Honey is a natural sweetener produced by bees and extracted through plant’s nectar. The major components of honey include carbohydrates, water, nitrogenous substances, and minerals. Honey is considered to be a potential replacement for table sugar. The market for honey is anticipated to increase during the forecast period based on increasing health consciousness among the consumers and rising demand for an alternative to table sugar.
The widening range of applications for honey products is catalyzing the growth in the global Honey Market Trend. Market Research Future (MRFR) has recently published a report on the global honey market which reveals that the market will grow at 6.72% CAGR from 2017 to 2023. The health benefits associated with the intake of honey such as controlled blood sugar levels, weight loss, etc. is fueling the demand among the consumers. The consumers are well aware of the health benefits these days which is driving the market growth. The increasing demand for mono-floral honey is one of the most significant factors responsible for the growth of the market. Moreover, increased research & development activities, and, food additives for flavor enhancement such as Lychee, Sunflower, Jamun, Neem, Coffee, Tulsi, Ginger, Garlic etc. has catalyzed the revenue generation out of the market. Another major factor responsible for the expansion of the market is the medicinal advantage of honey.
Some of the restraints that are slashing the growth of the market are fluctuating prices of honey, adulteration practices, health disorders caused due to consumption of toxic or excess honey, etc.
Leading Key Players
The major players profiled by MRFR in its report are Billy Bee Honey Products (Canada), Capilano Honey Ltd. (Australia), Barkman Honey Llc (U.S.), Bee Maid Honey Ltd. (Canada), Dabur India Ltd. (India), Comvita Ltd. (New Zealand), Lamex Food Group Ltd. (U.S.), and, Beyond The Hive (U.S.). The market players are striving to introduce innovative production technologies for responding to the consumer demand for wholesome honey. The competitive landscape of the market represents vigorous competition among market players trying to gain an edge over others by opting for ways and means such as acquisitions & mergers, product portfolio expansion, investments in manufacturing equipment, technological advancements, etc.
Comvita, a leading manuka honey brand, has secured a deal with Costco for the expansion of its retail reachability in the U.S. and Canada. The company will also be opening a new store on Amazon. The leading product of Comvita, certified UMF® 5+ Manuka honey, will now be available throughout Canada in 200 US Costco locations and warehouses.
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By type, the global honey market is segmented into alfalfa, wildflower, buckwheat, acacia, clover honey, and, others. The wildflower honey segment is estimated to account for maximum control over the market and is projected to grow saliently at a CAGR of 7.35% during the projection period.
By application, it has been segmented into Personal Care Products, Food & Beverage, Pharmaceuticals, and others. The food & beverage segment accounts for a dominating share in the market due to accelerating demand for honey in food products. This segment will expand at a CAGR of 7.26% during the forecast period.
By packaging, the market has been segmented into Bottle, Jar, Tub, Tube and others. The bottle segment will account for approximately 45% of the market share. The expected CAGR for this segment during assessment period is 6.72%.
By region, the global market for honey has been segmented into Europe, North America, Asia Pacific, and Rest of the world (RoW). Asia Pacific market will exhibit dominance with respect to share and control in global market. The growth of the market in Asia Pacific region can be attributed to increased consumption, accelerating production, the presence of manufacturing plants, booming agricultural industry, etc. The production value of the market is about to reach 1,162.8 kt by the end of 2023. The markets in North America and Europe will show an upward trend representing the growth of the market owing to increased investments in research & development activities. The catalyzing inclination towards healthy food habits and increasing awareness are also fueling demand for honey in these regions. North America region has been witnessing growth in food & beverage sector which is another factor responsible for market expansion in the region. The Rest of the World (RoW) region encompasses markets such as Latin America, Middle East & Africa. This region is projected to expand at a moderate CAGR of 7.31% from 2017 to 2023.
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