NEW YORK, Feb. 15, 2024 /PRNewswire/ — The honey market is expected to grow by USD 5.57 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 9.39% during the forecast period. The market is segmented by distribution channel (offline and online), type (conventional and organic), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The market share growth by the offline segment will be significant during the forecast period. In this sector, specialty shops have a wide range of brands and product portfolios which include both brand-specific and multibranded ranges across all their stores. By opening their own stores manufacturers and distributors can plan for marketing, advertising, promotions, brand building, training, or information technology support budgets. This autonomy allows them to gain direct contact with consumers, while they are not dependent on independent retailers. Offline honey product distributors, on the other hand, are facing a challenge from an increasing number of Internet distribution channels. Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The Free sample report is available in PDF format
Technavio has announced its latest market research report titled Global Honey Market 2023-2027
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Report Coverage |
Details |
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Page number |
159 |
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Base year |
2022 |
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Historic period |
2017 – 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.39% |
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Market growth 2023-2027 |
USD 5.57 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
8.32 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 49% |
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Key countries |
US, Turkey, Iran, China, and Argentina |
APAC is estimated to contribute 49% to the growth of the global market during the forecast period. Countries such as China, India, and Japan produce considerable volumes of honey to fuel growth in this region. These are the most important exporting countries, in particular China. Major suppliers prioritize the provision of transport and storage facilities with a view to reducing food waste and decreasing price increases in the supply chain, as part of their efforts to address food safety concerns. As a result of government investments and initiatives such as the National Beekeeping and Honey Mission NBHM under the Atmanirbhar Bharat Abhiyan, India’s market is on the rise. To know additional highlights and key points on various market segments and their impact in coming years, View the Free PDF Sample Report.
Health benefits associated with honey are notably driving the growth. However, factors such as high cost of production and transportation may impede growth.
The industry is fragmented, and the companies are deploying organic and inorganic growth strategies to compete. The report analyzes the competitive landscape and offers information on several companies, including Alpalair Wellness Pvt. Ltd., Barkman Honey LLC, Bee Maid Honey Ltd., Beeyond The Hive LLC, Capilano Honey Ltd., Comvita Ltd., Dabur India Ltd., Dutch Gold Honey, Golden Acres Honey Products Ltd., Little Bee Impex, New Zealand Honey Co., Oha Honey LP, PA and SC Steens Ltd., Savannah Bee Co., Sioux Honey Association Crop., Sweet Harvest Foods Inc., Valeo Foods Ltd., Wedderspoon Organic Inc., McCormick and Co. Inc., and Patanjali Ayurved Ltd. View the Free PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.
In recent years, the global honey market has witnessed a surge in demand, fueled by a growing emphasis on healthy lifestyle choices and nutritious food products. It’s rich in vitamins, minerals such as calcium, and antioxidants, offers a natural alternative in the quest for wellness. Its antibacterial, antiviral, and anti-fungal properties make it a sought-after remedy for various ailments, including acute cough and throat infections. Particularly noteworthy is its potential role in supporting corona-infected patients. It’s versatility extends beyond traditional uses; it’s increasingly incorporated into diverse beverages and processed foods, catering to evolving consumer preferences. As awareness grows, the industry continues to thrive, offering a sweet solution to health-conscious consumers worldwide.
Health and beauty products infused with honey are sought after for their natural benefits, catering to consumers seeking a wide range of products. The desirable taste is not its sole allure; its metabolic activity aids in managing blood pressure and mitigating the risk of diabetes. In skincare, it soothes burn wounds and is a prized ingredient in cosmetics and pharmaceuticals alike. Leading product manufacturers like Dabur craft innovative syrups with no added sugar, catering to diverse preferences while capitalizing on honey’s versatile appeal.
Related Reports:
The Soy and Milk Protein Ingredients Market size is projected to increase by USD 6,850.31 million and the size is estimated to grow at a CAGR of 4.89% between 2022 and 2027.
The Oligofructose Market size is projected to increase by USD 5,040.66 million and the size is estimated to grow at a CAGR of 11.32% between 2023 and 2028.
ToC:
Executive Summary
Landscape
Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Distribution Channel
Segmentation by Type
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
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SOURCE Technavio