Honey Market

Honey Market Size:

The global honey market size reached US$ 9.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032. The market is experiencing steady growth driven by the increasing demand for natural sweeteners, rising popularity of organic and specialty honey, considerable growth in the functional foods sector, higher uptake of natural cosmetics and personal care products.

Honey Market Analysis:

• Major Market Drivers: Some of the major honey market drivers include growing consumer awareness regarding health benefits offered by honey, the increasing prevalence of chronic diseases such as diabetes and obesity, widespread utilization of honey in traditional medicine, and considerable growth in the functional foods segment.
• Key Market Trends: The paradigm shift towards natural sweeteners over artificial options is a notable trend. Honey's versatility in culinary applications, from baking to beverages, makes it a preferable product to health-conscious consumers. The growing popularity of clean label products, which involves using the minimum number of additives to keep products easily recognizable, also contributes to the market growth.
• Geographical Trends: Asia Pacific dominates the honey market, holding the largest market share. This leadership is driven by substantial production and consumption, particularly in nations such as China and India. Factors, including awareness about health, the growing disposable income and the middle-income population in the Asia-Pacific region are key factors that are fuelling the market. These dynamics collectively present promising opportunities for expansion, as highlighted in the honey market forecast.
• Competitive Landscape: Key players in the market include Comvita, Manuka Health, Barkman Honey, Beeyond the Hive, Capilano Honey, and Dabur. The companies are focusing on expanding their product portfolios, innovating packaging, and enhancing supply chains for better traceability and quality.
• Challenges and Opportunities: Ensuring the purity and authenticity of honey is a significant challenge, with concerns about adulteration impacting consumer trust. However, this also shows the possibility for companies to dedicate investments in traceability and quality assurance systems. Moreover, collaboration with local beekeepers and the application of effective non-GMO practices can form a reliable base for honey ordering, thus stimulating the growth of the market.
   

Honey Market Trends:

Growing awareness of health benefits

With its naturally occurring antioxidant, antibacterial, and anti-inflammatory properties, honey is considered as a clean replacement for refined sugar. It provides vitamins, minerals, and enzymes essential for various functions of the body. As individuals become more health-conscious and seek natural and organic food products, honey's reputation as a superfood has gained traction. Furthermore, the increase in chronic diseases such as diabetes and obesity has added momentum to this trend, with consumers seeking help for alternative sweeteners. Also, the extensive application of honey in folk and other conventional therapies for illnesses such as sore throat, and cough also contributes to the increased demand. This increasing knowledge and demand for natural food products with health benefits provide essential support to the honey market growth.

Increasing demand for natural sweeteners

The increasing consumer preference for natural sweeteners has led to a notable shift towards the use of honey as an alternative to artificial sugar and high fructose corn syrup. Honey’s versatility in various culinary applications makes it an attractive option for both food processors and manufacturers. This trend is further bolstered by the growing inclination towards clean labeling, as consumers increasingly seek to avoid additives and preservatives in their daily diets. Honey, being an organic product, adeptly fulfills this niche, appealing to individuals who meticulously examine labels to avoid substances such as ADD, MSG, and preservatives. The everyday consumption of natural and minimally processed products has consequently caused an increased honey demand.

Increasing popularity of natural cosmetics and personal care products

The growing interest in natural cosmetics and personal care products is consequently driving the global market. The wide utilization of honey in the preparation of masks and other cosmetics to soften the skin and hair is further catalyzing the market. In addition to this, the use of honey in shampoos, lotions and beauty products are beneficial for consumers looking for natural and efficient skincare solutions. The expanding natural cosmetics and personal care market contributes significantly to the growth of the honey market, as manufacturers continue to innovate with honey as a key ingredient. These insights are highlighted in the honey market research report, underscoring the growing importance of honey in the beauty industry.

Honey Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, application, and distribution channel.

Breakup by Type: 

• Alfalfa Honey
• Date Honey
• Buckwheat Honey
• Acacia Honey
• Clover Honey
• Linden Honey
• Others
   

Buckwheat honey accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes alfalfa honey, date honey, buckwheat honey, acacia honey, clover honey, linden honey, and others. According to the report, buckwheat honey represented the largest segment.

