Honey market size to reach USD 12.69 billion by 2029 | Showing a CAGR of 5.83% in 2022-2029

Major companies operating in Honey Market are Bee Maid Honey Limited (Canada), Comvita Limited (New Zealand), Capilano Honey Ltd. (Australia), Dabur India Ltd. (India), Billy Bee Honey Products (Canada), New Zealand Honey Co (New Zealand), Barkman Honey LLC (USA), Yamada Bee Company (Japan), Dutch Gold Honey Inc. (US), Golden Acres Honey (Canada) and others

/EIN News/ — Pune, India, Sept. 1, 2022 (GLOBE NEWSWIRE) — The global honey market size was valued at $8.17 billion in 2021. The market is expected to grow from $8.53 billion in 2022 to $12.69 billion in 2029, growing at a CAGR of 5.83% over the forecast period. Rising demand for organic and healthy alternatives to sugar to drive market growth. Fortune Business Insights provides this information in its report entitled “Honey market, 2022-2029.

COVID-19 impact:

Increasing health issues fueled market growth

This market was positively impacted during the COVID-19 pandemic due to increasing health concerns. The rapid spike in COVID-19 infections increased demand for products that help consumers fight and prevent the virus. This factor increased the consumption of the product. In addition, the adoption of online retail helped manufacturers to continue their business. The adoption of automation, reduced capacity and remediation have improved manufacturing operations. In addition, increasing awareness regarding the nectar’s immunity-boosting property increased its acceptance. These factors facilitated market growth during the pandemic.

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List of key companies profiled in the report:

  • Bee Maid Honey Limited (Canada)
  • Comvita Limited (New Zealand)
  • Capilano Honey Ltd. (Australia)
  • Dabur India Ltd. (India)
  • Billy Bee Honey Products (Canada)
  • New Zealand Honey Co. (New Zealand)
  • Barkman Honey LLC (US)
  • Yamada Bee Company (Japan)
  • Dutch Gold Honey Inc. (US)
  • Golden Acres Honey (Canada)

Report size and segmentation:

Reporting coverage Details
Forecast Period 2022-2029
Forecast CAGR 5.83%
2029 Value projection USD 12.69 billion
Base year 2021
Size of the honey market in 2021 USD 8.17 billion
Historical data 2018-2020
Number of pages 213
Covered segments By type, by application, by packaging, by geography
Growth factors for the honey market Increasing Product Adoption for Natural Sweetener Manufacturing to Promote Market Growth


Segments

Buckwheat segment dominates due to high nutritional value

By type, the market is segmented into alfalfa, buckwheat, wildflowers, clover, acacia, and others. The buckwheat segment is expected to dominate due to its high nutritional value.

Food & Beverage Segment Dominates Due To Its Increasing Applications

Based on the application, the market is classified into food and beverage, personal care and cosmetics, pharmaceuticals and others. The food & beverage segment is expected to dominate due to increasing applications.

Bottle segment leading thanks to easy transport

By packaging, the market is divided into glass jar, bottle, tub, tube and others. The bottle segment is expected to lead the market due to its convenient transportation.

Regionally, the market is divided into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

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Reporting coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It extensively discusses the driving and limiting factors and the impact of COVID-19 on the market. In addition, it examines the regional developments and the strategies of the main players in the market.

Drivers and Restrictions

Increasing Product Adoption for Natural Sweetener Manufacturing to Promote Market Growth

Honey is a healthy alternative to sugar and has several healing properties. It can help patients with sore throat and improve their immunity. The increasing use of the product as a natural sweetener is expected to increase demand. Furthermore, the increasing acceptance of nectar as a sugar alternative by the health-conscious population is expected to increase demand. In addition, changing consumer preferences and rising per capita income are expected to increase demand for organic products. Also, increasing adoption of the product for drug manufacturing is expected to boost sales. These factors can stimulate the growth of the honey market.

However, product changes are likely to hinder market growth.

Regional Insights

Rising nectar production to fuel market growth in Asia-Pacific

Asia Pacific is expected to dominate honey’s market share due to its expanded production. The Asia-Pacific market totaled $2.86 billion in 2021 and is expected to gain much of the global market share in the coming years. In addition, increasing government investment in beekeeping is likely to fuel market growth. For example, in May 2020, the Indian government allocated nearly $68 million to beekeeping under the Atma Nirbhar Bharat initiative.

In Europe, increasing awareness about the health benefits of the product is expected to boost its adoption. Furthermore, changing consumer preferences and increasing consumption of organic products can stimulate market growth.

In North America, the increasing number of beekeepers in Canada and the US is expected to drive demand for products. In addition, strong demand for organic products fueled the sector’s growth.

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Detailed table of contents:

  • Introduction

    • Research scope
    • Market share
    • research method
  • Management summary
  • Market dynamics

    • Market factors
    • Market Restrictions
    • Market opportunities
    • Market trends
  • Key insights

    • Overview on the honey market
    • Industry SWOT Analysis
    • Regulatory framework for the market
    • Recent Industry Developments – Policy, Mergers & Acquisitions and New Product Launches
    • Market analysis and insights (in relation to COVID-19)
      • Impact of COVID-19 on the market
      • Supply Chain Challenges Due to the Pandemic
      • Potential opportunities from COVID-19

TOC Continued…!

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Competitive landscape

Companies come up with new product launches to improve brand image

The prominent players operating in the market announce new products to enhance their brand image and increase sales. For example, Tayima Fods launched its organic and raw I’M HONEY in January 2022. The product is available in different flavors and has a high medicinal value. The product was available through online stores such as Amazon. This launch will allow Tayima to increase its sales and strengthen its brand image worldwide. Furthermore, companies devise mergers, partnerships, expansions and research and development to strengthen market growth.

Development of the main industry

  • January 2022: Sweet Harvest Foods Inc. has completed the acquisition of McKinney-based Nature Nate’s Honey Co. to provide raw and organic nectar to consumers worldwide.

Read related insights:

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Competitive landscape

Companies come up with new product launches to improve brand image

The prominent players operating in the market announce new products to enhance their brand image and increase sales. For example, Tayima Fods launched its organic and raw I’M HONEY in January 2022. The product is available in different flavors and has a high medicinal value. The product was available through online stores such as Amazon. This launch will allow Tayima to increase its sales and strengthen its brand image worldwide. Furthermore, companies devise mergers, partnerships, expansions and research and development to strengthen market growth.


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