Honey Market Share, Sales, Global Production, Consumption, Top Key Players Review and Rapid Growth by Forecast to 2023

Market Overview:

Honey market is also driven by the advancements made in the harvesting technologies which lead to improved production. Focus on R&D is leading to innovations in honey harvesting that is increasing the quantity and quality of the final product harvested. Moreover, increasing demand for natural sweeteners is one of the factors influencing the growth of the honey market. Owing to rising issues of obesity among the population, consumers are becoming more health conscious and looking for natural products. This has influenced the manufacturers to substitute artificial sweeteners with natural sweeteners. The rise in the growth of natural sweeteners has resulted to the growth of the honey market.

Increasing health consciousness has led consumers demanding natural sweeteners such as honey. Diverse application in various sectors is another such driver resulting in escalation of the global honey market. Medicinal application and increasing adoption of natural ingredients by the personal care products manufacturers have raised the demand for honey on an exponential level.

The major restraint to the honey market is the loss of honeybee population which is termed as colony collapse disorder. It is a major long-term threat to bees which leads to loss of honey supply in the market. Nevertheless, all these factors are boosting the global honey market to grow at the CAGR of 7.22% during the forecast period of 2017-2023.

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Competitive Analysis:

This report includes a study of strategies used in the market, mergers, and acquisitions and multiple product launches by honey market players. It further includes product portfolios and developments of leading players, which includes

Some of the key players profiled in the global honey market: Dabur India Ltd. (India), Capilano Honey Ltd. (Australia), Comvita Ltd. (New Zealand), Barkman Honey Llc (U.S.), Bee Maid Honey Ltd. (Canada), Lamex Food Group Ltd. (U.S.), Billy Bee Honey Products (Canada), and Beeyond The Hive (U.S.)

Downstream Analysis:

The global honey market is segmented into type, application, and packaging.

Among the type, the wildflower honey segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 7.35% during the given period due to the presence of wildflowers in abundance. Among the application of honey, the food & beverage segment is accounting for approximately 55% market share followed by pharmaceuticals accounting for 20% of the global honey market. The segment is projected to register a healthy CAGR of 7.26% during the forecast period 2017-2023. Among the packaging, the bottle segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 6.72% during the given period.

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Regional Analysis:

The global honey market is segmented into North America, Europe, Asia Pacific, and Rest of the world. Among these, the Asia Pacific region is projected to retain its dominance throughout the forecast period owing to the rise in the production volume and increasing consumption of honey. The Asia Pacific region is estimated to reach 1,162.8 kt in terms of volume by 2023. However, Rest of the World region including countries such as Latin America, the Middle East, and Africa is projected to expand at a moderate CAGR of 7.31% during the forecast period 2017-2023.

Segments:

The global honey market is segmented into type, application, and packaging.

On the basis of the type, it is segmented into alfalfa, wildflower, buckwheat, acacia, clover honey, and others. Among all, the wildflower honey segment is projected to account maximum market proportion and projected to grow at CAGR of 7.35% during the forecast period.

On the basis of the application, it is segmented into food & beverage, personal care products, pharmaceuticals, and others. The food & beverage segment is dominating the market due to increasing demand for honey in the food products. This segment is projected to grow at CAGR of 7.26% during the forecast period.

On the basis of the packaging, it is segmented into the bottle, jar, tube, tub, and others. The bottle segment is projected to account for approximately 45% market proportion and projected to grow at CAGR of 6.72% over the review period of 2017-2023.

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This release was published on openPR.