Market Research Future (MRFR) assessed the Honey Market 2020 thorough the review period till 2023. By 2023, the honey market can rise at decent pace to acquire considerable market value. The rise in popularity of honey as a fitness promoting agent is expected to underpin the growth of the honey market through the review period. The rise in the adoption of honey as natural sweetener is responsible for the rapid replacement of table sugar with honey. Honey is reputed for its healing property due to the presence of nutrients, such as carbohydrates, nitrogenous substances, and other minerals. Thus, the increase in medicinal application of honey can favor the expansion of the Honey Industry. In addition, the expansion of consumer base for honey as ayurvedic medicine can improve the momentum of the market rise. The rise in people with high health consciousness, increase in cases of obesity among other chronic diseases, and high inclination towards sweet cuisines are other potential growth indicators for the honey market across the evaluation period.
Billy Bee Honey Products (Canada), Comvita Ltd. (New Zealand), Capilano Honey Ltd. (Australia), Dabur India Ltd. (India), Bee Maid Honey Ltd. (Canada), LAMEX Food Group Ltd. (U.S.), BARKMAN Honey LLC (U.S.), and BEEYOND The Hive (U.S.) are some key players that functioning in the Global Honey Industry, listed by MRFR.
The segment analysis of the global Honey Industry can be segmented by application, type, and packaging.
The type-based segment of the honey market are wildflower, alfalfa, acacia, buckwheat, and clover honey among others. The wildflower honey segment can secure the maximum share of the global market that can rise at 7.35% CAGR through the forecast period.
Trends among several other growth dynamics are studied for the regional progress of Honey Industry across EU, APAC, MEA, North America, and the Rest of the world. The Asia Pacific region can thrive as the largest honey market through the review period. The high popularity of honey as a medicinal agent, especially in the pandemic, can cause the regional market to expand at decent pace.
The high revenue generated by the regional Honey Industry can be attributed to the high consumer base of honey, used as sweetening agent. In North America, the honey market can expand through the analysis period as the volume of production of honey is expected to rise to meet the surge in its consumption. The RoW can moderate CAGR of 7.31% in the evaluation period 2020-2023.
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