The floral industry is one of the major industries in many developing and underdeveloped countries. Floriculture as an industry began in the late 19th century in England, where flowers were grown on a large scale on the vast estates. The present day floral industry is a dynamic, global, fast-growing industry, which has achieved significant growth rates during the past few decades. In the 1950s, the global flower trade was less than US$3 billion. By 1994, it had grown to US$100 billion. In recent years, the floral industry has grown six percent annually, while the global trade volume in 2003 was US$101.84 billion.