The global Honey Powder 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 powder market is growing with a CAGR of 4.1% over the forecast period and it is expected to reach USD 1.56 billion by 2025, according to a new report released by Million Insights. Longer shelf life and low calorie present in crystal honey are driving the growth of the market.
Key Players:
- Lamex Food Group Limited
- Archer Daniels Midland Company
- Nestle
- Norevo
- Woodland Foods
- Fresh Essentials
- Augason Farms
- AmTech Ingredients
- Domino Specialty Ingredients
- Tata & Lyle
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Growth Drivers:
Honey in powder form is used as a sweetener in the food industry and as an aromatic substance in the beauty industry. Its uses in the baked product are highly popular owing to its ability to improve texture. It also increases crunchiness in snacks and other bakery products. Owing to its solubility, the honey powder can be used with different kinds of beverages as natural sweeteners or as a flavoring agent.
Owing to low clumping, the product made with crystal honey is homogenous in nature. Additionally, it can be used with dry spice mixes, condiments, sauces and other similar products. Consumers can use crystalline honey in place of natural one, however, the humidity level of this product makes it unfavorable to people who are prone to allergies and similar health issues.
Honey powder's ability to improve stability in confectionary products is expected to drive its demand. Moreover, low-calorie count makes it a popular choice among the health-conscious population, which in turn drives its demand. Further, it is used in beauty products and it works as a perfect facemask. It makes the skin soft and provides a glowing appearance. Thus, multiple benefits associated with crystal honey is expected to drive the market growth.
Application Outlook:
- Bakery Products
- Beauty Products
Regional Outlook:
North America held the largest market in 2018 with a market share of over 56%. Owing to low calorie present in the honey, consumers in North America are changing their preferences and opting for natural sweeteners in place of other artificial sweeteners. Crystal honey is cost-effective and can be used as an alternative to white sugar. Moreover, unlike liquid honey, it is non-sticky and ideal for storage.
Asia Pacific is anticipated to grow with a CAGR of 5.9% over the forecast period. Increasing the use of crystal honey in beauty and bakery products is fueling its demand in this region. Countries such as India and China are major exporters to honey. These countries are focusing on increasing production with the help of government support. Increasing the production of honey is further projected to propel the market growth in this region. Countries such as Brazil and Argentina export a significant amount of honey. Growing demand from the beauty industry is likely to supplement the honey production in this region. Further, the growing penetration of several cosmetic players in the Latin America region is estimated to increase the demand for honey.
COVID-19 Impact Insights
Honey powder market has been adversely affected owing to the outbreak of COVID-19. Mostly, honey powder is sold through supermarkets, hypermarkets and retail stores. However, owing to the imposition of lockdowns in several parts of the world, stores selling honey powder were closed, which, in turn, resulted in low sales of the product. Further, several companies involved in the production of the honey powder were forced to close their operations in the second and third quarters of 2020. However, lockdowns measures have eased and companies have restarted their operations. Online sales have increased in the recent past, however, boosting sales through retail stores anytime soon is estimated to be a major challenge for the market players. Manufacturers should focus on the introduction of cost-effective and quality product to reach to the wider consumer base.
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