The global Peony Market was valued at $475.1m in 2020, which is expected to reach $597.8m by the end of 2026, growing at a CAGR of 3.3% between 2021 to 2026.
The demand for peonies has exploded by almost 100% according to Tesco’s in the last three years.
Due to the cold and rainy spring this has boosted the quality of crops in the UK, which have been grown here for some 50-years.
Tesco said that 15-years ago the commercial production of peonies started which is exploding due to the popularity of the flowers over the past three years particularly.
The flower is now popular at weddings which were at the Duke and Duchess of Sussex’s wedding in 2018.
The main grower of peonies for Tesco is Bury Lane flower farm based in Royston which borders Cambridgeshire and Hertfordshire.
Will Clayton, managing director of Bury Lane flower farm said, “Peonies generally need a cold winter frost and chilly spring start which helps them recover from the previous year followed by lots of warmth to bring on growth.
“Over the last few years we’ve had very mild winters so this year it’s been pretty much perfect growing conditions for peonies.
“As a result of the cold and rainy start to spring the season is about three weeks behind so unusually the UK crop should be around until early July.”
Tesco flowers buyer Georgina Reid said, “The emergence of the peony as a gifting flower has been nothing short of spectacular over the last few years and the word we’re hearing from growers is that this year’s crop will be great quality.
“The UK peony season is very short compared with other gifting flowers, lasting just over a month, so when they are in season they are extremely popular.”
Peonies which are a spring flower last from May to June and are imported from France and Italy before the UK market starts.