Honey Market Size, Share & Industry Analysis, By Type (Alfalfa, Buckwheat, Wildflower, Clover, Acacia, and Others), By Application (Food & Beverages, Personal Care & Cosmetics, Pharmaceuticals, and Others), By Packaging (Glass Jar, Bottle, Tub, Tube, and Others), and Regional Forecast, 2024-2032

The global honey market size was valued at USD 8.94 billion in 2023 and is projected to grow from USD 9.40 billion in 2024 to USD 15.59 billion by 2032, exhibiting a CAGR of 6.52% during the forecast period.

Over the past few decades, sugar and artificial sweeteners have become undesirable ingredients in food products due to their health-damaging properties. Consumer inclination toward sugar substitutes, especially natural sweeteners, has increased for several reasons. One of the prominent reasons is an escalation in diabetic patients and patients suffering from obesity and high cholesterol who are constantly searching for healthier alternatives to sugar. The easy availability of a wide range of products and its ability to impart a desirable taste in food & beverage products is aiding market growth. Some of the major honey-producing countries across the globe include China, Turkey, Iran, Ukraine, Argentina, India, Mexico and others.

With the re-opening of honey production facilities across several economies and continuous efforts by beekeepers to restore the disrupted supply chain, the economic condition of the natural sweetener industry is likely to improve. As it is considered a health-enhancing product, its sales across several countries have witnessed an incredible rise and resulted in a remarkable amplification of quarterly revenues of companies. The demand for immunity-boosting and healthy food products is expected to remain strong even after the pandemic, which can add to the market's profits. Due to its antiviral, anti-fungal, and antibacterial properties, this product is receiving a wider acceptance across regions. It acts as an effective medicine for treating acute throat infection and cough, especially in corona-infected patients.

Honey Market Trends

Surging Demand for Organic Products across Different End-use Sectors to Aid Market Growth 

The demand for organic products has increased notably in the last few years, especially in the developed markets of Europe, the United States, and Japan. The high profits associated with organic products and their high demand among environment-friendly and health-conscious consumers drive the natural product growth. The application of the aforementioned product in innovative health drinks and supplements is emerging as one of the popular market trends across several economies. For instance, in September 2021, a Singapore-based firm announced the launch of a honey Exir. The product is marketed as a health supplement and has no cholesterol. Furthermore, rising support for organic agriculture from associations, such as the National Beekeepers Association and the National Organic Value Chain Association, is further anticipated to support organic product sales.

Honey Market Growth Factors

Rising Demand for Natural Sweeteners to Play a Significant Role in Product Growth

Honey is progressively advocated as an ideal substitute for conventional sugar due to its various health-benefiting properties. The health conscious consumers are including natural sweetener ingredients in their diet foods to reduce usage of white/refined sugar (causes obesity, diabetes, and heart diseases). Natural sweeteners also possess properties such as antioxidant and antibacterial properties along with several crucial minerals and vitamins within them make it an ideal sweetener choice. Furthermore, the product's longer shelf-life and high affordability are other prominent factors that positively impact the market growth rate. Honey has versatile uses in various sectors, including culinary applications and medicinal fields. An increase in industrial-scale production of honey has played a crucial role in supporting the expansion of the market in recent years. The culinary application of honey has also increased in recent years. Consumers staying at home are experimenting with different honey products, which has increased the inclusion of honey in various dishes.

Increasing Utilization of the Product in Drug Production to Support Market Growth

Honey contains various minerals, amino acids, enzymes, and other nutritional substances due to which it has potential therapeutic effects and hence it is gaining high popularity in the pharmaceutical industry. The product has arisen as a prominent ingredient in cough syrups due to its antibacterial properties and its ability to act as a demulcent. This is one of the major factors driving the global market growth.

