research and could be a must-read for anyone who plans to venture into the Indian agriculture industry.

To buy the complete report or to get a free sample, visit: www.imarcgroup.com/agriculture-industry-in-india.