USD 8.92 billion
Report ID: SQSG30C2014 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 95 | Figures: 66
Honey Market was valued at USD 8.92 billion in 2021, and it is expected to reach a value of USD 25.8 billion by 2028, at a CAGR of more than 5.3% over the forecast period (2022- 2028).
Bees produce honey from the sweet plant secretions and store it in a honeycomb, unlike other insects. Other insects regurgitate honey and produce it through enzymatic processes. It has a unique chemical make-up and composition that allows for long-term storage. Because of its antimicrobial properties, which promote debridement, it is widely used. Additionally, it stimulates the wound's tissues, hastening the healing process. One of the major elements that favorably affect the Honey Market is the rising prevalence of chronic illnesses like diabetes, heart disease, and cancer. Furthermore, manufacturers are benefiting financially from the growing demand for goods that boost immunity and improve overall health.
Honey sales are rising as a result of the rising use of honey in natural remedies. In addition, the growing use of honey in the formulation of medications for the treatment of cough and acute throat infection due to its antiviral, antifungal, and antibacterial properties as well as scientific confirmation of its therapeutic properties are promoting Honey Market expansion. Additionally, the launch of various organic honey products and sizable investments in organic goods by market participants open up lucrative opportunities for them during the forecast period. The market for organic honey will continue to grow as a result of rising consumer awareness of the advantages of organic honey as well as the drawbacks of products made of chemicals.
Leading players are also concentrating on releasing various product variants, which is accelerating Honey Market growth. Along with this, the Government of India (GoI) is launching a number of mentoring services and training programs to inform farmers about the most recent beekeeping techniques. Additionally, the booming e-commerce sector and the expansion of organized distribution channels like supermarkets, hypermarkets, convenience stores, and general stores are promoting market growth. Furthermore, it is anticipated that rising investments by key players in research and development (R&D) activities to enhance extraction processes will further propel the Honey Market.
US Honey Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 8.92 billion
more than 5.3% CAGR
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Global Honey Market is segmented based on the Type, Application, Packaging, and region. Based on the Type, the Global Honey Market is segmented as Alfalfa, Wildflower, Buckwheat, Acacia, Clover, and Others. Based on the Application, the Global Honey Market is segmented as Food & Beverages, Personal Care & Cosmetics, Pharmaceuticals, and Others. Based on Packaging, the Global Honey Market is segmented as Glass Jar, Bottle, Tube, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Honey Market Analysis by Type
Based on the Type, the Honey market is bifurcated into alfalfa, wildflower, buckwheat, acacia, clover, and others. The market share that belongs to buckwheat is the largest. Monofloral buckwheat honey is very well known in China, Russia, and several European countries. Due to this product's high nutritional value, less sweet flavor, and high antioxidant content, as well as the fact that it has a number of medicinal properties, there is a rising demand for cough syrup made from buckwheat. Due to its mild flavor and aroma, alfalfa is another popular variety that is in high demand throughout the nations of North America. It is used to prepare foods as well as for direct consumption. Due to its antiviral, antioxidant, and essential minerals and vitamins, clover honey is anticipated to gain significant popularity in the coming years.
Honey Market Analysis by Application
Based on the Application, the Honey market is bifurcated into food & beverages, personal care & cosmetics, pharmaceuticals, and others. The market share that belongs to food & beverages is the largest. The product can be consumed directly and a wide range of applications in the food and beverage industry as a sweetener and additive. Different varieties of this sweetener are used in beverages, confectionery goods, and other baked goods in place of sugar or in combination with sugar to improve the taste and texture of the final product. Due to its anti-inflammatory, anti-bacterial, and other health-improving properties, the product is increasingly in demand in the pharmaceutical industry, particularly for the formulation of cough syrups and liquid dietary supplements. The use of honey in products like soap, face wash, moisturizers, and other personal care and cosmetics is rapidly expanding. This is how the product may be able to keep skin moisturized, have calming effects on the skin, and function as an anti-aging agent.
Honey Market Analysis by Packaging
Based on Packaging the Honey market is segmented into glass jar, bottle, tube, and others. The bottle category held the most market share. Glass and plastic bottles are the most popular packaging containers around the world because they are easier to store and provide more convenience than other types of packaging. Bottles are a great option for consumers because they can be built in a variety of shapes and sizes and are simple to transport. Customers who want packaging that is safe, hygienic, and kind to the environment tend to favor glass jars. Large tubs are becoming more and more common in the foodservice end-use market. Thus, it is anticipated that in the years to come, there will be an increase in demand for the product sold in tubs.
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Asia Pacific is expected to control the Honey market share. China, followed by India, produces and consumes the most honey in the Asia-Pacific region. The reason for the increase in domestic honey production in China is due to its vast territory, abundant nectar source, large population, and rising standard of living. Growing consumer preference for wholesome and delicious eating habits is accelerating market expansion. In comparison to sugar, honey is a more readily available staple food in China. China consumed more than 300,000 metric tonnes of honey annually in 2020, a country with a population of over 1.4 billion.
Europe held the second largest market share. According to projections, a rapidly growing economy brought on by rising disposable income, urbanization, and changing lifestyles will fuel product demand in the area and boost market growth overall in the years to come.
Honey produced in various Middle Eastern nations as well as some African nations is regarded as the greatest quality because of its thick viscosity, sweet taste, and therapeutic benefits. With constantly rising production and demand for honey over the past few years, Middle Eastern nations, particularly Turkey, Lebanon, and Yemen, are leading the honey industry in the MEA region. As a result, the honey sector saw sales increase in the following years. Thus, it is anticipated that the honey sector will grow by more than 20% during the forecast period.
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Global Honey market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Honey Market Top Player's Company Profiles
Honey Market Recent Developments
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According to our Global Honey Market Analysis, in terms of type, the buckwheat segment acquired the largest market share. Due to this product's high nutritional value, less sweet flavor, and high antioxidant content, as well as the fact that it has a number of medicinal properties, there is a rising demand for cough syrup made from buckwheat. According to application, the segment of food & beverages is the largest. The product can be consumed directly and a wide range of applications in the food and beverage industry as a sweetener and additive.
|Market size value in 2021||USD 8.92 billion|
|Market size value in 2028||USD 25.8 billion|
|Growth Rate||more than 5.3%|
|Forecast period||2022- 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Honey Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Honey Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG30C2014