Increased Demand for Nutritious and Natural Sugar Alternatives drives Honey Market Revenue by 2030

Honey Industry Overview

The global honey market size is expected to reach USD 13.57 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.2% from 2022 to 2030. Increased demand for nutritious and natural sugar alternatives and healthy spreads is expected to drive the market. The growing demand for vegan and organic honey products, including soups, challah, and hot toddy, is likely to fuel the overall growth of this market.

In addition, inclination towards the use of natural ingredients including honey by several pharmaceutical companies for treatments, such as hemodialysis, diabetic foot ulcers (DFUs), autolytic debridement, mucositis, vernal keratoconjunctivitis, and hemorrhoid, will fuel the market growth. Honey infused with natural ingredients helps boost the body’s healing process at a faster rate.

Honey Market Segmentation

Grand View Research has segmented the global honey market on the basis of processing, distribution channel, and region:

Based on the Processing Insights, the market is segmented into Organic and Conventional

• The conventional segment held the largest revenue share of over 80.0% in 2021 and is expected to maintain its lead over the forecast period, owing to its lower prices and wider availability in comparison to organic honey.
• Further, nowadays, new flavors with exotic add-ons are being introduced in the conventional products as per the changing consumer demands, which is likely to drive the conventional segment.
• The organic segment is projected to register the fastest CAGR of 5.9% from 2022 to 2030 due to the growing trend of eating healthy among millennials and adults.
• Furthermore, substituting plant-based sweeteners for natural honey sweeteners will promote market growth in the years to come.
• Moreover, the growing population and increasing number of people moving towards honey sweeteners provide a significant growth opportunity for the key players operating in the market.

Based on the Distribution Channel Insights, the market is segmented into Hypermarkets & Supermarkets, Convenience Stores, Online, and Others

• The hypermarkets and supermarkets segment captured the largest revenue share of over 40.0% in 2021.
• The increasing penetration of independent retail giants such as Walmart and Costco is boosting product visibility and attracting a larger consumer base.
• Consumers prefer to physically verify these products before buying, which is driving the sales through this channel.
• The online distribution channel is projected to register the highest CAGR of 6.6% from 2022 to 2030.
• Online platforms offer high levels of convenience, increased product visibility, and at-home delivery features, which is promoting the segment growth.

Honey Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market is characterized by the presence of a few well-established players and several medium players. Industry players are taking up key strategic initiatives such as product launches to gain a competitive edge in the market. In September 2021, Amul launched a new product, developed by Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF) along with National Bee Board. With this step, the government is promoting bee-keeping among small farmers.

Some prominent players in the global Honey market include:

• 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.

Order a free sample PDF of the Honey Market Intelligence Study, published by Grand View Research.