Peony Market Size, Share, Growth, and Industry Analysis, By Type (Paeonia Suffruticosa,Paeonia Lactiflora), By Application (Domestic,Business,Others), Regional Insights and Forecast to 2033

Peony Market Overview

The Peony Market size was valued at USD 561.5 million in 2024 and is expected to reach USD 752.1 million by 2033, growing at a CAGR of 3.3% from 2025 to 2033.

The global peony market is witnessing a sharp expansion in cultivation and consumption, driven by rising demand across floriculture, cosmetic, and therapeutic applications. In 2023, more than 1,200 hectares of land were under peony cultivation in China alone, accounting for over 70% of global production. The Netherlands leads European exports, handling over 18 million stems of cut peonies annually. U.S. farms, especially in Alaska and the Pacific Northwest, produced approximately 3.6 million stems in 2023, with a peak harvesting season from June to August. Peony flowers are classified into more than 6 major types and over 500 cultivars, with Itoh, lactiflora, and suffruticosa species dominating market preferences. Export prices for high-quality cut peonies range from USD 0.80 to 2.00 per stem, depending on cultivar and origin. The demand from the cosmetic industry has surged due to peony root extract, which contains over 25 bioactive compounds, including paeoniflorin and tannins, used in skin-lightening and anti-aging products. Peony exports to South Korea and Japan grew by 22% and 17%, respectively, in 2023. The rise in wedding ceremonies and floral events contributed to an increase in peony bouquet sales by 27% in urban markets globally.

Key Findings

Driver: High demand from the floriculture and personal care sectors has fueled market growth, with over 85% of peony-derived products used in decorative floral arrangements and skincare formulations in 2023.

Top Country/Region: China remains the global leader, accounting for more than 70% of peony production and housing over 40,000 hectares dedicated to peony cultivation as of 2023.

Top Segment: Cut flowers dominated the application segment, making up over 60% of the market share by volume, with more than 80 million stems traded globally in 2023.

Peony Market Trends

The peony market has evolved significantly over the past few years, driven by rising consumer demand for luxury floral arrangements and natural ingredients in skincare. The global cut flower industry has witnessed a notable shift towards premium blooms, with peonies ranking among the top 10 most demanded wedding flowers globally. In 2023, more than 92 million stems of peonies were harvested and sold worldwide, marking a 14% year-over-year increase in volume. The demand for organic peony roots and dried petals is also gaining traction in the herbal and nutraceutical sectors. Over 1,500 tons of dried peony roots were exported globally in 2023, with Japan and South Korea being the largest importers, consuming 62% of this segment. Meanwhile, beauty and cosmetic brands launched more than 65 new skincare products featuring peony root extract in 2023 alone, indicating a growing reliance on botanical active ingredients. Peony extract was used in 12.5% of all newly launched skin-whitening serums in East Asia.

E-commerce is another fast-growing trend in the peony market. Online floral retailers reported a 32% increase in peony bouquet orders during spring-summer 2023, with average order sizes increasing from USD 42 to USD 58. Subscription floral services have also incorporated seasonal peonies into their high-tier packages, enhancing consumer engagement. In the landscaping segment, peonies remain a top choice in perennial plant collections, particularly in North America and Europe. Sales of peony tubers and seeds rose by 19% in 2023, with hybrid cultivars like 'Coral Charm' and 'Sarah Bernhardt' being among the most popular. Garden centers in the U.S. recorded over 4.5 million peony-related transactions, up from 3.7 million in 2022.

Peony Market Dynamics

DRIVER

Rising demand for natural ingredients in cosmetics and personal care.

The cosmetic industry has become a key growth driver for the peony market, with over 68 global brands incorporating peony root extract in their formulations in 2023. The root contains paeoniflorin, known for its anti-inflammatory and antioxidant properties, making it highly desirable for skincare and haircare applications. More than 180 patents related to peony-derived cosmetic formulations were filed globally between 2020 and 2023. In Asia-Pacific, particularly in Japan and South Korea, the use of peony extract in facial serums rose by 21% year-over-year. Additionally, peony-based formulations were present in over 9% of new cosmetic launches across Europe in 2023.

RESTRAINT

Short blooming window limits annual supply capacity.

Despite rising global demand, the limited blooming period of peonies—typically just 6 to 8 weeks per year—continues to restrict supply. In 2023, nearly 18% of peony stems harvested in North America could not meet export deadlines due to missed peak bloom windows. This limitation creates logistical challenges and increases costs for cold storage and transport. Growers in temperate zones have attempted to stagger planting schedules, but results have yielded only 9–12 days of extended harvest at most.

OPPORTUNITY

Expansion in Asia-Pacific’s luxury and wellness sectors.

