The production of potted plants in Canada has shown fluctuations over the years. From 2013 to 2019, the industry experienced periods of growth and decline, with the most significant increase occurring in 2015 (13.09%) and substantial declines in 2013 (-5.72%) and 2014 (-3.98%). In the recent five-year period, 2019 to 2023, the compound annual growth rate (CAGR) was 1.92%. The years 2021 and 2022 saw strong growth rates of 9.91% and 4.79%, respectively, primarily driven by increased consumer interest. However, this growth was followed by a decrease of 7.31% in 2023.
Looking forward, the forecasted CAGR for 2024 to 2028 is 0.76%, indicating modest growth. By 2028, production is expected to rise by 3.88% compared to 2023.
Future trends to watch for include:
- Increasing demand for indoor plants, driven by urbanization and wellness trends.
- Adoption of sustainable and eco-friendly plant production practices.
- Technological advancements in cultivation techniques.
- Potential market fluctuations due to economic conditions and consumer preferences.
