USD 8.58 billion
Honey Market Size, Share, Growth Analysis, By Type(Alfalfa, Wildflower, Buckwheat, Acacia), By Application(Food & Beverages, Personal Care & Cosmetics, Pharmaceuticals, Others), By Packaging(Glass Jar, Bottle, Tube, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQSG30C2014 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|Tables:
95
|Figures:
76
Honey Market Insights
Honey Market size was valued at USD 8.58 billion in 2019 and is poised to grow from USD 9.03 billion in 2023 to USD 12.9 billion by 2031, growing at a CAGR of 5.2% in the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Bottle
Fastest Growth
Glass Jar
Growth Rate
5.2% CAGR
Global Honey Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Honey Market Segmental Analysis
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.
Global Honey Market By Packaging, 2021(%)
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Honey Market Regional Insights
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.
Global Honey Market By Geography, 2021 - 2028
- Largest
- Fastest
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Honey Market Dynamics
Honey Market Driver
- Artificial sweeteners increase the risk of obesity, high cholesterol, mineral depletion, tooth decay, hypertension, and cardiovascular diseases. They also contribute to the development of Type 2 diabetes, metabolic syndrome, and a variety of cancers and tumors. The glycemic index (GI) of honey, on the other hand, is lower, which means that it does not quickly raise blood sugar levels. Additionally, honey is rich in antioxidants, which have a significant positive impact on the human body. Natural honey, which is a pure, unprocessed, and unpasteurized sweetener made by bees from flower nectar, is renowned for its extraordinary nutritional value and therapeutic properties. Because of its health advantages, honey is increasingly recommended as an alternative to sugar.
- All age groups can benefit greatly from honey consumption in terms of health. Honey's antioxidants are crucial in lowering oxidative stress and internal inflammation. Honey lowers the risk of heart attack, cancer, and other diseases by creating a shield around the heart. Even medical professionals advise diabetic patients to use honey rather than artificial sweeteners. Additionally, honey promotes athletic performance, aids in weight loss, treats acne, and acts as an exfoliant. It also soothes the digestive system. The aforementioned advantages of honey increase consumer demand, which fuels the expansion of the global market.
Honey Market Restraint
- Aspartame and acesulfame, two artificial sweeteners, are used to sweeten soft drinks. Saccharin, sucralose, and the herb stevia are used to sweeten food and beverages. These cheaper alternatives to organic honey are easily available on the market. As a result, the growth of the honey market will be constrained by the availability of substitutes in the market.
- One of the industry's biggest issues has emerged as honey adulteration and fraud incidents, which have had a negative impact on the product's price and the expansion of the market. After milk and olive oil, it has emerged as the third most frequently adulterated food, according to the US Pharmacopeia's Food Fraud database. High-quality and pure product manufacturers have suffered financial losses as a result of the widespread availability of adulterated goods on both domestic and international markets. The rapid consumer adoption of substitutes like stevia, maple syrup, and others on the market is also expected to restrain market expansion.
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Honey Market Competitive Landscape
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
- Dutch Gold Honey
- Barkman Honey
- Sioux Honey Association
- Rowse Honey
- Capilano Honey
- Comvita Limited
- Bee Maid Honey
- Billy Bee Honey Products
- Dabur India Ltd.
- HoneyLab Ltd.
- Steens Honey
- The Honey Company
- The Savannah Bee Company
- Wedderspoon Organic Inc.
- Golden Acres Honey
- Langnese Honey
- Manuka Health New Zealand Ltd.
- Mileeven Fine Foods
- Nektar Naturals
- Y.S. Eco Bee Farms
Honey Market Recent Developments
- In August 2022, Dabur India Ltd. acquired an entire stake in Asian consumer care from a JV partner for Rs 51 Cr.
- In July 2022, Nestlé acquired NZ supplements-to-honey supplier The Better Health Company. The world’s largest food maker has made yet another health-focused acquisition.
Honey Key Market Trends
- As consumer habits change, organic honey is becoming more and more popular in the personal care industry. Consumers are taking precautions to avoid any potentially hazardous ingredients as they become more knowledgeable about the ingredients used in personal care products. In the cosmetics industry, organic honey is used as a mild exfoliator to maintain moisture in products, preserve aroma, and nourish skin.
Honey Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 8.58 billion |
| Market size value in 2031 | USD 12.9 billion |
| Growth Rate | 5.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Honey Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Honey Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Honey Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Honey Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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