Honey Market

The global Honey Market was valued at USD 8.9 Billion in 2022 and is projected to reach a value of USD 12.6 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.1% over the forecast period.

Premium Insights

Honey is a sweet and viscous substance procured by several bees. Honey is made and stored to nourish bee colonies. Bees produce Honey by gathering and then refining the sugary secretions of plants or the sections of other insects. The global Honey market is expected to grow significantly during the forecast period owing to Honey being an excellent source of numerous nutritional ingredients, including vitamins, minerals, components, and antioxidants. Rising demand for nutritious food products combined with increasing awareness towards healthier food products will increase the footprint of the global Honey market. Also, growing health concerns in the wake of COVID-19 contribute a higher value for the Honey market as sales skyrocketed. The product is receiving increased appreciation and broader acceptance due to its highly effective medicinal properties and curing of throat infections in corona-infection patients.

Rising utilization of Honey in beverages, processed foods, jams, and jellies is increasingly used as an ingredient within health and beauty products. Easy availability of a wide range of products combined with the product's ability to impart a desirable taste in food and other beverages will raise demand for the global Honey market. Honey further combines numerous medicinal properties, such as the ability to boost metabolic activity, control blood pressure, lower the risk of diabetes, and even treat burn wounds in some cases. Prominent manufacturers are coming up with innovative strategies for engaging with consumers. For instance, in July 2022, Dabur announced launching Honey-infused syrups, a new line of syrups and spreads segment. The product has no added sugar and is a healthier version of the classic strawberry and sugar chocolate Honey products available in the market.

Increasing health consciousness among global consumers is motivating the inclusion of natural sweeteners within their diets. Additionally, studies point out that consumers are excluding white sugar from their staple dishes. Prominent manufacturers are spending heavily within their research and development departments to create products that have a more significant shelf life. Also, products are being priced in a modest range. Honey also contains a wide range of minerals, amino acids, enzymes, and other nutritional substances. It also has potential therapeutic effects, increasing its popularity in the pharmaceutical industry. It is being utilized heavily in cough drops and its ability to act as a demulcent. This is a significant factor driving the sales of Honey product during the forecast period.

‹›

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

• Real-Time Data Updates:
• Competitor Benchmarking
• Market Trends Heatmap
• Custom Research Queries
• Market Sentiment Analysis
• Demographic and Geographic Insights

Book Demo

Get Access Now

Economic Insights

According to the World Bank, there is a possibility of a global recession in 2023 since central banks everywhere are raising interest rates due to inflation. In contrast, foremost bank investors will increase rates for the world's monetary policy to about 4% in 2023, a rise of more than 2% from the average rate in 2021. Russian trade, which accounts for 30% of world trade, is impacted by their invasion of Ukraine. The war is also expected to impact the menstrual cup market because the cost of raw materials is increasing due to the conflict. The battle has caused fuel prices to rise, including oil and gas, which impacts how things are made. Raw material shortages and rising costs are affecting several chemical production businesses.

Top Market Trends

1. Rising Demand for Organic Products: The demand for organic products is increasing exceedingly during the forecast period, especially in the developed markets of Europe, the United States, and Japan. Higher profits and a higher demand for environmentally friendly and health-conscious products drive immense growth. Organic Honey is being utilized in innovative health drinks and other supplements. For instance, in September 2021, a Singapore-based firm announced that they were launching a Honey, Exir. The product is marketed as a health supplement and has no cholesterol. Rising support for organic Honey from various associations, such as the National Beekeepers Association and the National Organic Value Chain Association, is expected to drive the growth of the global Honey market during the forecast period.

2. Increasing Utilization in Drug Product: Honey contains various minerals and enzymes, making it incredibly valuable in producing multiple drugs. Additionally, Honey is one of the significant products in Ayurveda, a natural system of medicine followed in India. Honey has been used for treating various health conditions, including indigestion, sore throat, insomnia, and other skin-related problems. During the COVID-19 pandemic, the Ayurveda medical system has gained global popularity due to its effectiveness and low side effects.

3. Imparting Flavour and Valuable By-Product: The potential of Honey for imparting a pleasant flavor to food and beverage products is driving the growth of the global Honey market. Moreover, easy accessibility of the product and improving shelf life boost incremental growth demand. Beeswax is a by-product that occurs during Honey production. They are heavily utilized in aromatherapy, cosmetics, skincare products, wood finishes, and waterproofing products. This increased utilization of beeswax is expected to add value to the global Honey market.

