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The global honey market size was USD 7.19 billion in 2019. The global impact of COVID-19 has been unprecedented and staggering, with sweet liquid witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global market will exhibit a steady growth of 9.0% in 2020. The market is forecasted to grow from USD 7.84 billion in 2020 to USD 11.16 billion in 2027 at a CAGR of 5.2% in the 2020-2027 period. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Over the past few decades, sugar and artificial sweeteners have become undesirable ingredients in food products due to their health-damaging properties. Consumer inclination towards sugar substitutes, especially natural sweeteners, has increased for several reasons. One of the prominent reasons is an escalation in the number of 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, coupled with its ability to impart a desirable taste in food & beverage products, is aiding market demand.
Global Supply Chain Interruptions amid COVID-19 to Impact the Market Negatively
The sudden outbreak of the COVID-19 pandemic has affected various industries across the globe as governments have undertaken lockdown measures and restricted the movement of people to contain the contagion. The closure of processing plants/units significantly affected the production of various food products in the initial months of the pandemic. Moreover, labor shortages, supply chain disruptions, trade & transport restrictions, fluctuating logistics, and others were observed in the lockdown period.
However, with the re-opening of production and processing facilities across various economies and increased efforts by beekeepers and market players to re-establish the disrupted supply chain, the condition of the natural sweeteners market is expected to improve. As honey is considered a health-enhancing product, its sales across several countries have witnessed an incredible rise and have resulted in a remarkable amplification of quarterly revenues of companies. For instance, in July 2020, Dabur India Limited, in its first quarterly report (Q1 2020-21), disclosed that its immunity products (such as Dabur Honitus) witnessed a growth of 60% and 80%, respectively, in the first quarter.
The demand for immunity-boosting products even after the end of the pandemic is expected to remain strong, which can add to the revenues of the market. Due to its antibacterial, antiviral, and anti-fungal properties, is receiving appreciation and wider acceptance as an effective medicine to treat acute cough and throat infection observed in corona-infected patients. The Public Health England (PHE) and the National Institute for Health and Care Excellence (NICE) guidelines have recommended honey as a prominent first line of treatment in treating acute cough caused due to respiratory tract infection, which is one of the foremost symptoms in patients suffering from the COVID-19 disease.
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Surging Demand for Organic Products across Different End-use Sectors to Aid Market Growth
The demand for organic sweet liquid has increased at a notable pace in the last few years, especially in the developed markets of Europe, the U.S., and Japan. The high profits associated with organic products and their high demand among the environment- and health-conscious consumers is driving the natural sweet liquid industry 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 July 2019, Manuka, a prominent New Zealand-based health and beauty products company, under its brand Manuka Doctor, launched Manuka Plus, a vitamin supplement range. 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.
Rising Demand for Natural Sweeteners to Play a Significant Role in Product Growth
Honey is being progressively advocated as an ideal substitute for conventional sugar due to its various health-benefiting properties. The rising health consciousness among consumers has motivated them to include natural sweeteners in their diets and reduce their white sugar intake. The antioxidant and antibacterial properties of natural sweeteners and the presence of several crucial minerals and vitamins within them have made them an ideal sweetener choice. Furthermore, the longer shelf-life of the product and its high affordability are the other prominent factors that are positively impacting the market's growth rate.
Increasing Utilization of the Product in Drug Production to Support Market Growth
Potential therapeutic effects of the product due to the presence of various amino acids, enzymes, minerals, and other nutritional substances in it has fetched its roaring popularity across the pharmaceutical sector. Honey 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 growth of the global market. Moreover, the widening acceptance of the Ayurveda medical system globally due to its effectiveness and low to no side effects is expected to impact the market growth positively. In Ayurveda, the product is used to treat several diseases and conditions, such as skin problems, insomnia, indigestion, sore throat, and others.
Rising Adulteration to Hamper the Growth of the Market
In recent years, honey adulteration and fraud incidents have emerged as one of the industry's major problems, which has had severe impacts on the product’s price and has further negatively impacted market growth. According to the U.S. Pharmacopeia’s Food Fraud database, honey has emerged as the third most targeted food for adulteration after milk and olive oil. The extensive supply of adulterated natural sweeteners in the local and global markets has resulted in a loss of profits for high-quality and pure product producers. Moreover, the presence of alternatives, such as stevia, maple syrup, and others, in the market and their rapid adoption by consumers is predicted to hamper the market's growth.
Buckwheat to Emerge as the Leading Type Segment
Buckwheat honey, a monofloral variety, is widely popular in Russia, China, and several European economies. The demand for this product type is high due to its immense nutritional value, less sweet taste, and strong presence of antioxidants. Buckwheat product type also has various medicinal properties, and hence its demand for cough syrup production is rising rapidly.
Alfalfa is another prominent type that has high demand across North American countries and is used to prepare cuisines and also for direct consumption due to its mild taste and aroma.
