The global honey market size was valued at USD 8.17 billion in 2021. The market is expected to grow from USD 8.53 billion in 2022 to USD 12.69 billion by 2029, exhibiting a CAGR of 5.83% 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, 2022-2029.”
Rising Health Concerns Fueled Market Growth
This market was positively impacted during the COVID-19 pandemic due to increasing health concerns. The rapid spike in COVID-19 infections enhanced the demand for products that help consumers fight and prevent the virus. This factor enhanced the consumption of the product. Furthermore, the adoption of online retail helped manufacturers continue their businesses. The adoption of automation, reduced capacities, and sanitization enhanced production activities. Moreover, increasing awareness regarding the immunity-boosting property of the nectar enhanced its adoption. These factors facilitated market growth during the pandemic.
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.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Rising Adoption of the Product for Natural Sweeteners Production to Foster Market Growth
Honey is a healthy alternative to sugar and possesses several healing abilities. It can help patients suffering from sore throats and enhance their immunity. Increasing adoption of the product as a natural sweetener is expected to surge its demand. Further, the increasing adoption of nectar as a sugar alternative by the health-conscious population is expected to surge its demand. Moreover, evolving consumer preferences and rising per-capita income are expected to enhance demand for organic products. Also, increasing adoption of the product for medicinal drug production is expected to boost its sales. These factors may boost the honey market growth.
However, product alterations are likely to hinder market growth.
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.
Companies Devise Novel Product Launches to Elevate Brand Image
The prominent players operating in the market announce novel products to elevate their brand image and increase sales. For example, Tayima Fods launched its organic and raw I’M HONEY in January 2022. The product is available in several flavors and offers high medicinal value. The product was available through online retail outlets such as Amazon. This launch may allow Tayima to enhance its sales and bolster its brand image globally. Further, companies devise mergers, partnerships, expansions, and research & development to bolster 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)