Honey Market Size, Share, Trends, Industry Sales, Consumption, Global Analysis by Forecast to 2023

Market Analysis:

Honey is a Natural Sweetener produced by bees and extracted through plant’s nectar. The major components of honey include Water, Carbohydrates, Nitrogenous Substances and Minerals. Honey is a potential replacement for table sugar. The market for honey is anticipated to increase during the forecast period based on increasing health consciousness among the consumers and rising demand for an alternative to table sugar. The report delivers forecasts from 2017 to 2023, based on a detailed analysis of the type and regional segmentation of the market and its competitive landscape.

Honey is a natural sweetener that is finding increasing demand from consumers as a sugar substitute due to its myriad health benefits. Honey not only contains natural compounds that are good for the body, but also contains sugars that can be digested easily and without the generation of fats. As a result, the global honey market is becoming an important market for food and beverage manufacturers due to the growing consumer awareness.

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Major Key Players Trend:

Key players in the global honey market include Dabur India Ltd., Bee Maid Honey Ltd., Comvita Ltd., Billy Bee Honey Products, Lamex Food Group Ltd., Beeyond The Hive, Capilano Honey Ltd., and Barkman Honey LLC.

Monofloral honey, or honey derived from a plant and carrying its distinctive scent, is becoming popular in the global honey market due to its unique taste and health benefits. Many companies are looking to advance their innovation efforts in order to create new types of monofloral honey, such as jamun, lychee, neem, coffee, ginger, sunflower, and tulsi honey. Product innovation to produce new varieties of honey is likely to remain a key competitive strategy for market players in the global honey market over the forecast period.

Segmental Analysis:

Based on type, the global honey market is segmented into buckwheat, alfalfa, wildflower, clover, acacia, and others. Among these, wildflower honey is likely to remain the dominant segment in the global honey market and is expected to exhibit a CAGR of 7.35% over the 2017-2023 forecast period.

By application, the global honey market is segmented into food and beverage, pharmaceuticals, personal care products, and others. The primary use of honey is in food and beverage products, which is likely to remain the dominant segment of the global honey market over the 2017-2023 forecast period. Honey is used as a sugar substitute in food products as well as beverages like tea and sherbet, where its distinctive taste blends well with the other ingredients to provide a unique experience. Honey is also an effective expectorant, due to which it is widely used in tea products and pharmaceuticals.

By type of packaging, the global honey market is dominated by the bottles segment, which is expected to exhibit a steady CAGR of 6.72% over the forecast period. The bottles segment accounted for around 45% of the global honey market in 2017 and has traditionally remained a popular way of packaging honey due to its convenience and long-term storability. Other key packaging segments of the global honey market include jars, tubes, tubs, and others.

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Regional Analysis:

Regionally, the global Honey Market is segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World. Among these, APAC is the dominant consumer of honey due to its traditional presence in cuisine and folk remedies in many Southeast Asian countries. Rising production volume and increasing consumption of commercial, packaged honey is likely to ensure steady dominance of APAC in the global honey market over the forecast period: The APAC honey market is expected to reach a volume of 1,162.8 kilotons (KT) by 2023. The Rest of the World market for honey is also expected to emerge as a key player over the forecast period, with a CAGR of 7.31%.

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