The Canada Honey Market would witness market growth of 11.7% CAGR during the forecast period (2020-2026). Honey is a semi-liquid sweet substance that is produced by honeybees. Bees collect nectar from flowers as food and make honey from that nectar. It is produced by the enzymatic and regurgitation activity of the bees.
They store honey in their honeycomb. Honey possesses distinct composition & chemical properties and can be stored for a longer period of time. Honey is highly nutritious and has antimicrobial properties. Due to its nutritional benefits and medicinal properties, a large number of people around the world consume honey. Moreover, honey is also proven to be helpful in healing wounds.
Beekeeping is one of the flourishing industries in Canada. It is estimated by AAFC (Agriculture and Agri-Food Canada), that overall contribution of honey is about $2.57 billion to the economy of the country. According to a report by Statista in 2020, the cost of honey generated for about 209 million Canadian dollars. Though, it has been decreased to about 27 million dollars if compared to 2019. The demand for honey has been increased, but productivity per hive has been decreased in the past two years in the Canadian honey market.
Bee Maid’s honey is a key market player in the Canadian honey market. This company is focused to increase its penetration even in the global market. Bee Maid Honey is used in processed food, baked goods, beer, and beverages. The company is also planning to collaborate with wide-ranging organizations connected to foodservice and industrial applications. Billy Bee Honey Products is the largest honey business company in Canada. It also sponsors and provides funds for academic research done at Honey Bee Research Centre at the University of Guelph. This funding promotes the health and well-being of honey bee populations in the country. According to the Canadian honey council report, 2021, the price of honey has been rebounded and that is expected to increase the export and import of honey in the country.
The outbreak of the COVID-19 pandemic has adversely affected the beekeeping industry in Canada. The complete lockdown in the country resulted in the disruption of the supply chain and transportation. Though the release of lockdown has brought hope for the re-establishment of the market. It is expected that the condition of the honey market will improve in the coming days. At the same time the Canadian Honey Council, a national organization of the beekeeping industry is putting its best effort to improve the honey market in Canada. As the demand for honey is continue to rise in the Canada, so it becomes necessary to increase the production in this region. Due to bad weather and the wake of a cold, the overall honey production fell by about 15.4% as compared to the previous year.
Honey is commonly used in processed foods, beverages, jellies, and jams. The increasing concern about health is one of the factors leading to increased consumption among the health-conscious population. There are various health benefits of honey, thus it is used as an important ingredient in healthcare and beauty products. Many scientific studies have proved that honey is also helpful in decreasing the risks of heart diseases.
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