Global Honey Market Report Analysis, Ongoing Trends, Growth Factors, Negative Factors, Opportunities, Untapped Markets, Strategies and Developments, Product Segments, and Forecast: 2019 – 2028
Honey Market Product Overview:
“The global Honey market size is expected to be worth around US$ 234.5 million by 2021 from US$ 141.2 million in 2031, growing at a CAGR of 5.19% during the forecast period 2021 to 2031.”
Honey starts as sugary juice known as flower nectar which is collected by bees and broken down into the simple forms of sugars while stored in a perfectly designed honeycomb, creating a naturally sweet liquid.
Honey has anti-fungal, anti-bacterial, and anti-oxidant properties, hence, it has the ability to fight against infections, prevent acid reflux, heal wounds and burns, and relieve minor cold and cough symptoms.
Honey, as a natural sweetener, has high nutrient value including some vitamins such as ascorbic acid, niacin, riboflavin, and pantothenic acid. In addition, it contains minerals such as copper, magnesium, calcium, iron, manganese, potassium, phosphorus, and zinc.
Honey Market Drivers:
Rising awareness regarding the benefits of honey consumption, and increasing preference for healthier alternative sweeteners in the food & beverage sector, especially in developing economies, are some of the major factors expected to drive the growth of the global honey market.
Changing consumption patterns, and high spending capacity on superfoods or healthy foods by individuals in developed and developing countries are other major factors expected to support revenue growth of the global honey market in the upcoming years.
In addition, increasing demand for honey as an ingredient in the personal care products industry for manufacturing lotions, creams, balms, etc. is expected to fuel the growth of the global honey market.
Moreover, the increasing prevalence of diseases and disorders due to the consumption of artificial sweeteners such as obesity, high cholesterol levels, mood swings, diabetes, cardiovascular diseases, etc. is expected to result in higher adoption of honey, thereby driving revenue growth of the target market.
However, the availability of adulterated honey and consumption of toxic honey may cause botulism and other health disorders, which may lead to low adoption of honey and restrain the growth of the global honey market to a certain extent.
Moreover, various small businesses in developing countries provide honey from their own honey farms and some individual businessmen collect honey from beehives situated on a tree in the park or other public places and offer pure honey to consumers. This may affect the global honey industry and challenge the revenue growth of the market.
Honey Market Trends and Opportunities:
The key trend observed in the market is the usage of honey in the pharmaceutical industry and this trend is expected to continue to gain traction and offer business opportunities to major players in the global market.
Drugs produced using honey contain wound healing properties, and Methylglyoxal and Hydrogen peroxide content in the honey-based drugs have antibiotic properties, thereby making honey apt for the production of medicines.
Honey Market Segment Analysis:
By Type: -
Among the type segments, the date honey segment is expected to account for a major share in terms of revenue contribution in the global market, owing to its high nutrient value. The acacia honey segment is projected to register substantial revenue growth over the next few years, as the sucrose levels in acacia honey are lower as compared to other options.
By Application: -
Among the application segments, the food & beverage segment is expected to dominate in the global honey market and continue with its dominance over the forecast period.
Increasing demand for natural sweeteners over artificial ones and the well-known health benefits of honey are factors that are expected to drive the growth of the segment over the next few years.
Honey Market Region Analysis:
The North American honey market is expected to account for a major share in terms of revenue and is projected to maintain its dominance over the forecast period.
The increasing prevalence of diabetes, high blood pressure, cholesterol, and other artificial sweetener-related diseases in countries in the region is one of the major factors for shifting preference toward natural sweeteners such as honey by individuals.
The rapidly growing personal care products industry in the region, coupled with the increasing adoption of honey for manufacturing personal care products owing to its properties that help smoothen skin, reduce burn marks, etc. is another factor projected to drive the growth of the North America honey market.
The Asia Pacific honey market is projected to register a significant growth rate owing to the presence of honey bee farms and a large number of companies manufacturing honey.
Traditionally, honey is being used for infants in countries such as India, as it improves the overall health of the newborn baby. This is a major factor for the high consumption of honey in the Indian market, thereby supporting the growth of the Asia Pacific market.
Competitive Analysis by Key players:
The presence of a large number of companies across the various countries and regional markets has resulted in robust competition, due to which, it is important to follow protocol and standards and monitor the production process to ensure quality products offered to the consumers.
This needs to be followed in order to sustain in the market and expand their base of loyal customers.
Global Honey Market Segmentation:
Segmentation by Type:
- Flower Honey
- Date Honey
- Linden Honey
- Acacia Honey
Segmentation by Application:
- Food & Beverage
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Dabur India Limited
- Capilano Honey Limited
- Comvita Limited
- Barkman Honey
- Bee Maid Honey
- Lamex Food Group
- Billy Bee Honey Products Company
- Beeyond The Hive
- Watson & Son Limited
- Hi Tech Natural Products
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