The Global Honey Market size is expected to reach $14.2 billion by 2026, rising at a market growth of 11.6% CAGR during the forecast period. Honey is a semi-liquid sweet substance produced by honeybees and other small insects. Bees make honey from the nectar, which they extracted from flowers or plants that is stored in their honeycomb, however other insects make it by enzymatic and regurgitation activity. Honey has a distinct composition & chemical property that helps in storing them for long-term. The antimicrobial properties & encouraging debridement feature of honey contribute in the major consumption of honey. Moreover, honey helps in accelerating the healing process of wounds by recovering wounded tissues.
Honey is widely utilized in processed foods, jellies, beverages, and jams. Due to its various health benefits & chemical properties, it is also used in the healthcare and beauty industry. Many studies have found that honey can help in decreasing risk factors for heart diseases such as blood pressure & cholesterol, it also helps in healing wound and throat infections. Owing to the various health benefits offered by honey, the demand for honey is increasing among the health conscious population, which will contribute in the rising growth rate of the market during the forecast years. The top producers of honey are Turkey and China whereas; Germany and Japan are among the major importers of honey.
Based on Application, the market is segmented into Food & Beverages, Personal Care & Cosmetics and Pharmaceutical. By Application, food & beverages segment has emerged as the largest application segment in 2019 and is estimated to acquire the largest revenue share in the market, owing to the broad range of utilization of honey in non-alcoholic beverages, bakery products, and as a flavor in alcoholic beverages. Though, adulteration in products is one of the significant issues in the global honey market.
Based on Distribution Channel, the market is segmented into Online, Supermarket/Hypermarket and Convenience Stores. The online channel market segment is expected to procure the fastest growth rate in the forecast years, owing to the rising popularity of e-commerce platforms because of the high degree of convenience. Additionally, these sites offer doorstep deliveries of a broad variety of products at discounts. These advantages are fueling the growth of this segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2019 | USD 7.9 Billion |
| Market size forecast in 2026 | USD 14.2 Billion |
| Base Year | 2019 |
| Historical Period | 2016 to 2018 |
| Forecast Period | 2020 to 2026 |
| Revenue Growth Rate | CAGR of 11.6% from 2020 to 2026 |
| Number of Pages | 133 |
| Number of Tables | 260 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Application, Type, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Australia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Free Valuable Insights: Global Honey Market to reach a market size of $14.2 Billion by 2026
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Based on region, Europe is among the largest market in 2019. According to the European Commission’s statistics 2020, Europe is a self-sufficient region as 60% of the honey consumed in Europe is produced there only. Moreover, key players in this region are investing significantly in maintaining the manufacturing of products and supply chains.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Dabur India Ltd., Beeyond the Hive LLC, Patanjali Ayurved Limited, Capilano Honey Ltd., Barkman Honey, LLC, Bee Maid Honey Ltd., Dutch Gold Honey, Inc., New Zealand Honey Co. (Comvita), HoneyLab Ltd., and Rowse Honey Ltd. (Valeo foods U.K. Limited)
By Application
By Distribution Channel
By Geography
The honey market size is projected to reach USD 14.2 billion by 2026.
Increasing adoption of honey as a replacement of sugar are driving the market in coming years, however, Increasing prevalence of diabetes among consumers have limited the growth of the market.
Dabur India Ltd., Beeyond the Hive LLC, Patanjali Ayurved Limited, Capilano Honey Ltd., Barkman Honey, LLC, Bee Maid Honey Ltd., Dutch Gold Honey, Inc., New Zealand Honey Co. (Comvita), HoneyLab Ltd., and Rowse Honey Ltd. (Valeo foods U.K. Limited)
The Food & Beverages market dominated the Global Honey Market by Application in 2019, growing at a CAGR of 8.1 % during the forecast period.
The supermarket/hypermarket market segment garnered the highest revenue share in 2019. This segment is also expected to maintain its dominance during the forecast period.
The expected CAGR of the honey market is 11.6% from 2020 to 2026.
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