Peony Market Report 2025 (Global Edition)

Global Peony Market Report 2024 Market Size Split by Type (Paeonia Lactiflora, Paeonia Radix, Paeonia Suffruticosa), by Usage (Medicinal Products, Ornaments), by Application (Domestic Field, Business ...

Peony Market Report Description

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Peony Market Insights Video

Competitive Landscape of the Peony Market

The peony market's competitive landscape is marked by a combination of traditional growers, modern e-commerce players, and innovative hybrid breeders, with a focus on quality, sustainability, and meeting the demands of floral design and events. The rise of e-commerce in the flower industry has brought about increased competition from online platforms that offer peonies as part of their flower arrangements, including for weddings and special events. Online flower delivery services are gaining popularity, especially in urban areas.

Top Companies Market Share in Peony Industry: (In no particular order of Rank)

• Castle Hayne Farms
• Pivoines Capano
• Glaciers Farm
• Kennicott
• Joslyn Peonies
• Spring Hill Peony Farm
• Meadowburn Farm
• Alaska Perfect Peony
• Echo Lake Farm
• Maple Ridge Peony Farm
• Adelman Peony Gardens
• Arcieri's Peonies
• Warmerdam Paeonia
• Third Branch Flower
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Peony Market

Which Region Dominates the Peony Market in 2024?

According to Cognitive Market Research, North America currently dominates the Peony market, and the region is expected to have significant growth during the projected period. The increased demand for attractive flowers, particularly in the wedding and events sector, is likely to fuel the growth of the peony market in North America. The growth of online flower sales and home gardening will also help to expand the market. To maintain a steady supply and competitiveness in the market, local producers and distributors will need to strategically adapt to issues including seasonality, climate sensitivity, and import competition.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Peonies are regarded as emblems of wealth, honor, and good fortune in many Asian civilizations, particularly in China and Japan. Peonies are known as the "king of flowers" and have long been connected to riches and monarchy in China. Demand for peony at festivals, holidays, and special occasions is driven by this cultural devotion.

The current report Scope analyzes Peony Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Peony

According to Cognitive Market Research, the global Peony market size was estimated at USD 515.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 206.20 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Peony market with a market size of USD 162.69 million in 2024 and is projected to grow at a CAGR of 2.0% during the forecast period. The U.S. market's growth is driven by increasing collaboration.
• The Canada Peony market had a market share of USD 24.74 million in 2024 and is projected to grow at a CAGR of 3.0% during the forecast period. Canada’s rising investment.
• The Mexico Peony market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 18.76 million in 2024.

Europe Peony

According to Cognitive Market Research, the global Peony market size was estimated at USD 515.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 154.65 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.5% from 2024 to 2031.

• The United Kingdom Peony market had a market share of USD 25.98 million in 2024 and is projected to grow at a CAGR of 3.3% during the forecast period. In the UK, Peony sales witnessed an upswing due to the increasing awareness regarding herbal products.
• The France Peony market is projected to witness growth at a CAGR of 1.7% during the forecast period, with a market size of USD 14.23 million in 2024.
• According to Cognitive Market Research, the German Peony market size was valued at USD 30.62 million in 2024 and is projected to grow at a CAGR of 2.7% during the forecast period. In Germany, Peony surged due to the presence of major market players.
• The Italy Peony market is projected to witness growth at a CAGR of 1.9% during the forecast period, with a market size of USD 13.30 million in 2024.
• The Russia Peony market is projected to witness growth at a CAGR of 1.5% during the forecast period, with a market size of USD 23.97 million in 2024.
• The Spain Peony market is projected to witness growth at a CAGR of 1.6% during the forecast period with a market size of USD 12.68 million in 2024
• The Luxembourg Peony market is projected to witness growth at a CAGR of 2.6% during the forecast period, with a market size of USD 4.79 million in 2024.
• The Portugal Peony market is projected to witness growth at a CAGR of 2.3% during the forecast period, with a market size of USD 3.25 million in 2024.
• The Greece Peony market is projected to witness growth at a CAGR of 2.8% during the forecast period, with a market size of USD 1.86 million in 2024.
• The Rest of Europe's Peony market is projected to witness growth at a CAGR of 1.2% during the forecast period, with a market size of USD 23.97 million in 2024.

Asia Pacific Peony

According to Cognitive Market Research, the global Peony market size was estimated at USD 515.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 118.57 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Peony market size was valued at USD 53.35 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. Peony surged in China due to its cultural significance.
• The Japan Peony market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 16.36 million in 2024.
• The India Peony market had a market share of USD 14.23 million in 2024 and is projected to grow at a CAGR of 7.8% during the forecast period. India's rising urbanization.
• The South Korean Peony market is projected to witness growth at a CAGR of 5.1% during the forecast period, with a market size of USD 11.86 million in 2024.
• The Australian Peony market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 6.17 million in 2024.
• The South East Asia Peony market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 8.18 million in 2024.
• The Rest of the Asia Pacific Peony market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 8.42 million in 2024.

