Global Honey Market Size & Share to Surpass $12.6 Billion by 2030 | Vantage Market Research

| Source: Vantage Market Research Vantage Market Research

WASHINGTON, May 17, 2023 (GLOBE NEWSWIRE) -- Vantage Market Research forecasts that the Honey Market will attain a registered CAGR of 5.1% from 2023 to 2030, resulting in a projected market size of over USD 12.6 billion by 2030, up from USD 8.9 billion in 2022.

Market Overview

The potential of these items to impart a pleasant taste in food and beverage products, along with their accessibility, is boosting market demand. Additionally, Honey has various health benefits, such as increasing enzymatic reactions, regulating blood pressure, and reducing the risk of diabetes and even scars. As a result, it is frequently utilized in various applications besides Food and drink, including cosmetics and medicines, which is also expected to boost the market growth.

We forecast that the hypermarket & supermarket category in the Honey market sales will account for more than 39% of total sales by 2028. The existence of several small and medium-sized businesses, in addition to a few well-established competitors, characterizes the market.

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Market Dynamics

Rising Awareness of the Benefits of the Product
Growing preference for natural sweeteners due to increased knowledge of the advantages of Honey and the negative effects of cane sugar produced industrially is projected to be beneficial for expanding the global Honey market. The negative impacts of the pandemic caused a resurgence in interest in Honey's therapeutic and health benefits; particularly its capacity to boost immunity. It encourages including Honey in one's diet regularly. This knowledge will probably be a major force in the market's expansion.

Increased Use of Personal Care Products to Drive the Market Growth
Honey is increasingly being used in cosmetics and personal care products. These goods include, among others, face masks with Honey as an ingredient, face moisturizers, lip balms, body washes, hand and body lotions, shampoos, and moisturizing wipes. These goods are sold under various names, including Kara, Palmer's, The Body Shop, Vaadi Herbals, VLCC, Biotique, Innisfree, and Dear Packers. The use of cosmetic products made from natural materials rather than chemicals produced through industrial processes is rising.

Scope of the Report:    

Report AttributesDetails
Market Size in 2022USD 8.9 Billion
Revenue Forecast by 2030USD 12.6 Billion
CAGR5.1% from 2023 to 2030
Base Year2022
Forecast Year2023 to 2030

Top Trends in Global Honey Market

  • One trend Vantage Market Research (VMR) projects to see in the Honey industry is Rising Initiatives and Programs by Different Governments. Around the world, consumers are becoming more aware of bees' importance in human nourishment through fertilization. Hybridization is necessary for flowers and food crops. Therefore any harm to bee populations poses a risk to world food security and nutrition. Governments will take aggressive steps to save bees from extinction due to this realization.

  • Another trend that VMR projects will continue in the Honey industry is the rising use of medicines. Many Allopathic medicines include Honey as an ingredient. Among other things, burns, coughs, colds, and dry eyes are all treated using Honey treatments. An Australian business called Melcare Biomedical specializes in medications that utilize Honey's therapeutic potential. It has created a variety of medications to treat cold symptoms, eye, skin, and wound care, as well as nasal care.

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Top Report Findings

  • Based on Processing, the organic category controls most of the Honey market's revenue because adults and teenagers eat more healthfully. In addition, switching from natural Honey sweeteners to plant-based sweeteners will encourage industry expansion in the years to come. The expanding population and the rise in the use of Honey sweeteners also provide a considerable development opportunity for the major competitors in the market.

  • Based on the Distribution Channel, most of the Honey market's revenue is controlled by the hypermarket & supermarket categories. A broader consumer base is drawn due to independent retail giants like Walmart and Costco expanding their market share. Sales through this channel are driven by consumers' preference to inspect these products before making a purchase.

Hypermarkets & Supermarkets Category in Honey Market to Generate a Considerable Revenue in the Forecast Period
For better understanding, based on the Distributional Channel, the Honey market is divided into Hypermarkets & Supermarkets, Convenience Stores, Online, and Other Distribution Channels.

During the forecast period, the market for Honey is projected to experience the highest CAGR for the hypermarkets & supermarket distributional channels. A substantial portion of individuals chooses to purchase goods from supermarkets and hypermarkets due to the shopping experience they offer. The ability to visually inspect these products and the support offered are two additional major factors promoting the growth of this distribution channel.

On the other hand, the online channel is anticipated to grow significantly due to a change in individuals' shopping habits. Customers enjoy purchasing Honey goods from online stores because they can get them delivered right to their door, there are simple payment options, and there are substantial discounts. Online channels' elevated efficiency concentrations, enhanced brand presence, and even delivery options foster the segment's expansion. Most customers rely on online retailers to guide them through the vast selection of products offered and occasionally provide return and exchange options should they be dissatisfied with the delivered goods. Since these retailers provide greater accountability for total customer service, many market participants prefer to sell different kinds of Honey, fruit jelly, and beeswax through them.

Europe Region in Honey Market to Generate closed to half the Global Revenue
Europe region dominates the market throughout the projection period. According to projections, a rapidly growing economy brought on by higher disposable income, globalization, and demographic changes will fuel product demand in the area and boost the market growth in the future. Additionally, the primary elements anticipated to encourage the expansion of the market sector are an increase in Honey bees and a rise in nectar consumption by individuals.

The Asia Pacific regional market is projected to grow at a tremendous rate. Growing consumer preference for wholesome and delicious eating habits is accelerating industry expansion. The Asia Pacific market is also being driven by established competitors, the continually expanding younger demographic, and their willingness to pay more for healthy sweeteners.

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Recent Developments in the Global Honey Market

  • In May 2021, A new raw unprocessed Himalayan multiflora Honey was introduced. By Conscious Food, a pioneer of organic food products in India. This Honey is fully unfiltered and unpasteurized and keeps the enormous natural benefits of Honey as it moves "from bee to the bottle.
  • In September 2021, Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF) and the National Bee Board introduced a brand-new product under the Amul brand. The government is encouraging small farmers to keep bees by taking this action.

Top Players in the Global Honey Market

  • Beeyond the Hive (Salida, U.S.)
  • Barkman Honey LLC (Wichita, U.S.)
  • Dabur India Ltd (Ghaziabad, India)
  • Capilano Honey Ltd (Ghaziabad, India)
  • Streamland Biological Technology Ltd (Auckland, New Zealand)
  • Oha Honey LP (New Zealand)
  • Billy Bee Honey Products (Toronto, Canada)
  • Dutch Gold Honey Inc. (Pennsylvania, U.S.)

Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Honey Market Forecast Report (2023-2030).       

Global Honey Market Segmentation

By Processing

  • Organic
  • Conventional

By Distribution Channel

  • Hypermarkets & Supermarkets
  • Convenience Stores
  • Online
  • Other Distribution Channels

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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