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. Honey possesses antibacterial and antiseptic properties. Additionally, it is a natural and healthier alternative to artificial sweeteners. Fortune Business Insights™ has presented this information in an upcoming report titled, “Honey Market, 2024-2032”. The market size stood at USD 7.19 billion in 2019.
According to the report, honey is gaining immense popularity due to several reasons. For instance, the proven health benefits of honey’s consumption are anticipated to flourish the market in the forthcoming years. Due to the pandemic, the demand for immunity enhancing products like honey is on the rise and is expected to significantly drive the market growth in the forecast period.
Segmentation-
On the basis of its type, the market fragments into buckwheat, clover, alfalfa, wildflower, alacia, etc. On the basis of its application, the market segments into personal care & cosmetics, pharmaceuticals, food & beverages, etc. On the basis of its packaging, the market divides into tubes, bottles, tubs, glass jars, etc. Geographically, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage-
The report showcases quantitative and qualitative insights into the prospected market. The report encompasses the effects of the COVID-19 pandemic on the market, PESTLE Analysis, and Porters’ Five Forces Analysis for an unerring prediction of the prospected market. The report compiles all the mandatory segments that fall under the global honey market. The report is developed using bottom-up and top-down approaches for an exhaustive study of the market. The report presents information gathered through interviews with multiple stakeholders at regional, country, and global levels. The report also highlights the competitive landscape of the market, including the information on rankings of key players, key market trends, recent industry developments, mergers & acquisitions, etc.
Source: https://www.fortunebusinessinsights.com/industry-reports/honey-market-100551
Drivers & Restraints-
Rising Health Consciousness & Demand for Immunity-Boosting Products to Drive Market
Consumption of artificial sweeteners and sugar can cause health damage. Whereas honey is a natural sweetener and possesses medicinal benefits on its consumption. The antibacterial, antiviral, and anti-fungal properties of honey, along with the long shelf-life and low cost, are some key factors that are positively driving the market growth. Honey is also utilized by the pharmaceutical industry for the manufacturing of liquid dietary supplements and cough syrups due to its anti-inflammatory properties. It is helpful in treating throat infection and acute cough detected in corona-infected patients. Honey is an excellent natural immunity booster and is experiencing a surge in demand during the pandemic. The National Institute for Health and Care Excellence (NICE) and the Public Health England (PHE) guidelines recommend honey has played a pivotal role as a primary method for treating respiratory tract infection observed amongst COVID-19 patients. The rising health consciousness and the growing inclination towards a healthy lifestyle are expected to augment the market growth along with the aforementioned factors.
However, honey adulteration and the presence of substitutes like maple syrup and stevia are expected to restrain the market growth.
Regional Insights-
Asia Pacific to Hold the Lion’s Share
Countries like India, China, Australia, etc., are experiencing a surge in the production and consumption of honey. Rising government investments in countries like India are expected to propel the market growth significantly. Most recently, under the Atmanirbhar Abhiyan, the Government of India allocated nearly USD 68 million in May 2020 for beekeeping. Additionally, China is amongst the leading exporters and producers of natural honey across the globe. These factors are expected to help the Asia Pacific register the highest revenue in the global honey market share.The increasing consciousness regarding honey’s health benefits is expected to help Europe hold the second position in market growth.The escalating number of apiarists in Canada and U.S. are expected to positively influence the market growth in North America.
The rising personal disposable income and increasing population are surging the demand in countries like South Africa, Saudi Arabia, etc. This is expected to help the Middle East &Africa witness considerable growth in the forthcoming years.
Competitive Landscape-
Product Innovation, New Launches, Expansions to Amplify Market Growth
The honey market is fairly fragmented, with various competitors operating at the regional and global levels. To keep ahead of the competition, these players are focusing a variety of techniques such as distribution or sales channel expansion, base expansion, and so on. With the shifting consumer preference for a healthier lifestyle, various chances for innovation and growth are projected to emerge during the projection period. For example, in July 2019, Manuka launched a vitamin supplement line called Manuka Plus, sparking innovation in the natural sweet liquid market.
Industry Developments-
September 2020: Comvita launched their first multi-floral MGO-certified Manuka Honey. The launch will help the company fulfill the demand for flavorful and healthy natural sweetening products.
June 2020: Capilano Honey Limited launched a low GI (Glycemic Index) for consumers on low GI diets. The new low GI Honey will also cater to people intending to reduce their sugar consumption.
Key Players in the Global Honey Market:
Billy Bee Honey Products (Ontario, Canada)
New Zealand Honey Co. (Washdyke, New Zealand)
Bee Maid Honey Limited (Manitoba, Canada)
Comvita Limited (Te Puke, New Zealand)
Dabur India Ltd. (Uttar Pradesh, India)
Barkman Honey LLC (Kansas, United States)
Yamada Bee Company (Tokyo, Japan)
Dutch Gold Honey Inc. (Pennsylvania, U.S.)
Golden Acres Honey (Canada)