Asia-Pacific represents a major untapped growth avenue for the peony market, particularly in the luxury floral, herbal medicine, and premium skincare industries. China’s domestic demand for peony-related products surged by 24% in 2023, with over 60 million stems consumed during national holidays and weddings. In South Korea, the market for herbal peony teas grew by 34%, supported by wellness trends. Thai spas and natural wellness centers incorporated peony-infused oils and creams across 1,400 new service points in 2023.

CHALLENGE

Rising costs and climate variability affecting yield.

Climate instability remains one of the most pressing challenges in the peony market. In 2023, unseasonal frosts in the Netherlands led to a 13% drop in bloom yield across commercial farms. Similarly, Alaska saw unpredictable rainfall patterns that affected over 120 hectares of peony farmland. Rising input costs, particularly fertilizers and greenhouse maintenance, added an average of 12% to 15% in operational expenditure for growers. Labor shortages during peak harvest seasons are also increasing, with U.S. farms reporting a 22% shortfall in seasonal workers.

Peony Market Segmentation

The peony market is segmented by type and application. Key types include Paeonia suffruticosa and Paeonia lactiflora, both cultivated widely for commercial purposes. By application, the market is divided into Domestic, Business, and Others. In 2023, segmentation revealed that over 64% of global demand was met by Paeonia lactiflora, while business applications—primarily in floristry and cosmetics—accounted for over 70% of consumption.

By Type

• Paeonia suffruticosa: Also known as the tree peony, Paeonia suffruticosa is especially valued in ornamental landscaping and traditional medicine. In 2023, more than 15 million tree peony plants were sold globally, with China producing over 80% of the supply. The species is rich in bioactive compounds and is widely used in herbal medicine in East Asia.
• Paeonia lactiflora: Regarded as the dominant commercial species for cut flowers, Paeonia lactiflora accounted for over 62 million stems harvested in 2023. It is favored for its large blooms and long vase life, averaging 7–10 days under optimal conditions. This type is cultivated extensively in the U.S., Netherlands, and France, with over 9,000 hectares dedicated to it globally.

By Application

• Domestic: segment, peonies are widely used for personal gardens and small-scale landscaping. The U.S. and Germany led this segment, with over 5.5 million peony plants sold directly to households in 2023. The average household spent USD 24–36 annually on peony-related garden products. Online plant nurseries saw a 29% year-over-year rise in domestic peony sales, driven by DIY gardening trends.
• Business: applications made up over 70% of total demand in 2023, including floral retailers, wedding planners, spas, and cosmetics manufacturers. In Europe, 48% of luxury spas now use peony-based oils and creams. Meanwhile, florists in major cities such as Paris, Seoul, and New York sold over 11 million bouquets featuring peonies last year alone.
• Others: segment includes applications in herbal teas, dried floral art, and therapeutic oil production. In 2023, 2.1 million units of dried peony petals were used in artisanal crafts and tea blends. These applications are especially growing in Vietnam, Thailand, and Taiwan, where demand grew by 22% compared to 2022.

Peony Market Regional Outlook

The peony market demonstrates strong geographic diversity, with production and consumption concentrated in North America, Europe, and Asia-Pacific. In 2023, over 72% of peony stems were produced across China, the U.S., and the Netherlands. Consumption patterns reflect seasonality, with peak demand between April and July. While China dominates global supply, countries like France and the U.S. lead in premium exports. Demand for peonies in developing regions like Southeast Asia and the Middle East is increasing steadily, especially for luxury weddings and spa-based wellness services. More than 25 countries participated in cross-border peony trade in 2023, up from 19 in 2021.

• North America

accounted for over 21 million harvested peony stems in 2023, with significant contributions from Alaska, Oregon, and Washington. Alaska alone reported a 15% increase in export volume due to cooler growing seasons, producing over 800,000 stems. The U.S. holds over 2,300 hectares of peony cultivation land, with high demand driven by weddings and florists in cities like New York and Los Angeles.

• Europe

plays a major role in both peony cultivation and consumption. The Netherlands is Europe’s largest peony exporter, shipping more than 18 million stems globally in 2023. France and Italy also maintain extensive cultivation areas, totaling 2,600 hectares combined. Peonies are featured in over 40% of luxury wedding floral arrangements in France. Germany, the UK, and Poland collectively imported 12 million stems, while peony-infused skincare sales rose by 28% across Europe.

• Asia-Pacific

is both a dominant producer and a growing consumer of peonies. China leads globally with more than 40,000 hectares of peony cultivation and exported over 38 million stems in 2023. Japan and South Korea are major importers, with combined imports of over 9 million stems. Peony extract is used in over 55% of traditional herbal formulas in China.

