According to Fortune Business Insights™, the indoor plants market has seen significant growth in recent years, driven by various factors including increasing urbanization, heightened interest in wellness and biophilic design, and a growing awareness of environmental benefits. Indoor plants or houseplants are grown inside the offices and residences, which are meant for decorative purposes. The market expansion can be credited to the surging awareness about the product benefits such as air purification, reduction of stress, and relief from allergies.
The indoor plants market growth has experienced robust in recent years, fueled by rising urbanization, growing interest in wellness-focused lifestyles, and the popularity of biophilic design. Commonly referred to as houseplants, indoor plants are cultivated within homes and workplaces primarily for aesthetic enhancement. The market offers a diverse range of plant varieties, including foliage plants, succulents, palm plants, and cacti. These plants not only enhance indoor spaces visually but also provide notable physical and mental health benefits. Increasing consumer awareness of their advantages such as improved air quality, stress relief, and allergy reduction is driving the widespread adoption of indoor plants across both residential and commercial settings.
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Major Players Profiled in the Report:
- RollingNature
- Rentokil Initial plc
- Heart of Florida Greenhouses Inc.
- Star Gardens
- Vertvista
- THE BOUQS COMPANY
- Subhiksha Organics
- Sheel Biotech Limited
- Green & Bloom
- Root Bridges
Segments:
With respect to type, the market is divided into low light plants, high light plants, and shade loving plants. The low light plants segment holds the largest indoor plants market share. The ability of low light plants to grow quickly, even without direct sunlight, and be placed in any corner of the house is fostering the segment growth.
By end user, the market is bifurcated into commercial and residential. The residential segment is poised to capture a major market share during the forecast period. The surging indoor gardening trend is fueling the residential segment growth.
By sales channel, the market is classified into offline and online. The offline segment is slated to register a major share in the market throughout the forecast period. The increased instances of new nurseries across the globe in recent years are impelling the offline segment growth.
By region, the market is divided into Europe, the Asia Pacific, North America, the Middle East & Africa, and South America.
Report Coverage
The indoor plants market research report comprises the different driving factors behind the market growth. It further provides a detailed analysis of the major segments in the market and a list of key industry developments. Additional aspects of the report include the competitive strategies undertaken by leading companies to boost their market share and sustain their industry leadership. Moreover, some other crucial elements of the report include the impact of the COVID-19 pandemic on the market growth, the latest trends, and the restraining factors anticipated to hinder the market growth in the coming years.
Drivers
Rise in Consumer Purchasing Power to Propel the Market Growth
The indoor plants market growth is driven by an increase in the purchasing power of consumers. Moreover, the rise in air pollution further impels the market growth. The product is deployed for the improvement of the indoor air quality. Toxins from the atmosphere are absorbed by the product and pollutants, including benzene, formaldehyde, and carbon monoxide can be removed.
Regional Insights
North America Holds the Largest Share Due to the Rising Popularity of Terrace Gardening
North America indoor plants market has the largest share on account of the growth in popularity of terrace gardening. The growing awareness about the different psychological and physical health benefits of the product is further augmenting the indoor plants market size in the region.
The Asia Pacific market is expected to register the fastest growth throughout the forecast period owing to rising air pollution.
COVID-19 Impact:
Growth in Focus on Improving Personal Space Increased the Product Demand
The COVID-19 pandemic saw an increase in the focus on improving personal space since a large number of people across countries were working from home. This factor favored the market growth amid the pandemic.
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Competitive Landscape:
Leading Companies Deploy Product Innovations to Broaden their Portfolio
The prominent companies operating in the space are opting for various strategies such as joint ventures, mergers and acquisitions, capacity expansion, and others. Substantial investments in research and development are also being witnessed in the market by several companies for the launch of new products. These companies are developing new product ranges to expand their portfolio and capture the largest share. Moreover, enhanced capabilities of indoor plants are being offered by these companies to maintain their dominance in the market.
Key Industry Development
- December 2021: Monrovia, a company providing different types of plants, launched a new houseplant line. The new product range is inclusive of mature-sized plants for home décor.
- November 2020: PlantX Life Inc., a Canada-based online plants company, announced its partnership with House Plant Shop, a U.S.-based company specializing in houseplants, pots, and accessories.
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