Global Honey Market 2020 (Includes Business Impact of COVID-19)

                                          
Global Honey Market report study offers comprehensive analysis and insights that can aid stakeholders with various growth opportunities and challenges. In addition, the report offers estimated and projected quantitative data. The global honey market is expected to value at US$ XX.X Mn in 2028, with a compound annual growth rate of XX.X% over the forecast period. In order to provide in-depth insights about the market, the global honey market has been segmented on the basis of type, application, and region.

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Product Overview

Honey starts as sugary juice known as flower nectar which is collected by bees and broken down into simple form of sugars while stored in perfectly designed honeycomb, creating natural sweet liquid. Honey has anti-fungal, anti-bacterial, and anti-oxidant properties, hence, it has ability to fight against infections, prevent from acid reflux, heal wounds and burns, and relieve from minor cold and cough symptoms.

Honey, as a natural sweetener, has high nutrient value including some vitamins such as ascorbic acid, niacin, riboflavin, and pantothenic acid. In addition, it contains minerals such as copper, magnesium, calcium, iron, manganese, potassium, phosphorus, and zinc.

Market Drivers

Rising awareness regarding benefits of honey consumption, and increasing preference for healthier alternative sweeteners in the food & beverage sector, especially in developing economies, are some of the major factors expected to drive growth of the global honey market. Changing consumption patterns, and high spending capacity on superfoods or healthy foods by individuals in developed and developing countries are other major factors expected to support revenue growth of the global honey market in the upcoming years. In addition, increasing demand for honey as an ingredient from personal care products industry for manufacturing lotions, creams, balms, etc. is expected to fuel growth of the global honey market.

Moreover, increasing prevalence of diseases and disorders due to consumption of artificial sweeteners such as obesity, high cholesterol levels, mood swings, diabetes and cardiovascular diseases, etc. is expected to result in higher adoption of honey, thereby driving revenue growth of the target market.

However, availability of adulterated honey and consumption of toxic honey may cause botulism and other health disorders, which may lead to low adoption of honey and restrain growth of the global honey market to a certain extent. Moreover, various small businesses in developing countries provide honey from their own honey farms and some of the individual businessmen collect honey from beehive situated on a tree in the park or other public places and offer pure honey to consumers. This may affect the global honey industry and challenge revenue growth of the market.

Market Trends and Opportunities

Key trend observed in the market is usage of honey in pharmaceutical industry and this trend is expected to continue to gain traction and offer business opportunities to major players in the global market. Drugs produced using honey contain wound healing properties, and Methylglyoxal and Hydrogen peroxide content in the honey-based drugs have antibiotic properties, thereby making honey apt for production of medicines.

Segment Analysis

By Type: -

Among the type segments, the date honey segment is expected to account for major share in terms of revenue contribution in the global market, owing to its high nutrient value. The acacia honey segment is projected to register substantial revenue growth over the next few years, as the sucrose levels in acacia honey are lower as compared to other options.

By Application: -

Among the application segments, the food & beverage segment is expected to dominate in the global honey market and continue with its dominance over the forecast period. Increasing demand for natural sweetener over artificial ones and well-known health benefits of honey are factors that are expected to drive growth of the segment over the next few years.

Region Analysis

The North America honey market is expected to account for major share in terms of revenue, and is projected to maintain its dominance over the forecast period. Increasing prevalence of diabetes, high blood pressure, cholesterol and other artificial sweetener-related diseases in countries in the region is one of the major factors for shifting preference towards natural sweeteners such as honey by individuals. Rapidly growing personal care products industry in the region, coupled with increasing adoption of honey for manufacturing personal care products owing to its properties that help smoothen skin, reduce burn marks, etc. is another factor projected to drive growth of North America honey market.

The Asia Pacific honey market is projected to register significant growth rate owing to presence of honey bee farms and large number of companies manufacturing honey. Traditionally, honey is being used for infants in countries such as India, as it improves overall health of the new born baby. This is a major factor for high consumption of honey in India market, thereby supporting growth of the Asia Pacific market.

Competitive Analysis, by Key players:

Presence of large number of companies across various country and regional markets has resulted into robust competition, due to which, it is important to follow protocol and standards and monitor production process to ensure quality products offered to the consumers. This needs to be followed in order to sustain in the market and expand their base of loyal customers.

Global Honey Market Segmentation:

Segmentation by Type:

Flower Honey
Date Honey
Linden Honey
Acacia Honey
Others

 Segmentation by Application:

Food & Beverage
Cosmetics
Pharmaceuticals
Others