ID: MRFR/F-B & N/3703-CR | January 2018 | Region: Global | 97 pages
According to the MRFR report, the Global Honey Market is projected to hit 2,768.7 kt by the end of 2023 at a CAGR of 7.22% during the forecast period. The Honey Market is predicted to grow during the projected period on the basis of rising public health perception and increasing demand for an alternative to table sugar.
In view of the crippling impact of COVID-19 (Coronavirus) on the honey industry, market participants are competing for opportunities to remain afloat within the market. Market vendors are now implementing new techniques to minimise the impact of the pandemic. Moreover, there could be prospects for Indian exporters of agricultural products, including honey, potatoes, grapes, soybeans and groundnuts, in the event that certain countries place restrictions on Chinese goods in response to the outbreak of COVID-19.
Growing Adoption of Honey as a Sugar Substitute to Drive Market Growth
In the forecast years, shifting consumer propensity to safer as well as nutritional replacement for sugar & artificial sweetener would prompt the market expansion. In addition, honey fermentation for the manufacture of sweet alcoholic drinks is expected to open up new growth opportunities for the honey industry over the projected timeframe. Apparently, the honey can be kept for a longer period of time and does not need a refrigerator to regulate the business room. In addition, the massive beneficial medicinal impact of the substance on human health will increase the growth of the honey industry over the years to come.
In addition, the large-scale use of honey in the manufacturing of medicines will further fuel market growth over the coming years. In addition, the burgeoning success of the commodity among health-conscious consumers would raise the size of the market in the years to come. Evidently, honey has a large proportion of anti-oxidants and in the coming years this would positively exploit the consumer scope.
Growing Adoption of Honey for Medicinal Purposes to Create Growth Avenues
Nevertheless, the medicinal use of honey will continue to increase market possibilities for farmers, integrating the manufacture of pharmaceuticals with the production of honey. Honey clinical application opens the market to manufacturing verticals for the manufacture of medications, healthcare services, and the manufacture of medical disposables. Honey-containing medicines are fitted with main trace components that have wound-healing properties. Honey-derived drug potency would inflate its role internationally in healthcare initiatives.
Growing Prevalence of Diabetes to Impede Market Growth
However, in the global honey industry, the sugar profile of honey tends to cause customer suspicion. Being naturally sweet would not limit the study of honey by scientists and medical scientists. A big hate of diabetic patients is caused by the hampering effect of drinking honey during treatment of open wounds.
Global Demand for Honey is divided into Type, Application, and Packaging.
The market is segmented into alfalfa, wildflower, buckwheat, acacia, clover honey, and others, based on the type. The wildflower honey segment is expected to account for the highest market share and is projected to rise during the forecast period at a CAGR of 7.35 percent.
On the basis of the application, it is segmented into food & beverage, pharmaceuticals, personal care products, and others. Due to a growing appetite for honey in food products, the food & beverage segment dominates the market. At CAGR, this segment is expected to rise by 7.26 percent over the forecast period.
On the basis of the packaging, it is segmented into the tub, bottle, jar, tube, and others. The bottle segment is expected to account for about 45 percent of the market share and is projected to rise by 6.72 percent at CAGR over the 2017-2023 review period.
The global honey market is segmented into North America, Europe, Asia Pacific, and Rest of the world.
APAC market to Register the Highest CAGR
Among these, the Asia-Pacific region is expected to maintain its supremacy over the forecast period at a significant CAGR of 7.68 percent due to the growth in production volume and rising honey consumption. In terms of height, the Asia Pacific region is expected to cross 1.162.8 kt by 2023. In addition, large-scale honey harvesting in countries such as India and China would drive the development of the industry over the projected timeframe. In addition, growing penetration of high-speed internet and mobile users is projected to facilitate access to e-commerce portals for honey in developing countries, including India and the Philippines. Market progress in the coming years will be proliferated by large-scale developments in the subcontinent's honey production market. Due to the tremendous demand for honey as an ingredient in personal care goods among the populace, global honey farmers find enormous opportunities in China.
U.S. accounted to Lead the North America Market
As a result of the increasing popularity of honey as an alternative to sugar, North America is one of the world's leading honey markets, which has generated intense competition in terms of creativity and cost. In addition, the market for honey in the U.S. is growing due to the increasing customer desire for natural and healthier artificial sweetener substitutes, increasing recognition of the advantages of honey and the increasing popularity of different honey varieties. Moreover, due to its proven anti-bacterial, anti-microbial and anti-inflammatory effects, it is expected that honey will gain momentum across the country in both food and non-food applications.
Growing Expansion of End-Use Sectors to Drive Europe Market Growth
Europe is also regarded as one of the world's biggest users of honey. Large producers are pursuing diverse marketing tactics to achieve a strategic advantage in the industry, including innovative product innovations, product growth, store chain growth, and mergers and acquisitions. The industry is expected to maintain an upward trend in consumption over the next decade, led by growing demand for honey in the European Union. Germany has achieved the most significant growth rate in terms of honey production among the major producing countries, while honey production in other countries is experiencing a more moderate speed of growth.
Growing R&D Initiatives to Drive the Market Growth
Via commercialization, R&D operations, invention and export, the majority of market players concentrate on business growth. These programmes assist producers through consulting and mentoring services, the organisation of conferences and lectures, general and industry-specific training and the distribution of discounted goods, such as business planning tools.
December 2020: Adulteration of honey was studied by the Centre for Science and Environment (CSE) when beekeepers in North India registered decreased income after an increase in honey sales during the Covid-19 pandemic. The research team of the CSE discovered that almost all honey products sold on the Indian market are adulterated with a sugar syrup formulated to meet the food regulatory requirements of India.
September 2020: Comvita, the founder and trusted global leader in Manuka Honey announced the first MGO-verified Multifloral Manuka Honey. The new Multifloral Manuka from Comvita aimed to draw more buyers searching at an attractive price point for the exclusive advantages and taste of the pattern segment.
June 2020: Capilano released a low GI honey following the introduction of its lunchbox-friendly Choc Honey, seeking to make honey more available to people on low GI diets by launching this specially chosen blend of 100 percent Australian premium eucalypt honey.
Frequently Asked Questions (FAQ) :
Honey Market is expected to rise to a volume of 2,768.7 kilotons by 2023.
Wildflower honey is the dominant segment in the Honey Market by type.
The growing demand for honey as a healthier sweetener than refined sugar is a major driver for the global honey market.
Asia Pacific is the dominant regional entity in the Honey Market.
Key players in the Honey Market include Dabur India, Comvita Ltd., and Bee Maid Honey, among others.