Honey Market

Honey Market Size, Growth, Forecast (2023-2028)

The Global Honey Market size is estimated to increase at a CAGR of 5.5 percent, from $8.17 billion in 2022 to $11.88 billion in 2028.

Honey Market Scenario:

Honey has a lot of vitamins, minerals, calcium, and antioxidants, which are all good for your health. The mounting health concerns in the aftermath of the COVID-19 outbreak might mean doom for the honey business. The medication is gaining recognition and acceptability as a successful drug for treating acute cough and throat infection in corona-infected individuals due to its antibacterial, antiviral, and antifungal capabilities.Honey may be found in a variety of drinks, processed meals, jams, and jellies, as well as in health and cosmetic treatments. The broad availability of these commodities, as well as their ability to lend a nice flavor to food and beverage products, are helping to drive market demand. Honey also has medical characteristics, including the ability to boost metabolic activity, control blood pressure, lower diabetes risk, and even heal burn scars. As a result, it is widely used in applications other than food and beverages, such as cosmetics and medications, which is projected to drive Honey Market expansion.

Recent Developments in the Honey Industry:

• In September 2021, Amul unveiled a new product developed in partnership with the Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF) and the National Bee Board. By adopting this step, the government is encouraging small farms to keep bees.
• Dabur announced its foray into the syrups and spread industry in July 2021 with the introduction of 'Dabur Honey Tasties.' Strawberry and Chocolate are the two flavors available for this new product.

REPORT COVERAGE:

Honey Market Growth:

The worldwide honey business is growing by an increase in the use of Honey as a healthy alternative to artificial sweeteners and a weight loss source. Furthermore, the rising demand for Honey in cosmetics and medications is likely to propel the Honey Market forward significantly.

Honey Market Drivers:

Due to its multiple health benefits, honey is increasingly being marketed as a healthier alternative to ordinary sugar.Because of their increased health consciousness, consumers are incorporating natural sweeteners into their diets and reducing their consumption of white sugar. Because of their antioxidant and antibacterial properties, as well as the presence of numerous critical minerals and vitamins, natural sweeteners are an ideal sweetener choice. Furthermore, the product's extended shelf life, combined with its high affordability, are important elements that boost the Honey Market size.

The inclusion of numerous amino acids, enzymes, minerals, and other nutritional elements in the product has fetched roaring popularity in the pharmaceutical field due to its potential medicinal benefits. Because of its antimicrobial characteristics and capacity to operate as a demulcent, the substance has become a popular addition to cough syrups. This is one of the primary elements driving the worldwide Honey Market expansion. Furthermore, increased global adoption of the Ayurvedic medicinal system due to its efficacy and lack of adverse effects is likely to boost the Honey Market growth. The substance is used to cure a variety of ailments and disorders in Ayurveda, including skin issues, sleeplessness, indigestion, sore throat, and more.

Honey Market Restraints:

Honey adulteration and fraud occurrences have surfaced as one of the industry's significant issues in recent years, adversely affecting the product's pricing and further limiting market expansion. After milk and olive oil, it has emerged as the third most targeted food for adulteration, according to the US Pharmacopeia's Food Fraud Database. The widespread availability of contaminated items on local and international markets has resulted in a loss of income for high-quality and pure product manufacturers. Furthermore, the industry's development is expected to be hampered by alternatives such as stevia, maple syrup, and others on the market, as well as their increasing acceptance by consumers.

Honey Market Segmentation Analysis:

By Type:

• Alfafa
• Buckwheat
• Wildflower
• Clover
• Acacia
• Other

Buckwheat honey is a monofloral type that is popular in Russia, China, and a number of European nations. Because of its excellent nutritional value, less sweet flavor, and strong antioxidant content, this food type is in high demand. Buckwheat is a product with a variety of medical characteristics; thus, the demand for cough syrup is steadily increasing.

Alfalfa is another popular kind in North America, where it is used to produce cuisines and for direct consumption because of its mild flavor and scent. Because of its antiviral, antioxidant, and essential minerals and vitamins, clover honey is expected to gain popularity fast in the future years.

By Application:

• Food
• Pharmaceutical
• Cosmetics
• Others

The substance 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 items, drinks, and other baked goods a desirable taste and texture, several forms of this sweetener are employed in place of or in conjunction with sugar. Because of its anti-inflammatory, antibacterial, 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, moisturizers, and other products is rapidly increasing in the personal care and cosmetics business. This is the product's ability to maintain skin moisture, induce calming effects, and serve as a moisturizer.

By Packaging:

• Glass Jar
• Bottle
• Tub
• Tube
• Other

Glass and plastic bottles are the most popular packing containers across the world because they are easier to store and provide more convenience than other types of packaging. Customers will appreciate that bottles come in a range of shapes and sizes and are easy to transport.

When it comes to environmentally sustainable, safe, and hygienic packaging, customers choose glass jars. Large tubs are becoming increasingly popular in the food service sector. As a result, demand for tubs of product is expected to increase in the future years.

Honey Market Regional Analysis:

The Asia Pacific region has the largest Honey Market  share and is likely to continue to lead the global industry throughout the forecast period.

Rising production and consumption in nations like China, India, Australia, and others are likely to boost the regional Honey Market. Natural Honey is produced and exported in large quantities in China.

China shipped 123,826 tonnes of Honey to overseas markets in 2019, according to the UN's Food and Agriculture Organization (FAO). Furthermore, increased government spending on encouraging beekeeping and increasing output in places such as India and Australia would help market growth.

For example, the Indian government set aside USD 68 million for beekeeping as part of its Atma Nirbhar Abhiyan in May 2020. Europe is anticipated to fall behind the Asia Pacific in terms of revenue and market share. The health benefits of the substance are becoming more well known in European countries, which is increasing demand for it.

The growing number of beekeepers in the United States and Canada has had a positive impact on the North American regional sector.

Because of increased populations and per capita wealth in the Middle East and Africa, demand for the commodity is increasing in Saudi Arabia, South Africa, and other countries.

Key Players in the Market:

Major Key Players in the Global Honey Market are

• Beeyond the Hive
• Barkman Honey LLC
• Dabur India Ltd.
• Capilano Honey Ltd.
• New Zealand Honey Co
• Streamland Biological Technology Ltd
• Oha Honey LP
• Billy Bee Honey Products
• Little Bee Impex
• Dutch Gold Honey, Inc