The low maintenance cost of artificial flowers is a major factor contributing to the growth of the market. Artificial flowers do not require trimming. watering. pesticides. and fertilizers. thereby reducing maintenance and operating costs. Unlike natural flowers. they do not decay and are not prone to normal wear and tear as they are more durable than natural flowers. This eliminates apprehension of these flowers drying and wilting during the winters and summers. respectively. Unlike natural flowers that can cause health problems for people allergic to pollens. artificial flowers are non-allergic and can be placed anywhere. Moreover. since they are non-toxic. they also do not cause problems for pets. The only maintenance artificial flowers need is regular cleaning. Advantages like these increase their popularity and fuel the market's growth. analysts have predicted that residential artificial flower retail market will register a CAGR of over 4% by 2023.
Growing urbanization in developing countries
Urbanization has led to a major shift in consumer lifestyles in developed and developing countries. Therefore, urbanization is expected to boost the market for artificial flowers during the forecast period. Demand patterns for artificial flowers used for interior designing in the residential sector in developing countries have witnessed significant changes for new and innovative designs.
Long product replacement cycle
Artificial flowers are durable and high-quality products meant for long-term use which do not require frequent replacement. Hence most of these are expensive and one-time expenditures. They only need minimal maintenance and cleaning. This reduces frequent purchases thereby serving to be a major growth barrier for the market.
For the detailed list of factors that will drive and challenge the growth of the residential artificial flower retail marketduring the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.’
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