Market Segmentation

The global Honey market can be categorized on the following: Processing, Distribution Channel, and Region. Based on Processing, the market can be segmented into Organic and Conventional. Furthermore, based on Distribution Channel, the market can be further segmented into Hypermarkets & Supermarkets, Convenience Stores, Online, and Other Channels. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Processing

Conventional Segment to Account for the Largest Market Share Owing to a Wider Availability

The global Honey market is expected to be dominated by the conventional source of processing methods. Factors such as wider availability of this method combined with new flavors with exotic add-ons being introduced in the traditional way of processing are increasing the footprint of the segment. Additionally, substituting plant-based sweeteners for natural Honey sweeteners is expected to drive growth for conventional processing. Growing population on a global scale and rising number of people moving towards Honey sweeteners are expected to prove extremely valuable for the segmental value to grow, thereby fuelling Honey sales. Organic processing is likely to grow with the fastest-growing CAGR during the forecast period owing to the inclining focus of prominent manufacturers toward organic processing.

Based on Distribution Channel

Hypermarkets & Supermarkets to Lead Market Owing to Rising Product Visibility & a Wider Consumer Base

Hypermarkets and supermarkets are expected to occupy the largest market share during the forecast period owing to rising product visibility in the retail space. Additionally, hypermarkets and supermarkets attract a broader consumer base. Studies have indicated that consumers must physically verify these products before buying, which increases the prospect of growing sales. Most consumers rely on physical stores for many factors, such as product availability, return, and exchange options, and numerous payment methods are expected to add to the segmental value. Online retail is expected to grow with the fastest growing CAGR during the forecast period owing to higher levels of convenience, rising product viability, and at-home delivery features.

Based on Region

Europe to Hold Largest Market Share Owing to Rapidly Improving Economy and Rising Disposable Income

The global Honey market is expected to be dominated by the European region in terms of revenue and share. Factors such as a rapidly improving economy, rising disposable income, and enhancing urbanization are expected to add value to the European Honey market during the forecast period. Additionally, changing lifestyles among the general population combined with well-established players in the region are further expected to increase the market's footprint. Rising awareness among consumers regarding the product's health benefits across European countries is expected to drive the market's growth. Increased focus on manufacturing and production capabilities is further expected to add value to the region during the forecast period.

The Asia Pacific is expected to grow with the fastest growing CAGR during the forecast period owing to rising consumer inclination towards consuming healthy and tasty eating habits. Additionally, the rising focus of international players on the region is expected to increase demand for the Asia Pacific Honey market.

Competitive Landscape

The presence of well-established products characterizes the global Honey market. Additionally, the industry is also ripe with a handful of several medium players. Prominent leaders focus on product differentiation by targeting premium consumers within the market space. Product differentiation is often established on the varieties of Honey, consumer, and numerous application areas. Players focus on launching new products by expanding their sales or distribution channels.

The key players in the global Honey market include - Beeyond the Hive (U.S.), Barkman Honey LLC (U.S.), Dabur India Ltd (India), Capilano Honey Ltd (India), Streamland Biological Technology Ltd (New Zealand), Oha Honey LP (New Zealand), Billy Bee Honey Products (Canada), Dutch Gold Honey Inc. (U.S.) among others.

Recent Market Developments

· September 2021: Amul announced they were launching a new product developed by Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF) along with the National Bee Board. With this step, the Indian Government is promoting bee-keeping among small-scale farmers.

· July 2021: Dabur announced that they were entering the syrups and spreads segments by launching the "Dabur Honey Tasties." The new product is thrown into two flavors – Strawberry & Chocolate.

· May 2021: Conscious Foods, a pioneer of organic food products in India, announced that they were launching a new product, a raw, unprocessed Himalayan multiflora Honey. This completely unfiltered and unpasteurized product will retain the immense natural benefits of Honey.

· May 2021: Comvita announced that they were launching their limited-edition Special Reserve UMF 25+ (MGO 1200+) Manuka Honey. It is estimated to be the world's rarest Honey for creating a product that can help its consumers connect with a natural source.

· December 2021: Comvita announced that they were investing USD 1.3 million for a clinical trial program that the High-Value Nutrition supported (HVN) Ko Nga Kai Whai Painga National Science Challenge for understanding the effects of the Manuka Honey. The study was conducted to check the viability of the Honey on digestive health.

Segmentation of the Global Honey Market