Honey Market Size, Value Demand and Forecast to 2023
Market Overview
Honey is rich in nutritious values and known for its medicinal properties as well. It has high levels of antioxidants that boost the immune system and reduce inflammation. The content of natural sugar in honey makes it an ideal sweetener that can replace table sugar. Moreover, honey is also a great source of nutrients such as glucose, fructose, minerals, pollen, vitamins, and proteins. It serves as a natural antioxidant which is loaded with phenolic acids and flavonoids. These health benefits offered by honey have paved its way in the global market.
Honey is primarily preferred among health-conscious populaces. Consumers are entirely switching to honey as a natural sweetener. Global Honey Market Size has been witnessing an upsurge in terms of gains over the past few years. The popularity of the product and its increasing sales are some of the key driving forces behind the growth of the global honey market. Conversely, factors such as the demand and supply gap of the product are impeding the market growth, challenging the market players. Nevertheless, factors such as increasing number of honey harms are expected to support the growth of the market, meeting the augmenting demand for honey, worldwide.
Competitive Analysis
Highly competitive, the honey market appears to be fragmented characterized by the presence of several small and large-scale companies. Well-established players incorporate strategic initiatives such as partnership, acquisition, collaboration, product launch, and expansion to gain a competitive advantage and to maintain their positions in the market. The market is expected to witness fierce competition due to the expected extensions in products.
Market players are also being innovative while strategizing their marketing campaigns and are adopting the latest trends such as attractive packaging materials. Makers of packaging solutions are also using durable yet ductile, affordable, and sustainable packaging solutions.
Major Players
Key players leading the Global Honey Market Size include Patanjali Ayurved Limited (India), Capilano Honey Ltd. (Australia), Dabur India Ltd. (India), Comvita Ltd. (New Zealand), Bee Maid Honey Ltd. (Canada), Barkman Honey LLC (U.S.), Lamex Food Group Ltd. (U.S.), Beeyond The Hive (U.S.), and Billy Bee Honey Products (Canada) among others.
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Industry/ Innovation/ Related News
March 14, 2019 - Al Najeh Honey Farm (the UAE), a leading honey & bees trading company operating through Egypt, Saudi Arabia and UAE (mostly in the northern emirates) announced that it has successfully delivered 40 tons of live honeybees to Ras Al Khaimah, a city in the UAE. The consignment of honey bees traveled on an Egypt Air Cargo flight from Cairo for the honey farm owners across the UAE. The growing demand for honey and its products has led to import honey bees from Cairo, Egypt.
It is for the first, time, that a maker of this honey-based wine has received a meadery license. Until now mead has been made primarily by those holding a winery or farm winery license. A mead-maker who does not exclusively use New York honey can get that license. Those benefits have helped the ongoing boom in New York’s craft, or small-scale, alcohol business.
Market Segmentation
For ease of understanding, the market is segmented into four key dynamics: -
By Type : Alfalfa, Wildflower, Buckwheat, Acacia, and Clover among others.
By Application: Food & Beverage, Personal Care Products, and Pharmaceuticals among others.
By Packaging: Bottle, Jar, Tube, and Tub among others.
By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.
Regional Analysis
The Asia Pacific region being the largest producer of honey will be retaining its dominance over the global honey market throughout the assessment period. APAC countries such as China, Indonesia, and India backed by the larger production and consumption of the product alongside the rich traditions of herbal medicines, contribute to the growth of the regional market, majorly.
North America honey market is emerging as a promising market, globally which is expected to grow at a moderate CAGR from 2019 -2023. Factors boosting the market growth in the region include high per capita income and the presence of a well-established sports industry among others. Export of honey in the well-developed countries is found to be on the rise at a steady growth rate.
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