"We Envision Growth Strategies Most Suited
to Your Business"
The global honey market size is projected to reach USD 11.16 billion by 2027 owing to the extensive popularity of buckwheat honey across major economies worldwide, shares Fortune Business Insights™ in its report, titled “Honey Market Size, Share & COVID-19 Impact Analysis, By Type (Alfalfa, Buckwheat, Wildflower, Clover, Alacia, and Others), Application (Food & Beverages, Personal Care & Cosmetics, Pharmaceuticals, and Others), Packaging (Glass Jar, Bottle, Tub, Tube, and Others), and Regional Forecast, 2020-2027”. The report finds that the value of the market stood at USD 7.19 billion in 2019 and the market is predicted to register a CAGR of 5.2% from 2020 to 2027.
The outbreak of the COVID-19 pandemic has favored the honey market growth as this substance has emerged as a natural, home remedy for treating the cough and cold triggered by the coronavirus. With patients avoiding visiting healthcare facilities, this natural product has become the preferred therapy for fighting mild to moderate cold-and-cough-related symptoms. As a result, this market displayed a CAGR of 9.0% in 2020.
Bega Launches Novel Project to Protect Bees in Australia
Australia-based Bega Cheese Limited, in partnership with Thinkerbell, announced the launch of the Purple Hive Project in July 2020, furthering its commitment to provide sufficient safeguards to honey bees across Australia. The project is premised on a solar-powered, AI-driven hive designed to detect the Varroa Destructor, a type of mite known to destroy bee colonies around the globe. B honey, the solution developed by Bega and Thinkerbell under the Purple Hive project, works on an AI algorithm that scans bees entering the hive and identifies those carrying the Varroa parasite. Once detected, alerts are sent to the beekeeper or the concerned authorities that can take the necessary steps to prevent the spread of the mite in the hive.
To get a detailed report summary and research scope of this market, click here:
Incredible Health Benefits of Honey to Put the Market on a Stable Growth Trajectory
Honey is one of the best and the most potent remedies available in nature. Beekeeping and honey production activities have been conducted since several centuries and as scientific knowledge expanded, the awareness about the numerous health benefits of this ingredient also rapidly spread around the world. While the most common use of this sweet liquid is to treat sore throat, research has shown that this natural sweetener can be efficient and effective in treating more serious ailments and injuries as well. For example, a study conducted by researchers at the MGM Medical College and MY Hospital in Madhya Pradesh, India found that honey leaves much less scarring caused by burn wounds, enhances healing, and makes such wounds sterile in less time compared to common dressing used for burns such as silver sulfadiazine. Further, a research study from Dubai showed that honey is an effective topical treatment for oral as well as genital herpes and is considerably better in reducing itchiness compared to regular ointments. These and several more health advantages will ensure the sustained growth of this market.
Introduction of Attractive Offerings to Give Decisive Edge to Key Players
The versatile nature of this natural product is stoking the creative energies of the leading companies in this market, pushing them to develop and introduce attractive products. These offerings have been conceived by companies to cater to a wider demographic, which in turn will allow them to bolster their market position. Moreover, the coronavirus pandemic has led to a sudden surge in the demand for naturally-derived food ingredients, generating even greater opportunities for market players.
List of Key Players Covered in this Market Report:
Further Report Findings:
Table of Segmentation
Value (USD Billion)