Honey is used as one of the major product or ingredient in Ayurveda, a natural system of medicine followed in India, and honey has significant role in treatment of several disease and health conditions including indigestion, sore throat, insomnia, skin related problems, and others. In the COVID-19 post pandemic era, the Ayurveda medical system has gained global popularity due to its effectiveness and low to no side effects in treating the particular health problems.

RESTRAINING FACTORS

Rising Adulteration of the Product to Hamper Market Growth

In recent years, adulteration and fraud incidents occurrences have arisen as one of the market’s serious issues, seriously affecting the item's cost and adversely influencing the market growth and development. As indicated by the U.S. Pharmacopeia's Food Fraud information database (helps industry and regulators mitigate risk of food adulteration), it has arisen as the third most designated nourishment for adulteration after milk and olive oil. The broad stock of contaminated items in the neighborhood and worldwide business sectors has brought about a deficiency of benefits for excellent and unadulterated item makers. In addition, choices, like stevia, maple syrup, and others, on the lookout and their quick reception by customers are anticipated to hamper the market's development.

Honey Market Segmentation Analysis

By Type Analysis

Buckwheat to Emerge as the Leading Type Owing to its High Nutritional Value and Less Sweet Taste

Buckwheat, a monofloral variety, is widely popular in Russia, China, and several European economies. The demand for this product type is high due to its high nutritional value, less sweet taste, and high presence of antioxidants. Buckwheat product type also has various medicinal properties, so its demand for cough syrup production is rising rapidly.

Alfalfa is another prominent type with high demand across North American countries and is used to prepare cuisines and direct consumption due to its mild taste and aroma. The recognition of clover honey is predicted to rise rapidly in the coming years due to its antiviral, antioxidant properties, and crucial minerals and vitamins.

By Application Analysis

Increasing Application of Honey in the Food & Beverage Industry to Support Steady Growth of the Segment

The application of the product in the food and beverage industry as a sweetener and additive is wide, and the product is also consumed directly. This sweetener is used in confectionery products, beverages, and other baked goods in place of sugar or in combination with sugar to give the product a desirable taste and texture.

The interest for the product in the pharmaceutical industry, particularly for the formulation of cough syrups and fluid dietary supplement products, is ascending because of its anti-inflammatory, antibacterial, and other wellbeing upgrading properties.

In the personal care and cosmetics industry, honey usage in cleansers, face wash, creams, and different items is developing rapidly. This development is inferable from the item's capability to hold

skin moisture, inducing soothing effects on the skin and acting as an anti-aging agent.

By Packaging Analysis

Bottle Segment to Witness Robust Growth due to Easy Storage and Higher Convenience

Glass and plastic bottles are the most preferred packaging containers globally as they are easy to store and offer higher convenience than other packaging. Bottles can be structured in a wide range of shapes and sizes, and they are also easy to transport, making them an ideal choice for consumers.

Glass jars are highly preferred by consumers looking for environment-friendly, safe, and hygienic packaging.

The popularity of large tubs in the foodservice end-use segment is rising rapidly. Hence, the demand for the product packaged in tubs is anticipated to rise in the forthcoming years.

REGIONAL INSIGHTS

Asia Pacific is the leading region, accounting for the major honey market share, and the region is predicted to dominate the global industry throughout the forecast period. Increasing production volume of the product and consumption across countries having large population having increased per capita income are anticipated to drive the regional market.

China is one of the world's leading producers and exporters of natural honey. According to the Food and Agriculture Organization of the United Nations (FAO), China is one of the largest exporter of honey in terms of volume and exported 145.89 thousand tons of honey in 2021. In terms of value of honey exports, New Zealand stood at first position with a total honey export value of USD 327.15 million in 2021. The real Manuka honey is majorly exported from New Zealand which has unique properties and preferred by the premium consumers.

Europe is expected to follow Asia Pacific in terms of revenue and market share. Rising awareness about the product’s health benefits across European countries fuels the demand for the product across the region.

