According to Cognitive Market Research, the global Peony market size was USD 515.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 4.00% from 2024 to 2031.
North America held the major market share for 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.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 154.65 million.
Asia Pacific held a 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.
Latin America had a market share of more than 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.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at 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 Medicinal Products category is the fastest growing segment of the Peony industry
