11-Feb-2020 | Facts and Factors
Facts and Factors have authored “Honey Market By Type (Alfalfa, Buckwheat, Wildflower, Clover, & Others), By Application (Food & Beverages, Personal Care & Cosmetics, Pharmaceuticals, & Others), By Packaging Type (Glass Jar, Bottle, Jars, Tube, & Others), By Distribution Channel (Convenience Stores, Supermarket/Hypermarket, & Online), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026”. Based on our analysis, the global honey market in 2020 is around USD 9.4 Billion and is expected to reach over USD 15.79 Billion by 2026. The anticipated CAGR for the global honey market is nearly 8.7% from 2021 to 2026.
Honey is a highly viscous golden substance produced and collected by bees in their hives. Honey is widely used as a sweetener owing to its broad range of medicinal benefits. The viscous substance is composed of carbohydrates, proteins, iron, calcium, water, and antioxidants such as flavonoids and phenols.
Browse the full “Honey Market By Type (Alfalfa, Buckwheat, Wildflower, Clover, & Others), By Application (Food & Beverages, Personal Care & Cosmetics, Pharmaceuticals, & Others), By Packaging Type (Glass Jar, Bottle, Jars, Tube, & Others), By Distribution Channel (Convenience Stores, Supermarket/Hypermarket, & Online), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026" report at https://www.fnfresearch.com/honey-market-report
Increasing demand for honey owing to its health benefits
Honey consumption offers a large number of health benefits among all the age groups of people. The antioxidants in honey play an important role in reducing internal inflammation and oxidative stress. By generating a protective shield around the heart, honey decreases the risk of stroke, cardiac disease, and even cancer. Even the doctors recommend diabetic patients to consume honey instead of artificial sweeteners. Also, honey soothes the digestive system, boosts athletic performance, helps in weight reduction, acne treatment, and serves as an exfoliator. All the aforementioned benefits of honey promote consumer demand, thereby propelling the global market growth.
Wildflower honey type dominates the global honey market in terms of revenue
Among different types of honey including alfalfa honey, clover honey, acacia honey, wildflower honey, and buckwheat honey, wildflower honey accounts for over 25% revenue share in the global honey market. Moreover, the honey type is expecting the fastest revenue growth rate during the forecast period. The consumer demand for the wildflower honey type is expected to grow owing to the presence of antioxidants in a relatively higher concentration.
Food & beverage segment accounts for significant revenue share in the market
Honey is consumed either in raw or processed form. The extensive use of honey as a natural sweetener has significantly pushed the food & beverage sector. Based on the application, the food & beverage sector has captured over one-third share of the total revenue generated by the global honey market. Moreover, the segment is likely to be in the leading position throughout the forecast period.
Based on the region, Asia Pacific dominates the global honey market
The key market participants for the global honey market are Bee Maid Honey Limited, Comvita Limited, Capilano Honey Ltd., Dabur India Ltd., Billy Bee Honey Products, New Zealand Honey Co., Barkman Honey LLC, Yamada Bee Company, Dutch Gold Honey, Inc., Golden Acres Honey, Beyond the Hive, Patanjali Ayurved, Oha Honey LP, and Streamland Biological Technology Ltd., among others.
Key market players
Some of the key players driving the global honey market are Capilano Honey Ltd., Lamex Food Group Ltd., Duc Cuong Phat Company Limited, Nuxten Health Ltd., Barkman Honey LLC, Beeyond The Hive, Groeb Farms Inc., Zhejiang Jiangshan Bee Enterprise Co. Ltd., Dutch Gold Honey, Billy Bee Honey Products, Dabur India Ltd., Rowse Honey Ltd., Comvita Ltd., Bee Maid Honey Ltd., Navrang SL, and Caprilush International.
The dominating companies have been using various strategic approaches for global expansion in the market. For instance, in February 2019, India’s largest Ayurvedic products manufacturing company, Dabur announced the launch of two new products, named Hridayasava and Ratnaprash, at an international conference organized in Rajasthan.
The global honey market is segmented as:
Global Honey Market: By Type Segment Analysis
- Alfalfa
- Buckwheat
- Wildflower
- Clover
- Others
Global Honey Market: By Application Segment Analysis
- Food & Beverages
- Personal Care & Cosmetics
- Pharmaceuticals
- Others
Global Honey Market: By Packaging Type Segment Analysis
- Glass Jar
- Bottle
- Jars
- Tube
- Others
Global Honey Market: By Distribution Channel Segment Analysis
- Convenience Stores
- Supermarket/Hypermarket
- Online
Global Honey Market: Regional Segmentation Analysis
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- The Middle-East and Africa
- GCC Countries
- South Africa
- Rest of Middle-East Africa
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