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The artificial plants market is poised to grow to a valuation of US$ 1,019 million in 2023 and is predicted to exhibit a CAGR of 4.5% from 2023 to 2033 and reach US$ 1,582.48 million in 2033.
Over the years, artificial plants have grown in popularity in the commercial sector. They are generally employed as indoor decorations because they practically never need to be maintained. This has increased the commercial sector’s appetite for artificial plants. Moreover, millennials’ need for aesthetically pleasing convenience items and the imitation of rare, difficult-to-maintain exotic plants have significantly boosted sales.
A large portion of the global population is extremely prone to many allergies caused by various plants. This clarifies artificial plants & flowers, which have become the ideal substitute for ornaments. Due to their excellent endurance, artificial plants are also quite popular with consumers, unlike naturally decomposing plants.
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The majority of businesses are focused on creating unique indoor artificial plants that may be used in homes, hotels, offices, and other commercial settings. These businesses’ main priorities are product quality, aesthetics, and likeness to natural plants. To gain an advantage over their rivals in the global market, these businesses also offer affordable pricing for the plants, lovely pots, and stones (accessories).
Players in the global artificial plant market includes-
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Market Restraints:
The strong consumer base for real plants and flowers, considering their health and environmental benefits, can be a big challenge for artificial plants manufacturers across the globe.
COVID-19 Analysis
The COVID-19 epidemic caused a severe economic downturn, with the GDP of many countries in the first half of 2020 falling to a single digit number. The new corona pandemic has caused a global lockdown, forcing consumers to only purchase necessities. The market for artificial plants and other ornamental things in homes and businesses has decreased as a result. As a result, manufacturers are producing new products, adopting new survival tactics, and placing a lot of emphasis on bolstering their global supply chains.
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Global Artificial Plants Market – Segmentation
The global artificial flowers market is segmented on the basis of material type, and application.
Material Type:
Application:
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