New York, US, March 29, 2023 (GLOBE NEWSWIRE) -- Honey Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Honey Market Information by Type, Application Type, Packaging Type, and Region - Forecast till 2030”, Honey Market could thrive at a rate of 6.85% between 2023 and 2030. The market size will reach around USD 17.81 Billion by the end of the year 2030.
Market Synopsis
Honey is a sweet, thick, and golden liquid made by bees from the nectar of flowers. Niacin, thiamine, pantothenic acid, and riboflavin are only a few of the abundant vitamins and minerals in it. It's beneficial for your immune system, memory, and focus and helps keep your cholesterol levels in check. Increasing demand from the cosmetics and pharmaceutical industries is the honey industry's main driver.
Furthermore, an increase in the number of incidences of adulteration in the market has a significant impact on the price of the item and slows the expansion of the market. The honey market is expected to be hampered by the availability and rapid adoption of alternatives such as stevia, maple syrup, and others.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 17.80 billion |
| CAGR | 6.85% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Type, Application Type, Packaging Type, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Consumers' preference for healthy and natural alternatives |
| growing health consciousness |
Market Competitive Landscape:
The affluent companies in the Honey industry include
- Dabur India Ltd.
- Comvita Ltd.
- Barkman Honey Llc
- Bee Maid Honey Limited
- Billy Bee Honey Products
January 2022
Sweet Harvest Foods Inc., a leading honey and other natural sweeteners manufacturer, have acquired McKinney's Nature Nate's Honey Co. Via retail locations nationwide. Natural Nate offers consumers 100 percent pure, raw honey and unfiltered.
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Market USP Covered:
Market Drivers:
The honey industry can anticipate a significant expansion in the coming years. Because of its many health benefits, honey is increasingly being promoted as a suitable alternative to white table sugar. Those concerned with their health are shifting away from white sugar and towards natural sweeteners, incorporated into a wider variety of diet meals. Honey's rising popularity in the pharmaceutical sector can be attributed to the fact that honey includes a wide variety of minerals, amino acids, enzymes, and other nutritional elements that may have therapeutic effects.
Market Restraints:
Honey is considered a high-quality product that costs much more than regular ones. One of the major problems in the market is the increasing prevalence of adulteration and fraud, which has a significant impact on the price of goods and retards the expansion of the market. Furthermore, the widespread availability of tainted products in local and global markets has reduced profits for producers of high-quality, unadulterated goods.
COVID 19 Analysis
COVID-19’s impact has given way to numerous repercussions for people worldwide. The aftermath is linked with the significant social and economic burden on people worldwide. Around the world, Due to the compulsory breakdown of on-trade honey makers in several nations, including the United States, the United Kingdom, and India, to stop the virus' spread, the COVID-19 pandemic had a significant impact on the honey industry.
Further, the lockdown period was characterized by a wide range of difficulties, including but not limited to worker shortages, supply chain disruptions, trade prohibitions, inconsistent logistics, and transportation gaps. When honey production facilities reopen in many economies, and as beekeepers work tirelessly to repair the broken supply chain, the natural sweetener sector should experience an uptick in its economic fortunes. The product's reputation as a boon to consumers' health has led to a meteoric surge in demand, driving up quarterly profits for businesses in many regions. When Dabur India Ltd released its first quarterly report in July 2020, it noted an 80% and 60% increase in sales of Dabur Honitus and Dabur Honey, respectively, to boost immunity.
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Market Segmentation
By Type
The Honey types in the market include Alfalfa, Wildflower, Buckwheat, Acacia, and Clover.
By Application
Food & Beverage, Personal Care Products, and Pharmaceuticals are the worldwide application outlook.
By Packaging
Bottle, Jar, Tube, and Tub are the top packaging type in the worldwide market.
Regional Insights
The Asia-Pacific area is currently the most important honey market and is expected to maintain its status as the world's most important honey market for the foreseeable future. It is expected that nations with big populations and rising per capita incomes will be the primary drivers of the regional market. Regarding the production and exportation of pure honey, China is a global powerhouse. The Food and Agricultural Organization of the United Nations (FAO) reports that China is a major honey supplier.
Europe is anticipated to experience growth in revenue and market share similar to that of Asia-Pacific. As people in European countries learn more about the product's health benefits, demand grows.
The number of honeybees in the United States and Canada is on the rise in the North American economy. The United States is the world's largest importer of the natural country in terms of quantity, with the majority of its supply coming from India, Vietnam, Argentina, and Brazil. North Dakota and South Dakota account for the vast majority of honey production in the country.
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