Honey is a natural sweetener produced by bees and extracted through plant’s nectar. The major components of honey include carbohydrates, water, nitrogenous substances, and minerals. Honey is considered to be a potential replacement for table sugar. The market for honey is anticipated to increase during the forecast period based on increasing health consciousness among the consumers and rising demand for an alternative to table sugar.
Honey has several health benefits associated with it which makes it a healthy sugar substitute in the market. It is gaining popularity among the growing health-conscious consumers being a natural source of various health benefits. Honey contains antioxidants which help to prevent cellular damage and loss in the brain. Owing to its health benefits, the honey market is anticipated to gain healthy growth over the forecast period.
It has been observed that the demand for mono-floral honey is increasing in countries such as the U.S., the U.K, Japan, and Australia. Mono-floral honey is a type of honey which is predominantly made from the nectar of a particular plant and has a distinct natural smell. The benefit of the honey depends on the particular plant species from which the nectar has been prepared. This increase in the demand for this distinct type of honey is one of the driving factors for the growth of the global honey market. However, fluctuating prices of honey are considered to be a major restraint towards the growth of the global honey market.
The key players in the honey market are making continuous R&D, influencing the growth of the honey market. They are coming up with new innovative flavors such as jamun, neem, lychee, sunflower, coffee, tulsi, ginger, garlic and forest honey.
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The global honey market is segmented into North America, Europe, Asia Pacific, and Rest of the world. Among these, the Asia Pacific region is projected to retain its dominance throughout the forecast period owing to the rise in the production volume and increasing consumption of honey. The Asia Pacific region is estimated to reach 1,162.8 kt in terms of volume by 2023. However, Rest of the World region including countries such as Latin America, the Middle East, and Africa is projected to expand at a moderate CAGR of 7.31% during the forecast period 2017-2023.
The global honey market is segmented into type, application, and packaging.
On the basis of the type, it is segmented into alfalfa, wildflower, buckwheat, acacia, clover honey, and others. Among all, the wildflower honey segment is projected to account maximum market proportion and projected to grow at CAGR of 7.35% during the forecast period.
On the basis of the application, it is segmented into food & beverage, personal care products, pharmaceuticals, and others. The food & beverage segment is dominating the market due to increasing demand for honey in the food products. This segment is projected to grow at CAGR of 7.26% during the forecast period.
On the basis of the packaging, it is segmented into the bottle, jar, tube, tub, and others. The bottle segment is projected to account for approximately 45% market proportion and projected to grow at CAGR of 6.72% over the review period of 2017-2023.
Some of the key players profiled in the global honey market: Dabur India Ltd. (India), Capilano Honey Ltd. (Australia), Comvita Ltd. (New Zealand), Barkman Honey Llc (U.S.), Bee Maid Honey Ltd. (Canada), Lamex Food Group Ltd. (U.S.), Billy Bee Honey Products (Canada), and Beeyond The Hive (U.S.)
- Global honey manufacturers
- Foods & beverages industry
- Pharmaceutical industry
- Raw material suppliers
- End users
- Retailers and wholesalers
- E-commerce companies
- Traders, importers and exporters
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- The Asia Pacific region is estimated to retain its dominance throughout the forecast period and will grow at a substantial CAGR of 7.68%. Furthermore, among the Asia Pacific countries, China is projected to witness a substantial growth of 6.95% during the forecast period of 2017-2023.
- Global honey manufacturers find massive opportunity in China owing to the huge demand of honey as an ingredient in personal care products among the population.