The global Honey Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global honey Market size is estimated to reach USD 14.4 billion, by 2025, and is projected to grow at a CAGR of 8.0% from 2019 to 2025, according to a new report by Million Insights. The increasing awareness among consumers regarding health benefits linked with the consumption of honey products is expected to boost the market growth. Moreover, the product is also used as alternative to artificial sweeteners.
Key Players:
- Beeyond the Hive
- Dabur India Ltd.
- Patanjali Ayurved
- Capilano Honey Ltd.
- Barkman Honey, LLC.
- New Zealand Honey Co.
- Oha Honey LP
- Bee Maid Honey Ltd.
- Streamland Biological Technology Limited
- Dutch Gold Honey Inc.
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Growth Drivers:
Honey is enriched with vital nutrients such as minerals, calcium, natural sugar, and vitamins. Moreover, it is also taken with breakfast cereals, confectionery, honey bars, and energy drinks. In addition, it is broadly used as an alternative to artificial sweeteners. Moreover, the consumers are using honey in their regular breakfast to add the nutrition value of the food. Honey is helpful in treating chronic disorders. Furthermore, it also prevents overweight, reduces diabetes risks, and supports metabolic activities. The doctors are recommending the use of honey in in the daily food. Honey has multiple health benefits associated with it. It is highly recommended for cough both adults and children.
Application Outlook:
- Food & Beverages
- Personal Care & Cosmetics
- Pharmaceutical
Distribution Channel Outlook:
- Convenience Stores
- Supermarket/Hypermarket
- Online
Impact of COVID-19:
COVID-19 outbreak is projected to negatively impact the market, owing to shipping restrictions caused by the lockdown. China is world’s top honey producer, and it exports over 100,000 tons to North America, and European countries. However, due to corona virus crisis and lockdown in earlier quarter in China is expected to limit the import & export of honey across the globe.
India is world’s second largest producer of honey and is projected to gain momentum owing to high demand from Australia, South Korea, and Japan. Honey export from India is increased by 19.0% in 2018-19 with 61,333.8 tons. During the COVID-19 crisis, consumption of honey is expected to increase as it is enriched with vitamin D3, and C that help in boosting immunity system.
Regional Outlook:
In 2018, Europe held the largest market share of over 30.0% in the overall market. The key players in the markets are focusing on product innovation, retail chain expansion and acquisitions to meet up with changing customer demand.
For example, in 2018, Altiparmak, the Turkish honey company has collected funding from European banks to improve their value chain. These initiatives are expected to bolster the product demand.
Asia Pacific is anticipated to grow at the highest CAGR of 8.5% over the forecasted period. Increasing apiculture industry across India, and China is expected to attract companies to invest in honey production business. This is expected to fuel the market growth over the next few years.
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