The global honey market size islikely to reach USD 11.16 billion by 2027, registering a CAGRof 5.2% during the forecast period. Honey possesses antibacterial andantiseptic properties. Additionally, it is a natural and healthier alternativeto artificial sweeteners. Fortune Business Insights™ haspresented this information in an upcoming report titled, “Honey Market,2020-2027”. The market size stood at USD 7.19 billion in2019.
According to the report, honey is gaining immense popularity due to severalreasons. For instance, the proven health benefits of honey’s consumption areanticipated to flourish the market in the forthcoming years. Due to thepandemic, the demand for immunity-enhancing products like honey is on the riseand is expected to significantly drive the market growth in the forecastperiod.
COVID-19 Impact:
The global pandemic has wreaked staggering and unprecedented havocon several industries and markets. However, the coronavirus pandemic hasaugmented the global honey market growth due to the growing need forimmunity-boosting products. The antibacterial, anti-fungal, and antiviralproperties of honey are expected to expand its demand even after the pandemic’send. The market has observed a steep rise in demand for honey due to thepandemic and is expected to rise significantly during the forecast period.
However, the dynamics of various sectors have changed drasticallydue to lockdowns, curfews, and social distancing norms. Disruptions in supplychains, production lines, and operations are stagnating the market growth. Itis uncertain to say how long the situation may persist this way. Nonetheless,our research report’s in-depth analysis will help you gain an exhaustiveunderstanding of this niche market.
Segmentation:
On the basis of its type, the market fragments into buckwheat,clover, alfalfa, wildflower, alacia, etc. On the basis of its application, themarket segments into personal care & cosmetics, pharmaceuticals, food &beverages, etc. On the basis of its packaging, the market divides into tubes,bottles, tubs, glass jars, etc. Geographically, the market is categorized intoNorth America, Europe, Asia Pacific, South America, and the Middle East &Africa.
Report Coverage:
The report showcases quantitative and qualitative insights intothe prospected market. The report encompasses the effects of the COVID-19pandemic on the market, PESTLE Analysis, and Porters’ Five Forces Analysis foran unerring prediction of the prospected market. The report compiles all themandatory segments that fall under the global honey market. The report isdeveloped using bottom-up and top-down approaches for an exhaustive study ofthe market.
The report presents information gathered through interviews withmultiple stakeholders at regional, country, and global levels. The report alsohighlights the competitive landscape of the market, including the informationon rankings of key players, key market trends, recent industry developments,mergers & acquisitions, etc.
Drivers & Restraints:
Rising Health Consciousness & Demand for Immunity-BoostingProducts to Drive Market
Consumption of artificial sweeteners and sugar can cause healthdamage. Whereas honey is a natural sweetener and possesses medicinal benefitson its consumption. The antibacterial, antiviral, and anti-fungal properties ofhoney, along with the long shelf-life and low cost, are some key factors thatare positively driving the market growth. Honey is also utilized by thepharmaceutical industry for the manufacturing of liquid dietary supplements andcough syrups due to its anti-inflammatory properties. It is helpful in treatingthroat infection and acute cough detected in corona-infected patients. Honey isan excellent natural immunity booster and is experiencing a surge in demandduring the pandemic.
The National Institute for Health and Care Excellence (NICE) andthe Public Health England (PHE) guidelines recommend honey has played a pivotalrole as a primary method for treating respiratory tract infection observedamongst COVID-19 patients. The rising health consciousness and the growinginclination towards a healthy lifestyle are expected to augment the marketgrowth along with the aforementioned factors.
However, honey adulteration and the presence of substitutes likemaple syrup and stevia are expected to restrain the market growth.
Regional Insights:
Asia Pacific to Hold the Lion’s Share
Countries like India, China, Australia, etc., are experiencing asurge in the production and consumption of honey. Rising government investmentsin countries like India are expected to propel the market growth significantly.Most recently, under the Atmanirbhar Abhiyan, the Government of India allocatednearly USD 68 million in May 2020 for beekeeping. Additionally, China isamongst the leading exporters and producers of natural honey across the globe.These factors are expected to help the Asia Pacific register the highestrevenue in the global honey market share.The increasing consciousness regardinghoney’s health benefits is expected to help Europe hold the second position inmarket growth.The escalating number of apiarists in Canada and U.S. areexpected to positively influence the market growth in North America.
The rising personal disposable income and increasing populationare surging the demand in countries like South Africa, Saudi Arabia, etc. Thisis expected to help the Middle East &Africa witness considerable growth inthe forthcoming years.
Competitive Landscape:
Product Innovation, New Launches, Expansions to Amplify MarketGrowth
The fairly fragmented honey market consists of numerous playersoperating at regional and global levels. These players are emphasizing severalstrategies like distribution or sales channel expansion, base expansion, etc.,to stay at the top of the game. With the shifting consumer preference towards ahealthy lifestyle, several opportunities for innovation and growth are expectedto prevail in the forecast period. For instance, Manuka launched a vitaminsupplement line of products named Manuka Plus in July 2019, inciting innovationin the natural sweet liquid industry.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/honey-market-100551
