According to a report by Verified Market Research, in 2019, the succulent plant market was valued at $3.18 billion in the U.S. and is projected to climb to a staggering $8.57 billion by the year 2027. Furthermore, 2020-2027 is expected at a Compound Annual Growth Rate (CAGR) of 16.8%.
While Millennials are often credited with the growth of the succulent plant market, others aren’t fully aware of the why and the how.
Christopher Enroth does an excellent job of clarifying on the University of Illinois Extension website:
“Perhaps the catalyst for succulent popularity was the Great Recession. Upon entering or attempting to enter the job market during the recession, many millennials struggled to earn a living. They often had to move back in with their parents or with friends. Home décor can be expensive, but succulents are relatively cheap, and the maintenance doesn’t amount to much. Succulents were a great option for emerging young adults to turn a house, apartment, or basement room into a home.”
So, what exactly is a succulent?
They’re plants with thick and fleshy leaves or stems used to store water – which is often how a plant is identified as a succulent, not because of its direct descendants.
While often considered a desert plant, their natural habitat can be found all over the globe in high mountainous areas, rain forests, sea coastlines, and, yes, in drier regions.
Here are six reasons why the succulent plant market continues to thrive – especially among new and younger gardeners:
- Succulents are extremely easy to care for, enduring neglect and little attention.
- Succulents can grow anywhere if there is proper drainage, so the plant doesn’t become oversaturated.
- Succulents are considered a designer’s favorite as they come in beautiful shapes and sizes to fit any décor or style.
- Succulents survive all year long as they are not impacted by the changes in seasonal temperatures and light.
- Succulents are easy to propagate, so one plant can easily be rooted and planted in another container in another room.
- Succulents are affordable (after all, who doesn’t want to save money on costly decorative items?).
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