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Market Overview
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.
Rising demand for organic and healthy alternatives to sugar to propel
market growth. Fortune Business Insights™ provides this
information in its report titled “Honey Market, 2024-2032.”
Segments
Buckwheat Segment to Dominate Attributable to High Nutritional Value
By type, the market is segmented into alfalfa, buckwheat, wildflower,
clover, acacia, and others. The buckwheat segment is expected to dominate due
to its high nutritional value.
Food & Beverage Segment to Dominate Attributable to its Increasing
Applications
Based on application, the market is classified into food &
beverages, personal care & cosmetics, pharmaceuticals, and others. The food
& beverage segment is expected to dominate due to its increasing
applications.
Bottle Segment to Lead Owing to Easy Transportation
By packaging, the market is categorized into glass jar, bottle, tub,
tube, and others. The bottle segment is expected to lead the market due to its
easy transportation.
Regionally, the market is clubbed into North America, Europe, Asia
Pacific, South America, and the Middle East & Africa.
Source: https://www.fortunebusinessinsights.com/industry-reports/honey-market-100551
Report Coverage
The report offers an in-depth analysis of the leading segments and
current market trends. It thoroughly explores the factors driving and
restraining the market, as well as the impact of COVID-19. Furthermore, it
reviews regional developments and the strategies implemented by key market
players.
Drivers and Restraints
Rising Adoption of the Product for Natural Sweeteners Production to
Foster Market Growth
Honey is a healthy alternative to sugar with several healing properties.
It can soothe sore throats and boost immunity. The growing use of honey as a
natural sweetener is expected to increase its demand. Additionally,
health-conscious consumers are increasingly adopting honey as a sugar
substitute, further driving its popularity. Evolving consumer preferences and
rising per-capita income are expected to enhance demand for organic products.
Moreover, the use of honey in medicinal drug production is anticipated to boost
its sales. These factors are likely to contribute to the growth of the honey
market.
However, product alterations are likely to hinder market growth.
Regional Insights
Rising Production of Nectar to Propel Market Growth in Asia Pacific
Asia Pacific is expected to dominate the honey market share due to its
extensive production. The market in Asia Pacific stood at USD 2.86 billion in
2021 and is expected to gain a huge portion of the global market share in the
coming years. Furthermore, increasing government investments in beekeeping are
likely to boost market growth. For example, the Indian Government allocated
nearly USD 68 million toward beekeeping under the Atma Nirbhar Bharat
initiative in May 2020.
In Europe, increasing awareness regarding the product’s health benefits
is expected to bolster its adoption. Further, evolving consumer preferences and
rising consumption of organic products may foster market growth.
In North America, the increasing number of beekeepers in Canada and the
U.S. is expected to fuel the product demand. Furthermore, the strong demand for
organic products enhanced industry growth.
Competitive Landscape
Companies Devise Novel Product Launches to Elevate Brand Image
Leading market players are introducing new products to enhance their
brand image and boost sales. For instance, Tayima Foods launched its organic
and raw I'M HONEY in January 2022. This product, available in various flavors
and offering high medicinal value, is sold through online retailers like
Amazon. This launch is expected to increase Tayima's sales and strengthen its
global brand presence. Additionally, companies are pursuing mergers,
partnerships, expansions, and research and development initiatives to drive
market growth.
Key Industry Development
List of Key Companies Profiled in the Report:
Market Overview
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.
Rising demand for organic and healthy alternatives to sugar to propel
market growth. Fortune Business Insights™ provides this
information in its report titled “Honey Market, 2024-2032.”
Segments
Buckwheat Segment to Dominate Attributable to High Nutritional Value
By type, the market is segmented into alfalfa, buckwheat, wildflower,
clover, acacia, and others. The buckwheat segment is expected to dominate due
to its high nutritional value.
Food & Beverage Segment to Dominate Attributable to its Increasing
Applications
Based on application, the market is classified into food &
beverages, personal care & cosmetics, pharmaceuticals, and others. The food
& beverage segment is expected to dominate due to its increasing
applications.
Bottle Segment to Lead Owing to Easy Transportation
By packaging, the market is categorized into glass jar, bottle, tub,
tube, and others. The bottle segment is expected to lead the market due to its
easy transportation.
Regionally, the market is clubbed into North America, Europe, Asia
Pacific, South America, and the Middle East & Africa.
Source: https://www.fortunebusinessinsights.com/industry-reports/honey-market-100551
Report Coverage
The report offers an in-depth analysis of the leading segments and
current market trends. It thoroughly explores the factors driving and
restraining the market, as well as the impact of COVID-19. Furthermore, it
reviews regional developments and the strategies implemented by key market
players.
Drivers and Restraints
Rising Adoption of the Product for Natural Sweeteners Production to
Foster Market Growth
Honey is a healthy alternative to sugar with several healing properties.
It can soothe sore throats and boost immunity. The growing use of honey as a
natural sweetener is expected to increase its demand. Additionally,
health-conscious consumers are increasingly adopting honey as a sugar
substitute, further driving its popularity. Evolving consumer preferences and
rising per-capita income are expected to enhance demand for organic products.
Moreover, the use of honey in medicinal drug production is anticipated to boost
its sales. These factors are likely to contribute to the growth of the honey
market.
However, product alterations are likely to hinder market growth.
Regional Insights
Rising Production of Nectar to Propel Market Growth in Asia Pacific
Asia Pacific is expected to dominate the honey market share due to its
extensive production. The market in Asia Pacific stood at USD 2.86 billion in
2021 and is expected to gain a huge portion of the global market share in the
coming years. Furthermore, increasing government investments in beekeeping are
likely to boost market growth. For example, the Indian Government allocated
nearly USD 68 million toward beekeeping under the Atma Nirbhar Bharat
initiative in May 2020.
In Europe, increasing awareness regarding the product’s health benefits
is expected to bolster its adoption. Further, evolving consumer preferences and
rising consumption of organic products may foster market growth.
In North America, the increasing number of beekeepers in Canada and the
U.S. is expected to fuel the product demand. Furthermore, the strong demand for
organic products enhanced industry growth.
Competitive Landscape
Companies Devise Novel Product Launches to Elevate Brand Image
Leading market players are introducing new products to enhance their
brand image and boost sales. For instance, Tayima Foods launched its organic
and raw I'M HONEY in January 2022. This product, available in various flavors
and offering high medicinal value, is sold through online retailers like
Amazon. This launch is expected to increase Tayima's sales and strengthen its
global brand presence. Additionally, companies are pursuing mergers,
partnerships, expansions, and research and development initiatives to drive
market growth.
Key Industry Development
List of Key Companies Profiled in the Report:
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