White sea flower has become a $20 billion market in Russia
WHITE SEA FOREST, Russia—White sea flowers are making a big comeback in Russia, with more than $20bn in sales last year, according to data from the Russian market research company Sibneft.
White sea flowers, which can be used as perfume, have become a major business in the country after years of falling prices.
Russian flower sales are expected to reach $25bn this year, Sibnestft said in a report published Wednesday.
The country’s flower market, which has been growing steadily since 2010, was already up 20% in the first half of this year compared to a year earlier.
The Russian flower industry, which includes nearly 20,000 flower-processing plants, is now worth $11bn, according, according Sibnaft.
It is also up 18% from a year ago.
Russia has been hit hard by the collapse in oil prices and the economic crisis in the Middle East.
It has been the world’s top flower market since the late 1990s, and rose to $20.6bn in 2011.
The country has a huge potential in the market.
Russia produces nearly half of the worlds flowers, including blue and yellow roses, lilies, tulips, hibiscus, rosemary and mint, as well as roses, kumquats, tulip bulbs and tulip blossom.
But the flower market is not growing as quickly as expected, especially in Western Russia, where many families do not have the money to purchase the flowers.
Russia’s flower-producing areas, including Crimea, the Black Sea and the Caucasus, have also suffered from poor weather conditions and lack of natural resources.
In April, Russia’s parliament passed a bill to allow the state to regulate the sale of white sea flowers.
The bill will be put to a vote next month.