Honey market size will reach USD 12.69 billion by 2029, exhibiting a CAGR of 5.83% during 2022-2029

The main companies covered in the honey market are Bee Maid Honey Limited (Canada), Comvita Limited (New Zealand), Capilano Honey Ltd. (Australia), Dabur India Ltd. (India), Billy Bee Honey Products (Canada), New Zealand Honey Co. (New Zealand), Barkman Honey LLC (USA), Yamada Bee Company (Japan), Dutch Gold Honey Inc. (USA), Golden Acres Honey (Canada), etc.

/EIN News/ — Pune, India, September 01, 2022 (GLOBE NEWSWIRE) — Global honey market its size is estimated at 8.17 billion USD in 2021. The market is expected to grow from US$ 8.53 billion in 2022 to US$ 12.69 billion by 2029, exhibiting a CAGR of 5.83% during the forecast period. Increasing demand for organic and healthy alternatives to sugar to drive market growth. Fortune Business Insights ” is reported in the report.Honey market, 2022-2029.

Impact of COVID-19:

Growing Health Concerns Driven the Market Growth

Due to increasing health concerns, this market has been positively impacted during the COVID-19 pandemic. The rapid increase in COVID-19 infections has increased the demand for products that help consumers fight and prevent the virus. This factor increased the consumption of the product. Additionally, the adoption of online retailing has helped manufacturers sustain their businesses. Adoption of automation, reduced capacities, and sanitation have boosted production activity. Additionally, increasing awareness of nectar’s immunity-boosting properties has fueled its adoption. These factors facilitated the growth of the market during the pandemic.

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List of key companies mentioned in the report:

  • Bee Maid Honey Limited (Canada)
  • Comvita Limited (New Zealand)
  • Capilano Honey Ltd. (Australia)
  • Dabur India Ltd. (India)
  • Billy Bee Honey Products (Canada)
  • New Zealand Honey Co. (New Zealand)
  • Barkman Honey LLC (USA)
  • Yamada Bee Company (Japan)
  • Holland Gold Honey Inc. (USA)
  • Golden Acres Honey (Canada)

Report Scope and Segmentation:

Scope of the report Details
Forecast Period 2022-2029
CAGR forecast 5.83%
2029 Value Forecast 12.69 billion USD
Base year 2021
The size of the honey market in 2021 8.17 billion USD
Historical data 2018-2020
Number of pages 213
Covers segments By Type, By Application, By Packaging, By Geography
Honey market growth drivers Increasing acceptance of product for production of natural sweeteners to promote market growth


Segments

The Buckwheat Segment is dominant due to its High Nutritional Value

By type, the market is segmented into alfalfa, buckwheat, wildflower, alfalfa, acacia, and others. The buckwheat segment is expected to dominate due to its high nutritional value.

The Food & Beverage Segment is dominant due to its growing applications

Based on application, the market is segmented into food & beverages, personal care & cosmetics, pharmaceuticals, etc. The food and beverage segment is expected to dominate due to its growing applications.

Glass Segment Leads Due to Easy Transportation

By packaging, the market is segmented into glass containers, bottles, tubs, tubes, and others. The glass segment is expected to lead the market due to easy portability.

Regionally, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

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Scope of the report

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and impact of COVID-19 on the market. In addition, it examines regional developments and strategies implemented by major market players.

Drivers and restrictions

Increasing acceptance of product for production of natural sweeteners to promote market growth

Honey is a healthy alternative to sugar and has several healing properties. It can help patients suffering from sore throat and boost their immunity. Increasing acceptance of the product as a natural sweetener is expected to increase its demand. Additionally, increasing adoption of nectar as a sugar alternative by the health-conscious population is expected to boost its demand. Moreover, evolving consumer preferences and rising per capita income are expected to increase the demand for organic products. Also, increasing adoption of the product for manufacturing pharmaceuticals is expected to boost its sales. These factors can drive the growth of the honey market.

However, product changes may hinder market growth.

Regional views

Increasing Nectar Production to Drive Market Growth in Asia Pacific

Asia Pacific is expected to dominate the honey market due to its extensive production. The Asia Pacific market accounted for USD 2.86 billion in 2021 and is expected to gain a large share of the global market share in the coming years. Additionally, increasing government investment in beekeeping is likely to boost market growth. For example, in May 2020, the Indian government allocated nearly US$ 68 million for beekeeping under the Atma Nirbhar Bharat initiative.

Increasing awareness of the product’s health benefits in Europe is expected to boost its adoption. In addition, evolving consumer preferences and increasing consumption of organic products may propel the market growth.

In North America, the increase in the number of beekeepers in Canada and the United States is expected to increase the demand for the product. In addition, strong demand for organic products has fueled industry growth.

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Detailed Table of Contents:

  • Introduction

    • Research Area
    • Market Segmentation
    • Research methodology
  • Summary
  • Market dynamics

    • Market drivers
    • Market restrictions
    • Market Opportunities
    • Market Trends
  • Basic concepts

    • Overview of the honey market
    • Industry SWOT Analysis
    • Regulatory Framework for the Market
    • Recent Industry Developments – Policies, Mergers and Acquisitions and New Product Launches
    • Market Analysis and Insights (Related to COVID-19)
      • Impact of COVID-19 on the market
      • Pandemic Supply Chain Challenges
      • Potential opportunities related to COVID-19

TOC continues…!

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A competitive landscape

Companies develop new products to enhance their brand image

Well-known players in the market announce new products to enhance their brand image and increase sales. For example, Tayima Foods launched its organic and raw I’M HONEY in January 2022. The product is available in several varieties and offers high therapeutic value. The product was available through online retailers such as Amazon. This launch could enable Tayima to increase its sales and strengthen its brand image globally. In addition, companies are developing mergers, partnerships, expansions, and research and development to fuel market growth.

Major Industrial Development

  • January 2022: Sweet Harvest Foods Inc. has completed the acquisition of McKinney-based Nature Nate’s Honey Co. to offer raw and organic nectar to consumers worldwide.

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A competitive landscape

Companies develop new products to enhance their brand image

Well-known players in the market announce new products to enhance their brand image and increase sales. For example, Tayima Foods launched its organic and raw I’M HONEY in January 2022. The product is available in several varieties and offers high therapeutic value. The product was available through online retailers such as Amazon. This launch could enable Tayima to increase its sales and strengthen its brand image globally. In addition, companies are developing mergers, partnerships, expansions, and research and development to fuel market growth.


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