Buckwheat honey dominates the global market, due to the rich taste of non-star honey and its nutritional value. This dark, robust honey is popular for its nutritional values, especially on account of its immune enhancement and antibacterial activity among the masses. Thus, due to its unique flavor profile, buckwheat honey is valued in numerous applications where gourmet and specialty foods are used. Its popularity in the health food sector has also been a significant factor in its market dominance. Its versatility in culinary applications, combined with the growing consumer preference for clean, minimally processed foods, further solidifies its leading position in the market and therefore creates a positive honey market outlook.

Breakup by Application:

• Food and Beverages
• Personal Care and Cosmetics
• Pharmaceuticals
• Others
   

Food and beverages holds the largest share of the industry 

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes food and beverages, personal care and cosmetics, pharmaceuticals, and others. According to the report, food and beverages accounted for the largest market share.

The food and beverages segment holds the largest share of the market. Honey is a natural food product with flavor enhancing and sweetening properties which plays a vital role within the food industry particularly in confectionery products, bakery products, beverages and sauces. The growth of clean label and natural ingredients in the food market has also led to the rise in honey consumption as customers are inclining towards more healthy and new offerings. Therefore, demand is further increasing in beverages including teas and health, and alcoholic drinks due to their valuable health feature and tasty preference. The honey industry overview reveals that this segment will continue to grow, and that the growth is attributed to new inventions in the food and beverages and shift towards use of natural products.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Stores
• Others
   

Supermarkets and hypermarkets represents the leading market segment

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes supermarkets and hypermarkets, convenience stores, online stores, and others. According to the report, supermarkets and hypermarkets represented the largest segment.

Supermarkets and hypermarket accounts for the largest share of the market. These retail outlets offer the public easy access to a great number of honey products, including every day usage, up to the high-end, and special range. Supermarkets and hypermarkets are among the most important sectors that have achieved high levels of sales in honey due to their expansive coverage and high traffic rates. Since they are capable of storing bulk as well as different brands, they have a way of satisfying different consumers thus increasing the sales volume. Also, the constant promotion and offering of discounts within these stores also increases the demand for honey. Moreover, the honey market revenue from this segment is expected to remain robust, driven by the current trend of consumers prefer buying groceries, and the wide range of products offered.

Breakup by Region: 

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest honey market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for honey.

The Asia Pacific region holds the largest share of the honey market. This dominance is attributable to the region's significant honey production capabilities and the increasing rate of urbanization. Notably, major honey producers such as China and India, with their extensive bee colonies, contribute to the production of various types of honey. Increased awareness about healthy living in the region has also contributed to this increase in honey consumption since individuals in this region are embracing healthy foods. Besides this, increasing disposable income of the population and the growing middle income earners in Asia Pacific also acted as major growth drivers. In addition, the honey market business opportunities in this region are substantial, with honey increasingly being utilized across various sectors, including food, cosmetics, and pharmaceuticals.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the honey industry 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
• Streamland Biological Technology Ltd
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Honey producers and beekeepers are prioritizing different factors to enhance their stakes and cater for the increasing demand for honey. Honey producers are now diversifying their offerings to appeal to the global market, including varieties such as organic, raw, Manuka, and Acacia honey. Notable advancements are also being made in product packaging, with a shift towards more environmentally friendly and convenient solutions. Additionally, honey companies are enhancing their supply chain systems to ensure product origin and quality, in response to customer demands for purity. Marketing strategies are increasingly emphasizing the quality of honey, highlighting its health benefits and natural attributes, which resonate with the growing population of health-conscious consumers.

Honey Market News:

• On 31^st January 2024, Dabur India Ltd. announced an investment of ₹135 crore for setting up a manufacturing facility in South India. The company announced that the greenfield factory will manufacture a range of products including Dabur Honey.
• On 9^th October 2023, Timaru-based honey producer acquired part of Oha Honey LP. The partnership merges the brands and sales assets of the Oha business with TMC.
• On 4^th July 2023, Comvita Limited announced the acquisition of specialist honey retailer HoneyWorld Singapore and its consumer brands. With this acquisition, the market Comvita's market share in the Mānuka honey category in Singapore will be around 50%.

Honey Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the honey market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global honey market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the honey industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.