• Middle East & Africa

Although still emerging, the peony market in the Middle East & Africa is steadily expanding. In 2023, the UAE imported over 1.4 million peony stems, primarily for luxury weddings and hospitality sectors. High-end resorts in Dubai and Doha now feature peony arrangements in over 85% of their event spaces. Israel has initiated commercial cultivation, with 115 hectares dedicated to peony farming as of 2023.

List of Top Peony Companies

• Arcieri's Peonies
• Kennicott
• Adelman Peony Gardens
• Castle Hayne Farms
• Alaska Perfect Peony
• Third Branch Flower
• Pivoines Capano
• Warmerdam Paeonia
• 3 Glaciers Farm
• Echo Lake Farm
• Meadowburn Farm
• Spring Hill Peony Farm
• Joslyn Peonies
• Maple Ridge Peony Farm
• Chilly Root Peony Farm
• Simmons Paeonies
• English Peonies
• Heze Peony Lotus Horticulture
• Zi Peony
• Shenzhou Peony
• Shaoyaomiao
• APEONY
• GuoSeTianXiang
• Yongming Flowers
• Zhongchuan Peony

Heze Peony Lotus Horticulture: holds the largest market share globally, operating across more than 6,000 hectares in China’s Shandong Province. In 2023, the company exported over 14 million cut peony stems and 3,200 tons of dried peony roots to more than 25 countries, dominating the herbal and floral export categories. The company also manages three major peony research centers and has developed over 180 patented cultivars.

Alaska Perfect Peony: ranks among the top exporters in North America. In 2023, it supplied over 780,000 stems of premium late-season peonies, extending availability well into August. The company operates across 27 farms and exports to over 15 international markets, including Japan, Germany, and the UAE. It has recorded year-over-year production growth of 18%, with plans to expand cold storage facilities by 20% in 2024.

Investment Analysis and Opportunities

The peony market is experiencing a significant influx of investment, particularly in cultivation technology, supply chain infrastructure, and hybrid breeding programs. In 2023, more than USD 110 million was invested globally in commercial peony cultivation projects, including land expansion, cold storage systems, and greenhouse upgrades. Asia-Pacific accounted for over 62% of this capital deployment, with China leading investments through public-private partnerships that supported over 5,500 new hectares of peony farmland. Private equity and agricultural venture funds are increasingly allocating resources to peony production in high-altitude regions, especially in Alaska, Chile, and Tibet. These regions allow off-season harvesting, extending supply into late summer and early autumn. In Alaska, farm owners invested over USD 14 million in advanced irrigation and climate-controlled storage in 2023. The goal is to double export volume by 2026 and enter new markets like Singapore and the UAE, where floral imports have risen by 38% in the past year.

In Europe, institutional investors supported expansion across Dutch and French farms with over USD 21 million in funding, mainly focused on sustainable growing systems. Around 46% of newly funded farms in the Netherlands have shifted to organic certification, boosting appeal in the premium floral segment. These investments aim to meet rising demand from luxury weddings and eco-conscious consumers. Technology-driven innovations are also attracting funding. In 2023, over USD 18 million was invested in developing sensor-based bloom monitoring systems, automated harvesting tools, and logistics tracking for peony shipments. Growers adopting automated grading and sorting systems reported a 23% reduction in labor costs and 19% faster processing times.

New Product Development

The peony market is experiencing a surge in product innovation across cut flower arrangements, skincare, health supplements, and wellness oils. In 2023, over 85 new peony-based products were introduced globally, ranging from high-end cosmetic lines to herbal teas and aromatherapy solutions. The cut flower sector remains at the forefront, with breeders developing 12 new peony cultivars, including heat-resistant varieties like ‘Coral Sunset Supreme’ and longer-lasting types like ‘Super Sarah B.’ These new hybrids offer 20% longer vase life and enhanced stem strength, making them ideal for international shipping and event floral design. In the skincare and beauty segment, more than 27 companies launched new ranges using Paeonia lactiflora root extract, which is clinically shown to reduce skin inflammation by up to 38%. South Korean brands released 14 new facial serums and moisturizers with stabilized peony compounds, while French brands introduced peony-infused facial masks in over 1,200 pharmacies. Japanese brands have patented a water-soluble peony extract that boosts skin hydration by 26% after four weeks of application.

