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Honey Market Overview
In 2021, the honey market was estimated to be worth USD 10.5 billion. According to projections, the honey market industry would expand at a compound annual growth rate (CAGR) of 6.85% from USD 11.2 billion in 2022 to USD 17.80 billion by 2030. Honey’s increasing application in medicinal and cosmetic products is the primary factor propelling the market’s expansion.
Artificial sweeteners raise the risk of dental decay, hypertension, high cholesterol, obesity, and cardiovascular diseases. Their development is also responsible for Type 2 diabetes, metabolic syndrome, and numerous cancers and tumours. However, real honey is rich in antioxidants that have a major impact on human health and has a lower glycemic index (GI), meaning that it does not immediately raise blood sugar levels. They have several health benefits and are present in functional foods, cosmetics, and other products. It is an unadulterated, unfiltered, and unpasteurized sweetener that bees generate from floral nectar. It is highly valued for its exceptional nutritional and therapeutic qualities. The latest trends in food consumption show that consumers are growing increasingly concerned about eating foods that increase immunity, particularly in light of the pandemic’s quick spread.
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However, product manufacturers are creating distinctive debuts in an effort to draw in more customers. For example, in July 2021, Dabur unveiled a new range of syrups and spreads called honey-infused syrups. With no added sugar, this product is a better option than the widely available strawberry syrups and sweet chocolates. Growing health consciousness encourages consumers to use less white sugar and increase their intake of natural sweeteners. The product’s great cost and long shelf life are two more important factors that positively affect honey market revenue.
Key Companies in the honey market includes.
Dabur India Ltd.
Comvita Ltd.
Barkman Honey Llc
Bee Maid Honey Limited
Billy Bee Honey Products
Segmental Insights
The type of honey market data is divided into alfalfa, wildflower, buckwheat, acacia, and clover categories. In 2021, the buckwheat category dominated the market.
The honey market is divided into segments according to application, pharmaceuticals, food and beverage, and personal care items.
Based on packaging, the honey market is divided into four segments: bottle, jar, tube, and tub. When it came to honey market revenue in 2021, the bottle category commanded the lion’s share.
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Regional Analysis
The report offers market information for North America, Europe, Asia-Pacific, and the rest of the world, broken down by region. The market for honey in Asia Pacific was valued at USD 4.6 billion in 2021 and is projected to grow at a rate of 43.90% CAGR over the course of the study because of the region’s well-established competitors, robust production levels, and a sizeable consumer base that utilises honey for baking, skin care, medication, and other domestic uses. Manufacturers in this sector are starting to place more and more importance on various company growth strategies. For instance, the well-known Indian dairy giant Amul said in September 2020 that it would launch its honey brand and join the nation’s market.
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