The latest report by IMARC Group, titled “Indian Honey Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the Indian honey market size reached INR 21.1 Billion in 2021. Honey is a sweet, thick, and golden-colored liquid produced by bees using flower nectar. It is a rich source of vitamins, antioxidants, and minerals, such as niacin, thiamine, pantothenic acid, and riboflavin. It also strengthens the immune system, improves good cholesterol levels, and enhances memory and concentration. The sweetness in honey comes from high levels of monosaccharides, fructose, and glucose present in it. As a result, honey is widely used as a natural sweetener in fermented beverages, wine, and other alcoholic drinks.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Indian Honey Market Trends:
Nowadays, key players are launching different flavors of honey, such as tulsi, ajwain, eucalyptus and jamun, which is one of the key factors driving the market growth. Besides this, the Government of India is introducing various training programs and mentoring services to educate farmers on the latest beekeeping practices. This, coupled with the rising utilization of honey in home remedies due to its antibacterial and antiseptic qualities that aid in healing wounds and burns, is positively influencing the market growth. Moreover, scientific validation of the medicinal properties of honey and its growing usage as a premium ingredient in nutraceuticals are also creating a favorable market outlook. Furthermore, extensive research and development (R&D) activities to improve extraction processes and the easy product availability through e-commerce platforms are escalating the product demand across the country. Looking forward, IMARC Group expects the market to reach INR 38.3 Billion by 2027, exhibiting a CAGR of 10.31% during the forecast period (2022-2027).
- Based on the flavor, the market has been segmented into multiflora honey, eucalyptus honey, ajwain honey, sidr honey and others. Amongst these, multiflora honey exhibits a clear dominance in the market.
- On the basis of the seasonality, autumn and spring hold the largest market share. Other major seasons include winter, summer, and monsoon seasons.
- Based on the distribution channel, the market has been bifurcated into business-to-consumer and business-to-business. Presently, the business-to-consumer segment accounts for the majority of the total market share.
- On a geographical front, Maharashtra holds the leading position in the market. Other major states include Tamil Nadu, Karnataka, Punjab and Rajasthan.
- The competitive landscape of the market has also been examined, with some of the key players being Dabur Ltd., Patanjali Ayurved, Apis India Limited, Emami Limited, Hitkary Pharmacy Private Limited, Reliance Retail Limited, Shree Baidyanath Ayurved Bhawan Pvt. Ltd., Kejriwal Bee Care India Pvt. Ltd., Bharat Honey and Under The Mango Tree.
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