Global Honey Market
As stated in our extensive report, the Global Honey Market accounted for USD 8.9 Billion in the year 2022 and is projected to reach a value of USD 12.6 Billion by 2030.
Growing awareness of the health benefits of Honey is known for its antibacterial and antioxidant properties and ability to boost immunity. As more people become aware of these health benefits, the demand for the Honey market has increased. And increased use of Honey as a healthy alternative to artificial sweeteners, an energy source, and a weight loss source is the major driver for the Honey market.
Increase in demand for Honey in ayurvedic medicine and the fact that it is also used to treat cough and acute throat infection, the array of illnesses, ailments, and injuries, whether it is mixed with other remedies and consumed for application to the skin is expected to provide substantial growth opportunity for the Honey market. In addition, rising income and growing consumer preference for healthier foods also encourage people to include more Honey in their diet. Moreover, stringent food safety regulations and increasing awareness about the lesser harmful effects of certain types of bacteria on human health are fuelling increased demand for natural products like Honey in the regions.
Government regulations regarding the labeling and testing of Honey can also impact the Honey market, especially regarding quality and safety standards. In addition, the expansion of organized distribution markets, such as convenience stores, supermarkets, hypermarkets, and general stores, along with the thriving e-commerce industry, stimulates market growth. Although the Honey market is gaining popularity worldwide, the study’s assigned time frame for the industry may be constrained by the high cost of technology.
Key Factors Influencing Honey Market Growth
The growth of the global Honey market can be attributed to the following.
- With rising demand for natural sweeteners to play a significant role in producing growth, Honey is progressively advocated as an excellent substitute for conventional sugar because of its multiple health-benefits properties. Health-conscious consumers are including natural sweetener ingredients in their diet to reduce white/ refined sugar usage. Natural sweeteners also possess properties such as antioxidant and antibacterial properties.
- Consumer trends and preferences such as organic, non-GMO, and locally sourced products can impact the demand for Honey in the market.
- The rise in incidences of chronic medical ailments, such as heart disease, diabetes, and cancer, is a crucial factor that positively influences the market. The rising utilization of Honey in home remedies is also increasing Honey sales in the country.
- High demand for cosmetic industry Honey has become a popular ingredient in cosmetic and skincare products due to its moisturizing and antibacterial properties, and this has demanded the Honey in the cosmetic industry.
- Organic and sustainable products with growing concern for the environment, people are increasingly looking for organic and sustainable products, including Honey.
- Honey is a versatile ingredient used in cooking and baking and as a natural sweetener in teas, coffee, and other beverages; the versatile usage of Honey has increased its demand.
- Adulteration practices undertaken by Honey manufacturers lower their consumption, while the potential health risks of such impure products aggravate the business in the global Honey market. Botulism and health disorders caused due to consumption of toxic Honey are also key restraints influencing the growth of the global Honey market.
Europe Region to Lead the Market
Europe Honey is expected to grow in terms of revenue and market share. Rising awareness about the product’s health benefits across European countries fuels the demand for the products across the region. In North America, the growing number of beekeepers in the U.S. and Canada positively impacts the regional industry. Moreover, it also exports natural Honey to several countries globally, like the United States, Canada, and Qatar; among the country, it also offers several different exotic varieties of Honey. The chief factors likely to favor the regional market development include a growth in the production volume of Honey and an increase in its consumption among people.
Growing awareness about the health benefits of Honey consumption positively influences the Honey market.
Some of the key players in the Global Honey Market include- Beeyond the Hive (U.S.), Barkman Honey LLC (U.S.), Dabur India Ltd (India), Capilano Honey Ltd (India), Streamland Biological Technology Ltd (New Zealand) and others.