In functional food and nutraceuticals, 2023 saw the launch of 18 new peony-derived health products, including peony root capsules, detox powders, and calming teas. China’s domestic market introduced peony root-based digestive health gummies, generating 2.3 million units in sales within the first six months. Peony petals were also incorporated into gourmet teas, now served in over 1,000 premium cafes across Shanghai, Beijing, and Tokyo. Aromatherapy and wellness brands introduced 9 new peony-scented essential oils, blends, and massage balms in 2023. In Thailand and Indonesia, luxury spas integrated peony oil into over 700 signature treatments, emphasizing its relaxing and rejuvenating properties. These developments resulted in a 34% increase in bulk essential oil purchases by regional spa distributors. The ornamental plant segment also expanded with new bare-root and potted peony varieties tailored for small urban gardens and indoor use. Growers in the Netherlands and Oregon developed compact peony cultivars that grow below 60 cm in height but retain full-sized blooms. Online plant retailers launched bundled kits that include fertilizer, rootstock, and climate guidance, selling over 120,000 units in spring 2023 alone. In total, new product development in the peony market has not only diversified consumer access but also opened doors to adjacent markets—transforming the traditional floral economy into a multi-category wellness and lifestyle sector.

Five Recent Developments

• Heze Peony Lotus Horticulture Launched 8 New Hybrid Varieties (2023): unveiled 8 patented hybrid peony cultivars developed through genomic-assisted breeding. These new varieties offer enhanced bloom size, increased resistance to temperature fluctuations, and 15% longer vase life, and are expected to boost export volumes by 12% in 2024.
• Alaska Perfect Peony Expanded Cold Storage Infrastructure (2024): completed a USD 6.5 million expansion of its climate-controlled storage facility. This upgrade enables the company to extend storage capacity by 30%, supporting an annual yield of over 1 million stems and extending the shipping window into late August for global exports.
• APEONY Partners with Korean Cosmetics Giant for Skincare Line (2023): entered a joint venture with a South Korean cosmetics brand to develop a 9-product skincare range using peony extract sourced from its Sichuan plantations. Initial pilot sales in Seoul and Tokyo exceeded 280,000 units within three months of launch.
• Pivoines Capano Integrates AI Bloom Prediction Tools (2024): implemented an AI-based bloom prediction system in April 2024. The tool uses satellite imagery and soil sensors to predict optimal harvest timing with 92% accuracy, resulting in a 17% increase in timely stem deliveries and reduced spoilage across their 120-hectare farm.
• Shaoyaomiao Launches Dried Petal Exports to EU (2023): began commercial exports of dried peony petals to the EU. The initial batch included 3.6 tons shipped to herbal product distributors in Germany and Austria. Demand surged 28% within the first quarter of 2024, driven by inclusion in herbal tea and natural dye markets.

Report Coverage of Peony Market

The peony market report offers an in-depth analysis of global trends, production volumes, segment performance, regional dynamics, and leading players shaping the industry landscape. Covering data from 2020 to 2024, the report includes detailed market segmentation by type, application, and geography, along with recent innovations, investment flows, and product launches that are reshaping commercial opportunities. In 2023, the global production volume for cut peonies exceeded 92 million stems, while peony roots and extracts accounted for more than 2,800 metric tons in processed output. By type, the report covers Paeonia suffruticosa and Paeonia lactiflora, which together made up over 87% of cultivated varieties. Each type is analyzed in terms of production area, export demand, botanical value, and end-use potential. For instance, Paeonia lactiflora stems dominated cut flower exports with over 62 million stems sold worldwide in 2023, while Paeonia suffruticosa remains vital in traditional herbal formulations, accounting for 75% of root-derived product sales in East Asia. The application-based breakdown covers Domestic, Business, and Others. The Business segment, including floristry, cosmetics, spas, and weddings, made up more than 70% of the total market volume in 2023. The report includes detailed application trends, such as a 27% increase in peony bouquets for wedding events globally and a 34% rise in spa-based treatments using peony oil across Asia-Pacific.

The Domestic segment, meanwhile, reported 5.5 million plant sales to household consumers in the U.S. and Germany alone. Geographically, the report highlights regional contributions and consumption patterns. China leads the supply chain, cultivating over 40,000 hectares of peony fields and exporting to over 25 countries. Europe remains a hub for sustainable cultivation and high-end demand, with the Netherlands exporting 18 million stems and France leading innovation in compact peony cultivars. North America, particularly Alaska, has emerged as a key late-season producer with exports exceeding 780,000 stems in 2023. The report also profiles over 25 leading companies in the market, including detailed evaluations of Heze Peony Lotus Horticulture, Alaska Perfect Peony, APEONY, Pivoines Capano, and others. Analysis includes production capacity, export regions, innovation pipelines, and partnerships. It also highlights five key developments from 2023 to 2024 that impacted competitive dynamics. By offering granular insights and quantified data, the peony market report equips investors, growers, manufacturers, and retailers with actionable intelligence to navigate market shifts, tap into emerging trends, and scale operations effectively.

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