South America Peony

According to Cognitive Market Research, the global Peony market size was estimated at USD 515.5 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 25.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Peony market size was valued at USD 11.03 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. Peony flourished in Brazil due to increasing awareness regarding their medicinal properties.
• Argentina's Peony market had a market share of USD 4.33 million in 2024 and is projected to grow at a CAGR of 4.3% during the forecast period. Argentina's rising ornamental demand.
• Colombia Peony market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 2.29 million in 2024.
• Peru Peony market is projected to witness growth at a CAGR of 3.6% during the forecast period, with a market size of USD 2.11 million in 2024.
• Chile Peony market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 1.86 million in 2024.
• The Rest of Latin America's Peony market is projected to witness growth at a CAGR of 2.5% during the forecast period, with a market size of USD 4.15 million in 2024.

Middle East and Africa Peony

According to Cognitive Market Research, the global Peony market size was estimated at USD 515.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 10.31 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031..

• The GCC Countries Peony market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 4.41 million in 2024. Peony sales flourish due to the presence of major market players.
• The Egypt Peony market is projected to witness growth at a CAGR of 4.0% during the forecast period, with a market size of USD 1.08 million in 2024.
• The South Africa Peony market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 1.63 million in 2024. The market sales flourished in South Africa due to increasing demand and regulatory support.
• The Turkey Peony market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 0.89 million in 2024.
• The Nigeria Peony market is projected to witness growth at a CAGR of 2.8% during the forecast period, with a market size of USD 1.08 million in 2024.
• The Rest of the MEA Peony market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 1.22 million in 2024.

Peony Market Analysis

Peony Market Type Segment Analysis

According to Cognitive Market Research, the Paeonia Lactiflora segment is likely to dominate the Peony Market over the forecast period. Large, fragrant blooms that are used in gardens, landscapes, and floral arrangements are the reason Paeonia lactiflora is so commonly cultivated. Its appeal in interior décor, weddings, and celebrations has greatly boosted the peony market's revenue growth. Demand has also increased as decorative gardening and landscaping are becoming more and more popular, particularly in industrialized nations like North America and Europe.

The Paeonia Radix segment is the fastest-growing segment in the Peony Market. An essential part of TCM, paeonia radix is used to treat a wide range of ailments, including inflammation, menstruation problems, blood circulation problems, and discomfort. The demand for Paeonia Radix is being driven by the growing use of TCM in nations like China, Japan, and other parts of Asia Pacific. TCM and associated herbal medicines are becoming more and more popular in Asia and around the world as customers look for natural alternatives to pharmaceutical products. This is driving up revenue in the peony industry.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Peony Industry. Request a Free Sample PDF!

Peony Market Usage Segment Analysis

According to Cognitive Market Research, the Medicinal Products segment holds the largest share of the market. The demand for Paeonia Radix has increased worldwide due to the movement in healthcare toward natural and herbal medicines. Peony root extract is used to treat a range of illnesses in teas, supplements, and other pharmaceutical preparations. Demand for herbal medicines is surging globally as a result of a greater understanding of traditional cures, fewer adverse effects associated with synthetic pharmaceuticals, and the perceived benefits of natural goods.

In the Peony Market, the Ornaments segment has been expanding at a rapid pace. For usage in gardens, landscapes, and floral arrangements, Paeonia lactiflora is a commonly grown plant known for its big, fragrant blossoms. The growing income in the peony industry can be attributed in large part to its popularity in interior décor, weddings, and celebrations. Attractive landscaping and gardening are becoming more and more popular, especially in developed areas.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Peony Application Segment Analysis

Peony Market Application Segment Analysis

According to Cognitive Market Research, the Domestic Field segment holds the largest market share. The availability of different products under one roof drives the market growth. The peony market in the domestic field—which typically refers to the local cultivation and sale of peonies within a country or region—is growing steadily, driven by both ornamental and medicinal uses. In the domestic field, peonies are primarily grown for fresh-cut flowers, landscaping, festivals, and the production of Paeonia Radix (peony root) for traditional medicines. The dynamics of this market are influenced by factors such as local demand, climate conditions, government support, and the cultural significance of peonies.

In the Peony market, the rapidly growing sector is the Business Field category. Peonies are popular in the fresh-cut flower market because of their aesthetic appeal, which is highly prized in the commercial floriculture business. The demand from florists, wedding planners, and event organizers for peonies for ornamental usage is driving a burgeoning industry in peony cultivation and sales.

• Domestic Field
• Business Field

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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