Honey Market Revenue, Size, Share & Analysis | Report 2031

Report Description

The global honey market size was valued at nearly USD 9.03 Billion in 2022 and is anticipated to reach USD 14.25 Billion by 2031, expanding at a CAGR of 5.2% during the forecast period, 2023 – 2031. Rising demand for organic products among consumers and growing demand for healthier alternatives to sugar among health-conscious people are driving the global honey market.

Honey is a sweet, viscous liquid food substance, dark golden in color produced by bees. Honey is made from the nectar of flowers or the secretion of other insects in honey sacs of various bees, by regurgitation, water evaporation, and enzymatic activity. The flavors and color of honey are determined by the flowers from which the nectar is gathered. Clover is the most desirable honey produced by the domestic honeybee.

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The honey contains mostly sugar and a mix of vitamins, iron, amino acid, zinc, minerals, and antioxidants. However, several health benefits are provided by honey including its help in digestive issues, healing wounds, being a good source of antioxidants, soothing a sore throat, phytonutrient powerhouse, and containing antifungal and antibacterial properties.

Honey Market Trends, Drivers, Restraints, and Opportunities

• The rising trend for maintaining healthy lifestyles increases the demand for organic products among fitness enthusiastic is boosting the global honey market.
• Increasing adoption of honey as an alternative to sugar by cardiovascular patients and patients suffering from cholesterol and obesity is driving the market.
• Growing demand by consumers for various medical purposes such as honey help in immunity-boosting, treating cough and acute throat infection associated with its antiviral and antifungal properties. Thus, fueling the market.
• The dynamic consumption pattern of consumers and rapid adoption of various substitute products such as maple syrup and stevia are hindering the market.
• The availability of counterfeit products is majorly impacting the product’s price. Thus, hampering the global honey market.
• Increasing utilization of honey across the pharmaceutical sector for producing cough syrups, dietary supplements, and drugs are generating opportunities in the market.
• Rising acceptance of the Ayurveda medical system among consumers of various countries is creating opportunities in the global honey market.

Scope of Honey Market Report

The report on the global honey market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Honey Market Segment Insights

Nature Segment Analysis

In terms of nature, the global honey market is segmented into organic honey and conventional honey. The organic segment is expected to hold a significant market share during the forecast period, due to the growing demand and adoption by health-conscious consumers.

Honey helps in reducing the usage of white sugar. Moreover, the antibacterial and antioxidant properties and presence of crucial minerals, vitamins, and other nutritional substances increased the demand for organic honey among consumers, which is anticipated to boost the segment during the forecast period.

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Products Segment Analysis

On the basis of products, the global honey market is segregated into Clover, Wildflower, Dandelion, Manuka, Buckwheat, Sourwood, Eucalyptus, and Others. The clover segment is expected to hold a significant share of the market during the forecast period. Clover honey is made by bees by collecting nectar from clover (Trifolium) flowers.

Clover honey is high in flavors and antioxidants that help in regulating blood pressure and protecting the heart. Moreover, growing consumption of clover honey is associated with its health benefits such as transportation of oxygen, nutrients, and regulating better blood flow throughout the body. These factors are anticipated to propel the segment during the forecast period.

Packaging Segment Analysis

Based on packaging, the global honey market is segregated into glass jars, bottles, tubs, tubes, and others. The glass jar segment constituted a significant market share in 2020 and is projected to grow during the forecast period. Glass jars are highly adopted and mostly preferred by the manufacturers for honey packaging.

The growth in the glass jar segment is attributed to the availability of glass jars in a wide range of shapes and sizes, providing packaging convenience, and offering ease in storing and transporting. Moreover, the growing adoption of glass jars owing to, the glass jar is environmental-friendly, safe, and hygienic, which in turn fuels the segment growth.

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Distribution Channels Segment Analysis

In terms of distribution channels, the global honey market is segmented into business-to-business and business-to-consumers. The business-to-consumer segment is further sub-segmented into hypermarkets/supermarkets, convenience stores, specialty stores, and online retail. The business-to-consumers segment is expected to hold a significant market share during the forecast period, due to the consumer preference to visit stores for grocery shopping.

The hypermarket/supermarket segment is projected to expand during the forecast period associated with easy availability of a variety of products such as Clover, Wildflower, Dandelion, Manuka, Buckwheat, Sourwood, and Eucalyptus honey, which is expected to help the segment expand at a significant CAGR during the forecast period.

End-users Segment Analysis

Based on end-users, the global honey market is segregated into food & beverages, cosmetics & personal care, pharmaceuticals, retail/household, and others. The food & beverage segment is expected to hold a significant share of the market during the forecast period, due to the growing adoption of honey as a sweetener and additive. Honey is also consumed directly by consumers due to its desirable taste and texture.

The pharmaceutical segment is projected to grow in the forecast period owing to, increasing usage of honey for producing various medicines, and dietary supplements due to its antibacterial and antiviral properties. Moreover, honey is also consumed for treating several diseases and conditions including indigestion, sore throat, insomnia, and skin problems.

However, the growing adoption of honey by various end-users is associated with its long shelf-life and stored for a longer period, which is expected to boost the market during the forecast period.

Regional Analysis

In terms of regions, the global honey market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific constituted a significant share of the market in 2020, due to the increasing production and consumption of honey in countries like India, China, and Australia. China is one of the leading producers and exporters of organic honey in the world and increases the focus on the beekeeping industry for producing modern medicines.

The market in the Asia Pacific is projected to expand at a significant CAGR during the forecast period, attributed to the rising investment by the government for promoting and supporting beekeeping in India and Australia. The government of India invested approximately UDS 68 million in May 2020 towards the adoption of beekeeping under Atma Nirbhar Abhiyan. These factors are propelling the market in Asia Pacific.

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