Market Overview
The global honey market size was valued at USD 8.94 billion in 2023 and is projected to grow from USD 9.40 billion in 2024 to USD 15.59 billion by 2032, exhibiting a CAGR of 6.52% 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, 2024-2032.”
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)
Segments
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.
Source: https://www.fortunebusinessinsights.com/industry-reports/honey-market-100551
Report Coverage
The report gives an in-depth view of the leading segments and the latest trends in the market. It looks at what is driving market growth and what is hindering it, including the impact of COVID-19. It also discusses developments in various regions and the strategies used by major companies in the market.
Drivers and Restraints
Rising Adoption of the Product for Natural Sweeteners Production to Foster Market Growth
Honey is a healthy alternative to sugar with several healing properties, such as soothing sore throats and boosting immunity. As more people choose honey as a natural sweetener, its demand is expected to grow. Health-conscious consumers are increasingly preferring honey over sugar, adding to its popularity. Along with changing consumer preferences and higher incomes, the demand for organic products is also rising. Additionally, honey's use in medicine is expected to boost its sales. All these factors are likely to contribute to the growth of the honey market.
However, alterations to the product could hinder market growth.
Regional Insights
Rising Production of Nectar to Propel Market Growth in Asia Pacific
Asia Pacific is expected to lead the honey market due to its high production levels. In 2021, the market in this region was valued at USD 2.86 billion and is projected to capture a large share of the global market in the coming years. Government investments in beekeeping are also likely to boost market growth. For instance, in May 2020, the Indian government allocated nearly USD 68 million for beekeeping under the Atma Nirbhar Bharat initiative.
In Europe, increasing awareness of honey's health benefits is expected to drive its adoption. Changing consumer preferences and a rise in the consumption of organic products may further promote market growth.
In North America, the growing number of beekeepers in Canada and the U.S. is expected to increase product demand. Additionally, strong demand for organic products is enhancing industry growth.
Competitive Landscape
Companies Devise Novel Product Launches to Elevate Brand Image
Top companies are releasing new products to boost their brand image and increase sales. For instance, in January 2022, Tayima Foods launched I'M HONEY, an organic and raw honey available in various flavors with significant medicinal benefits. This product is sold on online platforms like Amazon and is anticipated to increase Tayima's sales and expand their global reach. Moreover, companies are also focusing on mergers, partnerships, expansions, and research and development to fuel 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.