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The global honey market grew at a CAGR of around 6% during 2015-2020. Looking forward, IMARC Group expects the market to continue its moderate growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
Honey is a thick, sweet and golden-colored liquid produced by bees using the nectar of flowering plants. It is a rich source of antioxidants and essential vitamins and minerals, such as thiamine, niacin, pantothenic acid and riboflavin. Regular consumption of honey aids in strengthening the immune system, improving good cholesterol levels, nourishing the skin and enhancing memory and concentration. Honey is also used as a natural sweetener and for the production of fermented beverages, wine and other alcoholic drinks. As a result, it finds extensive application in the manufacturing of food and beverages, pharmaceuticals, cosmetics and personal care products.
Significant growth in the food and beverage industry across the globe represents one of the key factors creating a positive outlook for the market growth. Moreover, rising health consciousness among the consumers and awareness regarding the medicinal properties of honey are also driving the market growth. Honey improves the efficacy of various pharmaceutical products, such as lozenges and cough syrups, and can be applied topically to heal burn wounds. In line with this, the antioxidants and flavonoids in honey can reduce oxidative stress and inflammation in the body, thereby minimizing the risks of developing cancer and cardiovascular disorders. Additionally, various product innovations, such as the manufacturing of flavored honey using sustainably-sourced dates, flowers, lindens and acacias, are acting as other growth-inducing factors. Product manufacturers are also using aesthetically-appealing packaging solutions and undertaking aggressive promotional activities to attract a wider consumer base. Other factors, including rising expenditure capacities of the consumers, along with extensive research and development (R&D) activities to improve the extraction processes and the easy product availability through proliferating online retail channels, are anticipated to drive the market growth further.
IMARC Group provides an analysis of the key trends in each sub-segment of the global honey market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, type, application and distribution channel.
Breakup by Type:
Breakup by Application:
Breakup by Distribution Channel:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Barkman Honey LLC, Bee Maid Honey Limited, Beeyond the Hive, Capilano Honey Ltd., Comvita Limited, Dabur India Ltd., Dutch Gold Honey Inc., New Zealand Honey Co, Oha Honey LP, Patanjali Ayurved Limited and Streamland Biological Technology Ltd.
The global honey market grew at a CAGR of around 6% during 2015-2020.
Sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of honey.
The increasing usage of honey in the preparation of various bakery products, such as cakes, pastries, tarts, pies, etc., represents one of the factors catalyzing the global honey market.
Based on the type, the global honey market can be segmented into Alfalfa honey, Date honey, Buckwheat honey, Acacia honey, Clover honey, Linden honey, and others, where Buckwheat honey accounts for the highest market share in the market.
Based on the application, the global honey market has been divided into food and beverages, personal care and cosmetics, pharmaceuticals, and others. Currently, the food and beverages sector exhibits a clear dominance in the market share.
Based on the distribution channel, the global honey market can be bifurcated into supermarkets and hypermarkets, convenience stores, online stores, and others. Currently, supermarkets and hypermarkets hold the largest market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global honey market.
Some of the major players in the global honey market include Barkman Honey LLC, Bee Maid Honey Limited, Beeyond the Hive, Capilano Honey Ltd., Comvita Limited, Dabur India Ltd., Dutch Gold Honey Inc., New Zealand Honey Co, Oha Honey LP, Patanjali Ayurved Limited, and Streamland Biological Technology Ltd.
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