Market Overview
The global honey market size was valued at USD 8.94 billion in 2023 and is projected to grow from USD 9.40 billion in 2024 to USD 15.59 billion by 2032, exhibiting a CAGR of 6.52% during the forecast period.
Rising demand for organic and healthy alternatives to sugar to propel market growth. Fortune Business Insights™ provides this information in its report titled “Honey Market, 2024-2032.”
Segments
Buckwheat Segment to Dominate Attributable to High Nutritional Value
By type, the market is segmented into alfalfa, buckwheat, wildflower, clover, acacia, and others. The buckwheat segment is expected to dominate due to its high nutritional value.
Food & Beverage Segment to Dominate Attributable to its Increasing Applications
Based on application, the market is classified into food & beverages, personal care & cosmetics, pharmaceuticals, and others. The food & beverage segment is expected to dominate due to its increasing applications.
Bottle Segment to Lead Owing to Easy Transportation
By packaging, the market is categorized into glass jar, bottle, tub, tube, and others. The bottle segment is expected to lead the market due to its easy transportation.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Source: https://www.fortunebusinessinsights.com/industry-reports/honey-market-100551
Report Coverage
The report offers an in-depth analysis of the leading segments and current market trends. It thoroughly explores the factors driving and restraining the market, as well as the impact of COVID-19. Furthermore, it reviews regional developments and the strategies implemented by key market players.
Drivers and Restraints
Rising Adoption of the Product for Natural Sweeteners Production to Foster Market Growth
Honey is a healthy alternative to sugar with several healing properties. It can soothe sore throats and boost immunity. The growing use of honey as a natural sweetener is expected to increase its demand. Additionally, health-conscious consumers are increasingly adopting honey as a sugar substitute, further driving its popularity. Evolving consumer preferences and rising per-capita income are expected to enhance demand for organic products. Moreover, the use of honey in medicinal drug production is anticipated to boost its sales. These factors are likely to contribute to the growth of the honey market.
However, product alterations are likely to hinder market growth.
Regional Insights
Rising Production of Nectar to Propel Market Growth in Asia Pacific
Asia Pacific is expected to dominate the honey market share due to its extensive production. The market in Asia Pacific stood at USD 2.86 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, increasing government investments in beekeeping are likely to boost market growth. For example, the Indian Government allocated nearly USD 68 million toward beekeeping under the Atma Nirbhar Bharat initiative in May 2020.
In Europe, increasing awareness regarding the product’s health benefits is expected to bolster its adoption. Further, evolving consumer preferences and rising consumption of organic products may foster market growth.
In North America, the increasing number of beekeepers in Canada and the U.S. is expected to fuel the product demand. Furthermore, the strong demand for organic products enhanced industry growth.
Competitive Landscape
Companies Devise Novel Product Launches to Elevate Brand Image
Leading market players are introducing new products to enhance their brand image and boost sales. For instance, Tayima Foods launched its organic and raw I'M HONEY in January 2022. This product, available in various flavors and offering high medicinal value, is sold through online retailers like Amazon. This launch is expected to increase Tayima's sales and strengthen its global brand presence. Additionally, companies are pursuing mergers, partnerships, expansions, and research and development initiatives to drive market growth.
Key Industry Development
January 2022: Sweet Harvest Foods Inc. completed the acquisition of McKinney-based Nature Nate’s Honey Co. to offer raw and organic nectar to consumers worldwide.
List of Key Companies Profiled in the Report:
Bee Maid Honey Limited (Canada)
Comvita Limited (New Zealand)
Capilano Honey Ltd. (Australia)
Dabur India Ltd. (India)
Billy Bee Honey Products (Canada)
New Zealand Honey Co. (New Zealand)
Barkman Honey LLC (U.S.)
Yamada Bee Company (Japan)
Dutch Gold Honey Inc. (U.S.)
Golden Acres Honey (Canada)