The Potential of Luxury Agricultural Products as a Niche Market for Rural Economic Development: A Delphi Technique Application

A fundamental driver for nations to realize growth and prosperity is economic development. Growing luxury crops, such as rare flowers, may present unique opportunities for rural environments. Nevertheless, before starting such ventures, consideration of some variables is needed. The following research sought to determine the potential luxury crops hold when grown in rural areas. Expert producers served as panelists during three rounds of data collection. We developed a questionnaire using three questions, that is, plant products, an assessment based on SWOT analysis, and requirements to achieve competitive advantages. After the corresponding analysis, the participants reached a consensus on three classifications of plant products suitable to grow by entrepreneurs; 59 items emerged from the SWOT analysis, and 17 additional objects were associated with attaining competitive advantages. It was established that opportunities for successfully growing luxury products to achieve economic development exist. However, the improvement of regional human capital is needed to exploit such opportunities.