Newark, Aug. 16, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global honey market is expected to reach USD 20.65 Billion by 2033, at a CAGR of 5.8% during the forecast period 2024-2033. Asia Pacific region emerged as the largest market for the global honey market with a 34.8% share of the market revenue in 2023. Asia Pacific currently dominates the honey market due to the presence of well-established players in the region, high volume of production, and a huge consumer market that utilizes honey in cooking, baking, medicines, skin care, and hair care.
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The demand for honey is surging due to its health benefits, versatility in food and beverage applications, and rising awareness of its medicinal properties. With consumers becoming more health-conscious, honey is gaining popularity as a natural alternative to refined sugar and artificial sweeteners. The market is also benefiting from the expanding use of honey in cosmetics, pharmaceuticals, and dietary supplements. Moreover, the growth of online retail platforms is making honey more accessible to consumers worldwide, further fueling market expansion. Key players in the honey industry are focusing on product innovation, sustainable sourcing, and expanding their distribution networks to capitalize on this growing demand.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 5.8% |
| 2033 Value Projection | USD 20.65 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Processing, Distribution Channel, Application |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Honey Market Growth Drivers | Increasing use of honey as a substitute for sugar & artificial sweeteners |
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Leading companies in the industry include Dabur India Ltd., Beeyond the Hive, New Zealand Honey Co., Oha Honey LP, Little Bee Impex, Barkman Honey LLC, Capilano Honey Ltd., Billy Bee Honey Products, Dutch Gold Honey, inc. and Golden Acres Honey among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The processing segment is divided into conventional & organic. The conventional segment dominated the market with a market share of around 73% in 2023. The distribution channel segment is divided into supermarkets/hypermarkets, convenience stores, online & others. Over the forecast period, the online segment is expected to grow at the fastest CAGR of 6.5%. The application segment is divided into food & beverages, personal care & cosmetics, pharmaceuticals & other applications. In 2023, the food & beverages segment dominated the market, accounting for around 41% of global revenue. The packaging segment is divided into bottle, glass jar, tub, tube & others. The bottle segment dominated the global honey market with a market share of 47% in 2023. The ability of bottle to take different shapes and sizes make them popular, along with being easy to transport as it is lightweight and shatter resistant. Significant budget allocations have been done by the governments of developing countries around the world in beekeeping. The development of beekeeping infrastructure, new product innovations in beekeeping equipment, allocation of dedicated land for apiculture along with providing easy finance options to interested individuals. The milk cooperative AMUL based in India launched new products which are honey based in collaboration with the National Bee Board & Gujarat Cooperative Milk Mark Federation Ltd. with the aim of increasing consumer confidence in honey products, the Indian government launched an online portal, “Madhukranti”. This online portal provides the information about the source of the honey making sure that quality products reach the consumers.
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