Honey Market Revenue Reach $14.4 Billion | Global Industry Report Forecast 2025 | Market Research Report
The global honey market size is expected to reach USD 14.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.0% over the forecast period. Rising awareness among health conscious consumers regarding the health benefits associated with honey as it acts as a rich source of antioxidants is expected to be key factor boosting the market growth over the forecast period. Moreover, it is the best alternative for sugar as well as artificial sweeteners and is widely used for producing organic and low calorie food and beverage goods.
Food and beverages held the largest share of 71.4% in 2018 in terms of revenue as a result of rising concerns over harmful effects associated with artificial sweeteners and sugar. Moreover, the product is gaining popularity in the food and beverage industry on account of its nutritional benefits as well as its flavor.
Major manufacturers are adopting marketing strategies including new product launches, expansion of the distribution channel, and mergers and acquisitions in order to gain a competitive edge in the market. For instance, in April 2019, Wales Hilltop launched three exclusive range of products in the U.K. retail market namely Organic Fairtrade Honey, Manuka Honey, and core honey. These new product launches are expected to increase the product visibility and will encourage the people to adopt all-natural and organic products rather than harmful sugar.
Asia Pacific is expected to be the fastest growing market, expanding at a revenue-based CAGR of 8.5% from 2019 to 2025. Over the past few years, the major manufacturers have been increasingly investing in product development and adopting technologies in apiculture. For instance, in January 2018, Tureky-based Altıparmak got a funding of USD 4.98 million from the European Bank for Reconstruction and Development (EBRD) for the enhancement of innovations in apitherapy, honey production, and value chain improvement.
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Further key findings from the report suggest:
- Demand for the online distribution channel was pegged at 410.2 kilo tons in 2018
- By application, the personal care and cosmetics segment is expected to expand at the fastest CAGR of 8.3% in terms of revenue from 2019 to 2025
- Demand in Europe is expected to reach 1.1 million tons by the end of 2025
- Honey market key players include Beeyond the Hive; Dabur India Ltd.; Patanjali Ayurved; Capilano Barkman; Oha Honey LP; Bee Maid Honey Ltd.; Streamland Biological Technology Limited; and Dutch Gold.
Grand View Research has segmented the global honey market on the basis of application, distribution channel, and region:
Honey Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015–2025)
- Food & Beverages
- Personal Care & Cosmetics
- Pharmaceutical
Honey Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015–2025)
- Convenience Stores
- Supermarket/Hypermarket
- Online
