Honey Market: Global Industry Analysis and Forecast (2024-2030)

Honey Market Definition:

Bees and other insects make honey, which is a viscous, sweet dietary material. Honey is made by bees from sugary plant secretions and stored in honeycomb, whilst other insects make it by regurgitation and enzymatic activity. Because of its particular makeup and chemical qualities, it is excellent for long-term preservation. It's popular because of its antibacterial characteristics, which help with debridement and speed up the healing process by stimulating wound tissues. The segment analysis for the report on Honey Market is studied and analysed on the basis of type, application, packaging and region.

 

 

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Honey Market Dynamics:

Honey is increasingly being promoted as a healthy alternative to regular sugar due to its numerous health benefits. Consumers' growing health consciousness has prompted them to incorporate natural sweeteners into their diets and minimise their consumption of white sugar. Natural sweeteners are an excellent sweetener choice because of their antioxidant and antibacterial qualities, as well as the presence of various essential minerals and vitamins. Moreover, the product's longer shelf life, combined with its high affordability, are important elements that boost the honey market's growth rate.

 

The inclusion of numerous amino acids, enzymes, minerals, and other nutritional elements in the product has fetched it a roaring popularity in the pharmaceutical field due to its potential medicinal effects. Because of its antimicrobial characteristics and capacity to operate as a demulcent, the substance has become a popular ingredient in cough syrups. This is one of the primary elements driving the market's growth. Also, increased global adoption of the Ayurvedic medicinal system, owing to its efficacy and lack of adverse effects, is likely to boost honey market growth. The substance is used to cure a variety of diseases and conditions in Ayurveda, including skin issues, sleeplessness, indigestion, sore throat, and more.

 

Honey adulteration and fraud occurrences have surfaced as one of the industry's primary concerns in recent years, having a significant impact on the product's pricing and negatively impacting honey market growth. After milk and olive oil, it has emerged as the third most targeted food for adulteration. The widespread availability of contaminated items on local and international marketplaces has resulted in a loss of income for high-quality and pure product manufacturers. Moreover, the industry's growth is expected to be hampered by alternatives such as stevia, maple syrup, and others on the market, as well as their increasing adoption by consumers.

 

Government is also favouring the honey market. For example, The Indian government launched the 'Madhukrantiportal' online registration portal to prevent adulteration by registering the source of beehive products and honey . Customers will be able to identify the source of honey, and manufacturers will be able to develop high-quality products as a result.

 

Businesses in the honey market have the chance to improve the honey manufacturing process by incorporating new and advanced technologies. It could help them achieve a competitive advantage in the market while also providing clients with high-quality honey. Additionally, there is an opportunity for enterprises to develop their honey production for therapeutic purposes. In the competitive honey sector, it may provide better growth opportunities for businesses. Additionally, firms have the opportunity to work on new and improved manufacturing procedures in order to provide high-quality honey to the market.

 

Honey Market Segment Analysis:

By Type, buckwheat segment dominated the honey market with 28% share in 2023. Buckwheat honey is a monofloral variety that is popular in Russia, China, and a number of European economies. Because of its excellent nutritional value, less sweet taste, and strong antioxidant content, this food type is in high demand. Buckwheat is a product that has a variety of medical benefits, and as a result, demand for cough syrup is fast increasing.

 

Alfalfa is another popular variety that is in high demand across North America and is used to produce cuisines as well as for direct consumption due to its mild flavour and aroma. Because of its antiviral, antioxidant, and essential minerals and vitamins, clover honey is expected to gain popularity rapidly through the forecast period.

 

By Application, Food and Beverages dominated the honey market with 32% share in 2023. Honey has a wide range of applications in the food and beverage sector as a sweetener and additive, and it is also ingested directly. To give confectionery products, drinks, and other baked goods a desirable taste and texture, different forms of this sweetener are employed in place of or in conjunction with sugar.

 

 

Because of its anti-inflammatory, anti-bacterial, and other health-enhancing characteristics, the product is in high demand in the pharmaceutical business, particularly for the manufacture of cough syrups and liquid dietary supplements.

 

Honey's use in soap, face wash, moisturisers, and other products is rapidly increasing in the personal care and cosmetics business. This is the product's ability to retain skin moisture, induce skin calming effects, and operate as an anti-aging agent.

 

Honey Market Regional Insights:

Asia Pacific dominated the market with 32.4 % share in 2023. The APAC honey market is expected to be driven by rising production and consumption in countries such as China, India, Australia, and others. China is one of the world's largest producers and exporters of natural honey. China sold 123,826 tonnes of honey to overseas markets in 2019. Also, rising government spending in encouraging beekeeping and increasing production in places such as India and Australia would assist market growth. For example, the Indian government set aside USD 67.89 million for beekeeping as part of its Atma Nirbhar Abhiyan in May 2020.

 

In terms of market share and Revenue, Europe is likely to trail the Asia Pacific region through the forecast period. Growing knowledge of the product's health benefits in European countries is driving up demand for it across the continent.

 

Honey Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the global market, key players in the market, particularly in Europe and North America, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Global Honey market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Honey market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the global market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Honey market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Honey market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the global market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Global Honey market. The report also analyses if the Global Honey market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Honey market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Honey market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the gobal market is aided by legal factors.

 

Honey Market Scope:

Honey Market
Market Size in 2023	USD 9.32 Bn.
Market Size in 2030	USD 13.76 Bn.
CAGR (2024-2030)	5.72%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Type Alfalfa Buckwheat Wildflower Clover Acacia Others
	by Application Food & Beverages Personal Care & Cosmetics Pharmaceuticals Others
	by Packaging Glass Jar Bottle Tub Tube Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

HONEY MARKET KEY PLAYERS: 

• 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 (United States)
• Yamada Bee Company (Japan)
• Dutch Gold Honey Inc. (United States)
• Golden Acres Honey (Canada)
• Beeyond the Hive (United States).
• Streamland Biological Technology Ltd. (New Zealand)
• Oha Honey LP ( New Zealand)