Honey Market a Deep Analysis on Trends with Growth of CAGR of 6.85% by 2030| Comvita Ltd., Dabur India Ltd.
Apr 22, 2024
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Honey Market Overview
The honey market was projected to be valued USD 10.5 billion in 2021. Forecasts indicate that the honey market business would rise from USD 11.2 billion in 2024 to USD 17.80 billion by 2030, at a compound annual growth rate (CAGR) of 6.85%. The main driver of the market's growth is the growing use of honey in cosmetic and pharmaceutical products.
Artificial sweeteners increase the risk of cardiovascular disease, high blood pressure, obesity, dental decay, and high cholesterol. In addition, Type 2 diabetes, metabolic syndrome, and a variety of malignancies and tumors are caused by their growth. Real honey, on the other hand, has a lower glycemic index (GI) and is higher in antioxidants, which have a significant effect on human health. It also takes longer to boost blood sugar levels. They are found in functional foods, cosmetics, and other items, and they have a number of health advantages. Bees use flower nectar to produce this pure, unfiltered, and unpasteurized sweetener. It is prized for its remarkable nutritional and medicinal properties. Recent food consumption trends indicate that people are becoming more worried about consuming foods that boost immunity, especially in light of the pandemic's rapid expansion.
Nevertheless, goods manufacturers are making distinctive debuts in an effort to draw in more customers. For example, in July 2021, Dabur unveiled a brand-new range of spreads and syrups known as honey-infused syrups. Because it doesn't have any added sugar, this product is a better option than the well-known strawberry syrups and sweet chocolates. As consumers become more conscious of health risks, they are being urged to use less white sugar and more natural sweeteners. Two additional important elements that have a beneficial impact on honey market profits are the product's great cost and long shelf life.
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Key Companies in the honey market includes
Dabur India Ltd.
Comvita Ltd.
Barkman Honey Llc
Bee Maid Honey Limited
Billy Bee Honey Products
Segmental Insights
The type of honey market data is divided into alfalfa, wildflower, buckwheat, acacia, and clover categories. In 2021, the buckwheat category dominated the market.
The honey market is divided into segments according to application, pharmaceuticals, food and beverage, and personal care items.
Based on packaging, the honey market is divided into four segments: bottle, jar, tube, and tub. When it came to honey market revenue in 2021, the bottle category commanded the lion's share.
The report offers market information for North America, Europe, Asia-Pacific, and the rest of the world, broken down by region. The market for honey in Asia Pacific was valued at USD 4.6 billion in 2021 and is projected to grow at a rate of 43.90% CAGR over the course of the study because of the region's well-established competitors, robust production levels, and a sizeable consumer base that utilises honey for baking, skin care, medication, and other domestic uses. Manufacturers in this sector are starting to place more and more importance on various company growth strategies. For instance, the well-known Indian dairy giant Amul said in September 2020 that it would launch its honey brand and join the nation's market.
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Regional Analysis
There are many geographical sectors of the honey market, including those in Asia Pacific, North America, Europe, and the rest of the world. Different market factors are expected to influence each region's growth and performance. The Asia Pacific region is anticipated to take the lead and contribute to the expansion of the global honey industry size throughout the projected timeframe. The main variables that are anticipated to benefit the regional market are the rise in honey production volume and the rise in honey consumption.
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