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.”
Read the complete article at www.hc-companies.com.