Organic Honey Market Inclinations & Development Status Highlighted for the Forecast Period between 2017-2022 | Key Players - Glorybee , Little Bee Impex, Madhava Honey , Wholesome Sweeteners , Y.S. Eco Bee Farms, North Dallas Honey Company L.P., Heavenly
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Market to Witness Consolidation Owing to M&As between Well-Established Players and Small Businesses
With growing emphasis on leading healthy lifestyle, consumer preferences have inclined toward consumption of food products with natural ingredients, owing to concerns regarding chemical additives. This has significant positive influence on adoption of organic honey as well. With increased awareness about various types of organic honey, methods of its production, and health benefits are some primary factors driving adoption. All manufacturers who claim their product to be organic are required to comply with certain standards imposed by regulatory authorities, followed by a certification process to label their product “organic”. As certification for organic products is mandatory to ensure consumers about the product authenticity, small business face barriers in terms of cost. This is further resulting into consolidation of the market, as these small businesses are being eyed upon by well-established players for merger, or acquisition, for expanding their market presence. For example – Amazon recently announced its aim of acquiring Whole Foods Market, a supermarket chain with natural and organic food products, to boost its sales of organic honey.
Manufacturers find it difficult to seek appropriate apiary sites favoring the organic honey standards. Higher transition time and capital is involved in production of organic honey. The production also includes other investments related to auditing, sampling, and certification. These factors might impede expansion of the market in the foreseeable future. Despite these challenges, Fact.MR has projected an impressive growth for the global organic honey market over the forecast period (2017-2022). Global sales of organic honey are estimated to exceed US$ 150 Mn by 2022-end.
North America to be Fastest Expanding Market for Organic Honey
The United States Department of Agriculture (USDA) has mandated all manufacturers producing organic products to be USDA-certified, in order to label their products as ‘organic’. This might positively influence demand and sales of organic honey in North America. The region is expected to be the fastest expanding market for organic honey during 2017 to 2022.
Manuka honey and buckwheat honey are anticipated to remain fast-selling types of organic honey. Revenues from sales of these two types of organic honey will account for over 30% share of the market during 2017 to 2022. Sourwood honey will register the lowest CAGR in the market through 2022.
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Organic Honey Sales for End Use in Food & Beverages to Register Robust Expansion through 2022
Sales of organic honey for end use in food & beverages are projected to register a robust expansion, to surpass US$ 130 Mn in revenues by 2022-end. Revenues from end use of organic honey in pharmaceuticals & nutraceuticals will remain low, however sales in this end use segment is likely to witness a significant increase during the forecast period.
Based on sales channel, Market Conditions for sales of organic honey in convenience stores and online sales will remain approximately similar throughout the forecast period. In terms of revenues, wholesaler/distributor will continue to be the largest sales channel for organic honey.
In terms of packaging type, glass jars will continue to account for the largest revenue share of the market, and their sales are projected to rise at a CAGR of nearly 7% through 2022.
Key players identified by Fact.MR in its report on the global organic honey market include Glorybee Inc., Little Bee Impex, Madhava Honey Ltd., Wholesome Sweeteners Inc., Y.S. Eco Bee Farms, North Dallas Honey Company L.P., Heavenly Organics, LLC, Wedderspoon Organic Holdings, L.P., and Barkman Honey LLC.
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