New York, US, July 27, 2021 (GLOBE NEWSWIRE) -- Honey Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Honey Market Information by Type, Packaging, Application, and Region - Forecast till 2028”, the market is projected to cross USD 14.60 Billion by 2028 at 6.85% CAGR.
Market Scope:
Honey has experienced tremendous expansion as a result of increased adoption of honey for medicinal purposes and honey's medicinal function. Honey is high in vitamins, minerals, calcium, and antioxidants, all of which are beneficial to your health. Honey also contains a number of medical characteristics, including the ability to boost metabolic activity, control blood pressure, lower the risk of diabetes, and even treat burn burns. Honey is utilized in a variety of purposes other than food and beverages, such as cosmetics and medications.
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Competitive Landscape:
The notable players of the market are:
- Barkman Honey Llc (U.S.)
- Bee Maid Honey Ltd. (Canada)
- Lamex Food Group Ltd. (U.S.)
- Billy Bee Honey Products (Canada)
- Beeyond The Hive (U.S.)
- Dabur India Ltd. (India)
- Capilano Honey Ltd. (Australia)
- Comvita Ltd. (New Zealand)
Market Drives
The industry is expected to grow in the coming years as consumers move their preferences to healthier and more nutritional alternatives to sugar and artificial sweeteners. In addition, over the forecasted timeframe, honey fermentation for the production of sweet alcoholic drinks is likely to bring up new growth potential for the honey business. Honey, it appears, may be preserved for extended periods of time and does not require the use of a refrigerator to keep the office space cool. Furthermore, the substance's massively positive medical impact on human health will propel the honey business forward in the next years.
In addition, the widespread usage of honey in the pharmaceutical industry will boost market growth in the next years. Furthermore, the commodity's growing popularity among health-conscious consumers will increase the Honey market's size in the coming years. Honey has a high concentration of anti-oxidants, and this will undoubtedly benefit consumers in the coming years.
Market Restraints:
The sugar profile of honey, on the other hand, tends to raise customer scepticism in the global honey sector. Honey's ability to be naturally sweet would not preclude scientists and medical researchers from studying it. The hampered impact of drinking honey during the treatment of open wounds is a source of great resentment among diabetic patients.
COVID-19 Analysis
Market participants are competing for opportunities to stay afloat in the face of the crushing impact of COVID-19 (Coronavirus) on the honey sector. Market vendors are already employing novel measures to mitigate the pandemic's effects. Furthermore, there may be opportunities for Indian agricultural exporters, such as honey, if certain nations impose restrictions on Chinese commodities in reaction to the COVID-19 pandemic.
Browse In-depth Market Research Report (97 Pages) on Honey: https://www.marketresearchfuture.com/reports/honey-market-5139
Market Segmentation
Global Demand for Honey is divided into Type, Application, and Packaging.
Based on the type, the honey market is divided into alfalfa, wildflower, buckwheat, acacia, clover honey, and others. The wildflower honey segment is estimated to have the largest market share and is likely to grow at a CAGR of 7.35 percent over the forecast period.
It is divided into food & beverage, pharmaceuticals, personal care items, and others according on the application. The food & beverage category dominates the market due to an increasing demand for honey in food goods. Over the forecast period, this segment is expected to grow at a CAGR of 7.26 percent.
It is divided into tubs, bottles, jars, tubes, and others based on the packing. Over the 2017-2023 research period, the bottle category is predicted to account for over 45 percent of the market share and will grow at a CAGR of 6.72 percent.
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Regional Analysis:
Due to increased production volume and rising honey consumption, the Asia-Pacific region is predicted to maintain its dominance during the projection period at a considerable CAGR of 7.68 percent. Furthermore, large-scale honey harvesting in nations like India and China would propel the business forward over the forecasted timeframe. In addition, as the number of high-speed internet and mobile users grows in emerging nations like India and the Philippines, access to honey e-commerce portals is expected to improve. Large-scale advances in the subcontinent's honey producing business will proliferate market progress in the future years. Honey farmers from around the world are flocking to China to take advantage of the huge demand for honey as a component in personal care products.
Honey is becoming more popular as a sugar substitute as a result of its growing popularity. North America is one of the world's most important honey market, resulting in fierce rivalry in terms of both inventiveness and price. Furthermore, the market for honey in the United States is developing as a result of rising customer demand for natural and healthier artificial sweetener substitutes, rising awareness of honey's benefits, and rising popularity of diverse honey kinds. Honey is also predicted to gain traction in both food and non-food uses across the country due to its known antibacterial, antimicrobial, and anti-inflammatory properties.
Europe is also considered to be one of the world's largest honey consumers. To gain a strategic edge in the sector, large producers are adopting a variety of marketing strategies, including new product innovations, product growth, store chain growth, and mergers and acquisitions. Over the next decade, the industry is predicted to sustain an upward trend in consumption, driven by rising honey demand in the European Union.
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