Honey Market Size to Reach USD 14+ Billion by 2032 – Rise with Steller CAGR 4.6% | According To Market.us
Page Contents
Market Overview
Published Via 11Press : Honey market is a natural sweetener that has been used for centuries due to its various health benefits, including anti-bacterial and anti-inflammatory properties. With consumers becoming more health-conscious and environmentally aware, the demand for organic and locally sourced honey has increased significantly.
In 2022, the global honey market was valued at USD 8.9 Billion and is expected to grow to USD 14.2 Billion in 2032. Between 2022 and 2032, this market is estimated to register a CAGR of 4.6%
In recent years, there has been an increase in the popularity of specialty honey products such as Manuka Honey from New Zealand which is known for its antibacterial properties and raw artisanal varieties that are unprocessed and retain all their natural goodness. As people become more invested in health trends, we can expect to see continued growth in this market sector with new product offerings emerging on store shelves globally.
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Key Takeaways
- Market Growth: Honey Market has experienced sustained expansion over recent years due to increasing consumer interest in natural and healthy sweeteners.
- Health Benefits of Honey: Honey has long been recognized for its many nutritional and antimicrobial properties, making it a healthier alternative to refined white sugar. As a result, demand has steadily grown as people increasingly turn to this natural sweetener in food and beverage products as natural sweeteners or as an ingredient within them.
- Varietal Honey: Varietal honey has become increasingly popular, being produced using nectar from specific plants or flowers and boasting distinct flavors and characteristics; often sold as premium products.
- Organic Honey: As more consumers search for natural and organic food products, organic honey has become more and more sought after. However, its supply chain challenges include bee populations decreasing due to pesticide exposure or climate change and other sources.
Regional Snapshot
- North America: Honey sales in North America are projected to experience steady growth driven by rising consumer interest in natural sweeteners and the rising popularity of organic and varietal honey products. California ranks as one of the highest honey-producing states globally.
- Europe: Honey production across Europe is projected to experience consistent and healthy growth due to rising consumer interest in natural and healthy sweeteners as well as varietal and organic honey varieties. Germany, Spain, and Ukraine are some of the biggest honey-producing countries in Europe.
- Asia Pacific Honey Market Forecasts: Asia Pacific honey markets are projected to experience solid growth driven by growing consumer interest in natural and healthy sweeteners as well as varietal and organic honey popularity. China holds the world record as the primary honey-producing nation – accounting for 33% of total world production.
- Latin America Honey Market Outlook: Latin American honey production should experience moderate growth driven by increasing consumer interest in natural and healthy sweeteners as well as varietal and organic honey's growing appeal in this market. Argentina stands as one of the biggest producers, commanding a significant market presence.
- Middle East and Africa Honey Market Forecast: This region should experience moderate growth driven by growing consumer interest in natural and healthy sweeteners as well as increasing varietal and organic honey popularity. Turkey stands out as a leading producer, exporter, and consumer of this sweet treat!
Drivers
- With increasing consumer demands for natural and healthy sweeteners, there has been an explosion in research efforts into developing healthier options.
- Recent years have witnessed an increasing popularity for organic and varietal honey varieties.
- Utilization of honey in various food and beverage products
- Consumer awareness regarding health awareness continues to increase among consumers.
- Increased awareness about the health benefits of honey
Restraints
- Supply chain challenges such as the decline of honeybee populations caused by various factors like pesticide use and climate change are present.
- Honey prices fluctuate due to seasonal conditions and other external influences, and can therefore fluctuate considerably from month to month.
- Increased competition from alternative sweeteners such as agave nectar, maple syrup and stevia threatens the traditional market of refined white sugar sweeteners.
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Opportunities
- Research, design, and production of honey-based products and applications
- Expansion into new markets such as Asia-Pacific is underway.
- With growing consumer interest in premium and high-grade honey products, demand has skyrocketed for these premium offerings.
- Honey has increasingly become one of the go-to products in the beauty and personal care industries for its use as an ingredient in cosmetic products and personal care products.
- As honey becomes an increasingly sought-after ingredient for health and wellness products, its demand continues to skyrocket.
Challenges
- Within The Honey Industry* The honey industry faces numerous barriers due to a lack of standardization and regulation.
- Adulteration and mislabeling of honey products have long been reported.
- Manuka honey, prized for its medicinal qualities, may not always be readily available.
- Fluctuations in honey prices due to changing weather conditions and other external influences is inevitable.
- Face rising competition from alternative sweeteners and sugar substitutes
Market Players
- Beyond the Hive
- Barkman Honey LLC
- Dabur India Ltd.
- Capilano Honey Ltd.
- New Zealand Honey Co.
- Streamland Biological Technology Ltd.
- Oha Honey LP
- Billy Bee Honey Products
- Comvita Ltd.
- Gold Honey Inc.
- Honey Limited
- Dutch Gold Honey Inc.
- Comvita Food Ltd.
- Comvita China Ltd.
- Other Key Players
Market Segmentation
By Processing
- Conventional
- Organic
By Distribution Channel
- Convenience Stores
- Online
- Hypermarkets & Supermarkets
- Others
Recent Developments
- Sweet Harvest Foods Inc, an industry-leading producer of honey and natural sweeteners, announced on January 20, 2022 the acquisition of McKinney-based Nature Nate Honey Co through retail outlets nationwide. Natural Nate offers 100 percent pure raw honey that remains unfiltered.
- Comvita recently unveiled its inaugural MGO-certified Manuka product: Multifloral Manuka Honey. The main ingredient comes from Manuka flowers which boast antibacterial properties; other New Zealand wildflowers have also been blended for added freshness and fragrance.
- Capilano recently unveiled their Low Glycemic Index (GI) Honey, created with an exclusive blend of 100% Australian Eucalypt Honey. Designed to release energy slowly over a sustained period, this sugar alternative can help people reduce their sugar consumption without losing energy from an abrupt spike.
Market Report Scope
| Report Attribute | Details |
| The market size value in 2022 | USD 8.9 Bn |
| Revenue Forecast by 2032 | USD 14.2 Bn |
| Growth Rate | CAGR Of 4.6% |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World |
| Historical Years | 2017-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
| Long-Term Projected Year | 2032 |
Frequently Asked Questions
Q: What is the current size of the Functional Beverages market?
A: The Global Functional Beverages Market size is USD 8.9 Billion in 2022.
Q: What is the projected growth rate for the Functional Beverages market?
A: The cell culture media market is expected to grow at a CAGR of 4.6% from 2023 to 2032.
Q: What are some of the key players in the Functional Beverages market?
A: Some of the key players in the cell culture media market include Beyond the Hive, Barkman Honey LLC, Dabur India Ltd., Capilano Honey Ltd., New Zealand Honey Co., Streamland Biological Technology Ltd., Oha Honey LP, Billy Bee Honey Products, Comvita Ltd., Gold Honey Inc., Honey Limited, Dutch Gold Honey Inc., Comvita Food Ltd., Comvita China Ltd., Other Key Players
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