The recognition of clover type is predicted to rise rapidly in the upcoming years due to its antiviral, antioxidant properties, and crucial minerals and vitamins.
Food & Beverage Segment to Dominate the Global Marketplace
The application in the food and beverage industry as a sweetener and additive is wide, and the product is also consumed directly. Different types of honey are 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 demand for the product in the pharmaceutical industry, especially for the formulation of cough syrups and liquid dietary supplements, is rising due to its anti-inflammatory, antibacterial, and other health-enhancing properties.
In the personal care & cosmetics industry, honey utilization in soap, face wash, moisturizers, and other products is growing at a fast rate. The reason behind this is the potential of the product in retaining skin moisture, inducing soothing effects on the skin, and acting as an anti-aging agent.
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Bottle Segment to Witness Robust Growth in the Upcoming Years
Glass and plastic bottles are the most preferred packaging containers globally as they are easy to store and offer higher convenience compared to other types of packaging. Bottles can be structured in a wide range of shapes and sizes, and they are also easy to transport, which makes them an ideal choice for consumers.
Glass jars are highly preferred by consumers who are 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.
Asia Pacific Honey Market Size, 2019 (USD Billion)
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Increasing Investments by Governments and Foreign Companies to Support Growth of the Asia Pacific Market
Asia Pacific is the leading region, accounting for the market's highest revenue share, and the region is predicted to dominate the global industry throughout the forecast period. The increasing production and consumption of natural sweeteners across countries, such as China, India, Australia, and others, are anticipated to drive the regional market. China is one of the leading producers and exporters of natural honey in the world and the country exports stood at 123,826 tonnes to foreign markets in 2019. Moreover, at country levels, in economies such as India and Australia, rising governmental investments in promoting beekeeping and boosting production will support the market growth. For instance, in May 2020, the Government of India allocated approximately USD 68 million towards beekeeping under its Atmanirbhar Abhiyan.
Europe is expected to follow Asia Pacific in terms of revenue and honey market share. Rising awareness about the health benefits of the product across European countries is fueling the demand for the product across the region.
In North America, the growing number of beekeepers in the U.S. and Canada is positively impacting the regional industry. According to the Canadian Honey Council, at present, the number of beekeepers in Canada is approximately 7,000, operating a total of around 600,000 bee colonies.
In the Middle East & Africa, the demand for the product across Saudi Arabia, South Africa, and others is proliferating on account of rising populations and per capita income.
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Industry Players to Focus on Expanding Product Portfolio and Global Reach to Remain Prominent
The global market is fragmented, with a huge number of industry players operating within the market. The rising demand for across several economies due to the increased consumer inclination towards natural sweeteners and healthy sugar alternatives has offered market players an abundance of opportunities to innovate and expand globally. Along with new product launches, companies such as Capilano Ltd., Barkman, Dabur India Ltd., Comvita, and others are focusing on various strategies, such as base expansion, sales or distribution channel expansion, and others, to increase their market share. Comvita Limited, for instance, is one of the leading players in the global market, adopting various strategies to establish and maintain its significance among consumers.
April 2019 – Comvita entered into a conditional agreement to acquire the remaining 49 percent of its Chinese Joint Venture (JV), Comvita China Ltd. and Comvita Food Ltd. The acquisition is aimed to strengthen its direct business in China and obtain higher flexibility for sales optimization and improved profitability.
January 2018 – Comvita announced its expansion and retail availability across the United States and Canada’s robustly growing markets. After launching a novel store on Amazon and signing a distribution deal with Costco, the company made this announcement.
An Infographic Representation of Honey Market
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The honey market research report provides qualitative and quantitative insights and intelligence on this market and a detailed analysis of the size and growth rate for all possible segments in the market. In the report, 2020 has been considered as the estimated year and forecasts 2027 data, along with the number of years falling in between the estimated year, i.e., 2020, and the forecast years, i.e., 2021-2027. Along with this, the report 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, the regulatory scenario in key countries, and key industry trends.
Value (USD Billion)
Fortune Business Insights says that the global market value was USD 7.19 billion in 2019 and is projected to reach USD 11.16 billion by 2027.
Growing at a CAGR of 5.2%, the market will project a modest growth during the forecast period (2020-2027).
Buckwheat honey is expected to be the leading type segment in the market during the forecasted years.
The intensifying demand for natural sweeteners due to their potential health benefits is predicted to be the key factor driving the global market growth.
Capilano Honey Ltd., Dabur India Limited, Bee Maid Honey Ltd., and Barkman Honey LLC are some of the top players in the market.
Asia Pacific is anticipated to hold the highest share in the global market.
The bottle segment is expected to hold the dominant share in the global market.
The increasing demand for organic honey across different application sectors and end-users is emerging as a key trend in the global market.
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