Honey Market Size, Analysis, Share, Research, Business Growth and Forecast to 2029

According to Fortune Business Insights™, the global honey market is projected to reach USD 11.88 billion by 2028, exhibiting a CAGR of 5.5% during the forecast period. Increasing consumption of honey to treat severe cough and cold-induced by the coronavirus and the seasonal flu is exacted to propel the growth rate of this market, observes in its report, titled "Honey Market Size, Share & COVID-19 Impact Analysis, By Type (Alfalfa, Buckwheat, Wildflower, Clover, Acacia, and Others), Application (Food & Beverages, Personal Care & Cosmetics, Pharmaceuticals, and Others), Packaging (Glass Jar, Bottle, Tub, Tube, and Others), and Regional Forecast, 2021-2028". The market size stood at USD 7.84 billion in 2020.

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List of Companies Profiled in the Honey Market Report:

Dutch Gold Honey Inc. (Pennsylvania, United States)
Bee Maid Honey Limited (Manitoba, Canada)
Capilano Honey Ltd. (Queensland, Australia)
Billy Bee Honey Products (Ontario, Canada)
Golden Acres Honey (Canada)
New Zealand Honey Co. (Washdyke, New Zealand)
Dabur India Ltd. (Uttar Pradesh, India)
Comvita Limited (Te Puke, New Zealand)
Barkman Honey LLC (Kansas, United States)
Yamada Bee Company (Tokyo, Japan)

Food & Beverage Segment to Account for the Largest Share

The heavy demand for honey in the food and beverage industry for the production of confectionery products, beverages, and other baked goods will incite the growth of this segment. Based on packaging, glass and plastic bottles are expected to hold the largest share due to their higher convenience compared to other packaging.

The report's primary features include:

Thorough segmentation of the market and piece-meal study of each segment;
Unrivalled insights into the regional developments occurring in the market;
Exhaustive research into the market drivers, trends, and challenges; and
Holistic assessment of the competitive landscape of the market.

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Driving Factor

Birth of Innovative Bees-related Startups to Reshape Market Dynamics
The demand for natural sweeteners is gaining swift momentum around the globe, with natural honey and other related products garnering much attention since ancient times. The changing dynamics of the natural sweetener industry has led to the birth of innovative startups, creating products and services surrounding the pollination business.

For example, OS Beehives, a Colorado-based startup, has developed a remote sensor connected to the network called BuzzBox. This sensor system uses machine learning to assess hive health based on its interaction with barometric pressure, humidity, and temperature. It is ideal for beekeepers to track their hives remotely. Another unique example is the Germany-based pollination brokerage network, BEEsharing. The network is a multi-faceted platform, designed to connect farmers to beekeepers and beekeepers to vendors for honey, pollen, and beeswax. The broadening presence of startups specializing in this sweet liquid and other bees-related products is, thus, stoking the growth of this market.

Regional Insights

Supportive Government Policies to Provide Impetus to the Market in Asia Pacific
Asia Pacific is poised to dominate the market share during the forecast period on account of formulation of policies supporting beekeeping and other related activities by governments in the region. In India, for instance, the Central Government sanctioned around USD 68 million to promote hive-related businesses under its Atmanirbhar Bharat Scheme launched in May 2020. Similar policy support is also being witnessed in Australia. The Asia Pacific market size stood at USD 2.73 billion in 2020.

After Asia Pacific, Europe is set to rise as the second-largest region in terms of revenue share in the global market. Here, the market is anticipated to be driven by the spreading awareness about the various health benefits of this natural product. In North America, on the other hand, an increasing number of beekeepers across Canada and the US will fuel the regional market.

Competitive Landscape

High Investments in R&D by Key Players to Boost Market Innovation

The honey market growth is receiving frequent booster shots due to the rising investments by key players in research & development activities. These investments are enabling companies to create and launch novel products, widen the scope of their operations, and expand their existing customer base.

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Key Industry Developments:

September 2020: Comvita announced the release of Multifloral Manuka Honey, the brand's maiden MGO-certified Manuka offering. The key ingredient in this product is derived from the Manuka flower known for its antibacterial properties, and blended with other New Zealand wildflowers.
June 2020: Capilano introduced its Low Glycemic Index (GI) Honey, formulated with a select blend of 100% Australian eucalypt honey. It is an ideal sugar alternative for people wanting to lessen their sugar intake as the product has been designed to release energy more slowly and in a sustained manner.

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This release was published on openPR.