The global honey Market size is estimated to reach USD 14.4 billion, by 2025, and is projected to grow at a CAGR of 8.0% from 2019 to 2025, according to a new report by Million Insights. The increasing awareness among consumers regarding health benefits linked with the consumption of honey products is expected to boost the market growth. Moreover, the product is also used as alternative to artificial sweeteners.
The food & beverage segment dominated the market with a share of over 71.0% in the year 2018. The harmful effects of consuming sugar added products are mainly contributing the segmental growth. The increasing trend of flavors and taste in food is expected to bolster the product demand.
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Moreover, the key players in the market focus on acquisitions, new product development to maintain competitive advantage over it’s competitors in the overall market. For example, in 2019, Wales hilltop has introduced different range of honey products. These factors are anticipated to encourage consumer to look for organic and natural ingredient enriched products instead of sugar content foods.
Asia Pacific is expected to grow at the highest CAGR of 8.5% over the forecasted period, between 2019 and 2025.The key manufacturers in the market are spending high on apiculture technologies and new product development. For instance, in 2019, New Zealand Honey Co., has introduced new honey products in Manuka honey category. This a key factor fueling the high growth rate over the forecast period in the region.
Further key findings from the report suggest:
• In 2018, online channel demand was attributed to over 410 kilo tons in the global market.
• Based on the honey marker segmented by application, personal care & cosmetics segment is projected to grow at CAGR of 8.3% during the forecasted period.
• Europe honey market is projected to attain honey demand of 1.1 million tons by 2025.
Global Honey Market: Key Players
Beeyond the Hive; Oha Honey LP; Barkman Honey LLC.; Dabur India Ltd.; Capilano Honey Limited; and New Zealand Honey Co.
Impact of COVID-19
COVID-19 outbreak is projected to negatively impact the market, owing to shipping restrictions caused by the lockdown. China is world’s top honey producer, and it exports over 100,000 tons to North America, and European countries. However, due to corona virus crisis and lockdown in earlier quarter in China is expected to limit the import & export of honey across the globe.
India is world’s second largest producer of honey and is projected to gain momentum owing to high demand from Australia, South Korea, and Japan. Honey export from India is increased by 19.0% in 2018-19 with 61,333.8 tons. During the COVID-19 crisis, consumption of honey is expected to increase as it is enriched with vitamin D3, and C that help in boosting immunity system.
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