In North America, the growing number of beekeepers in the U.S. and Canada positively impacts the regional industry. North Dakota and South Dakota in U.S. are the major producers of honey and the country is world largest importer of natural honey (in terms of quantity) majorly from India, Vietnam, Argentina, and Brazil.

In the Middle East & Africa, the demand for the product across Saudi Arabia, South Africa, and others is proliferating due to rising population and per capita income. Saudi Arabia was the largest importer of natural honey in 2021 and imported 14.21 thousand tons.

List of Key Companies in Honey Market

Industry Players Focus on Expanding Product Portfolio and Global Reach to Remain Dominant

The global market is fragmented, with a large number of industry players operating within the market. Industry players are majorly focusing on the product differentiation and targeting the premium customers within space of this market. Product differentiation is majorly occurring in various aspects such as packaging, ingredients, sources of raw material, combination of different types of honey, consumer and application areas, etc. Along with new product launches, companies, are also focusing on strategies such as base expansion, sales or distribution channel expansion, and others to expand their market reach. Comvita Limited, for instance, is one of the key players in the global market, adopting various strategies to establish and maintain its significance among consumers. Technological advancements in honey extraction have improved in recent years. The use of automation for the extraction of honey helps to reduce labor requirements and also increases honey production efficiency. Advanced technology in honey filtration is also helping to improve the quality of honey.

• March 2021 – Comvita launched its limited-edition Special Reserve UMF 25+ (MGO 1200+) Manuka Honey. It is the world's rarest honey to create a moment of delicious pleasure that connects people to the power of nature.


• December 2021 – Comvita invested approximately USD 1.3 million for a clinical trial program supported by the High-Value Nutrition (HVN) Ko Ngā Kai Whai Painga National Science Challenge to understand the effects of Mānuka honey on digestive health.

LIST OF KEY COMPANIES PROFILED:

• 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 (U.S.)


• Yamada Bee Company (Japan)


• Dutch Gold Honey Inc. (U.S.)


• Golden Acres Honey (Canada)

KEY INDUSTRY DEVELOPMENTS:

• January 2024: Apis India launched organic honey, which is made of honey sourced from organic certified lands in India.


• March 2023: Bagrrys India, a leading honey manufacturer, launched Bagrry’s Organic Wild Honey. The product is available in glass jars across all retail outlets in the country.


• January 2022: Sweet Harvest Foods Inc., one of the leading manufacturers of honey and other natural sweeteners, acquired McKinney-based Nature Nate’s Honey Co. Nature Nate’s offers 100% pure, raw & unfiltered honey to consumers through retail shops across the nation.


• January 2022: Tayima Foods announced the launch of its latest product, I’M HONEY, which is 100% raw and organic honey. The product has high medicinal value and comes in some unique flavors. The launch was in line with the digital India program, where the product was made available through no-contact retail kiosks and on Amazon.


• September 2021: India’s Union Agriculture Minister Narendra Singh Tomar introduced ‘Amul Honey.’ This newly launched honey product was manufactured and marketed by Gujarat Cooperative Milk Marketing Federation Ltd. collaborated with National Bee Board.


• June 2021: India-based company Eiwa Honey announced to offer free samples of its honey product. This strategy is likely to help the company expand its consumer base.


• September 2020: Comvita introduced its first multi-floral, MGO-certified Manuka honey. With this launch, the company aims to expand its consumer base that demands affordable yet healthy and flavorful natural sweetening products.


• June 2020: Capilano Honey Limited announced its new product, a low Glycemic Index (GI) honey. The product claims to be of great significance for people on low GI diets and consumers looking to reduce their sugar intake.

REPORT COVERAGE

The global market research report provides qualitative and quantitative insights and market intelligence, and a detailed analysis of the size and growth rate for all possible segments in the market. The report also provides an elaborative research-based analysis of the market dynamics and its competitive landscape. Various key insights provided in the report include the overview of related markets, recent industry developments such as mergers & acquisitions, regulatory scenario in key countries, and key honey industry trends.

Report Scope & Segmentation