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Honey Market

Honey Market

Honey Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2021 to 2031

Honey Market
FACT4076MR
  • Sep-2021
  • List of Tables : 80
  • List of Figures : 160
  • 170 Pages
  • Food & Beverage

Market Snapshot

According to Fact.MR’s analysis on the honey market, the sales of honey surpassed a market revenue of US$ 9.2 Bn in 2020. The demand for organic honey and flavoured honey has increased the sales of honey in various regions.

In addition, the health benefits of honey have proved to be an alternative for other sweeteners. The use of honey in various food and beverage products is driving the sales for honey. Thus, the sales of honey are expected to exceed US$ 15.2 Bn by registering a positive CAGR of 5.1% during the forecast period 2021-2031.

Key Points Covered in Honey Industry Analysis

  • Market estimates and forecast 2016-2031
  • Key drivers and restraints impacting market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Honey Market and How to Navigate
  • Recommendation on Key Winning Strategies

Honey market by Fact.MR

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Honey Consumption Analysis 2016-2020 in Comparison to Future Outlook 2021-2031

Historically, between 2016 and 2020, honey sales reached nearly US$ 9 Bn by the end of the aforementioned period, clocking a CAGR of 4%. Manufacturers are capitalizing on imbuing flavors with multifunctional nutrients, given the paradigm shift observed in consuming healthy food products.

According to Fact.MR- a market research and competitive intelligence provider- global honey sales inclined significantly amidst the COVID-19 pandemic. A series of studies conducted during the tumultuous year concluded that honey possesses numerous healing and immunity boosting properties, capable of imparting resistance to several bacterial, viral and fungal infections.

Moreover, the rising usage of natural sweeteners in the organic confectionary and bakery products is expected to leave an optimistic impression on the honey market. Attributed to these trends, honey sales are expected to observe positive growth, reaching US$ 15.2 Bn from 2021 to 2031, registering a CAGR of 5.1%.

How is the Healthcare Sector Spurring Demand for Honey?

With sedentary and hectic lifestyle of consumers across the world becoming ubiquitous, consciousness about maintaining healthy lifestyles is inclining significantly. Hectic lifestyles have taken time away from exercise, thus compelling consumers to opt for low sugar food items.

The belief that every organic and natural food is good and safe for health is prominently influencing the thought process of consumers across the world. Research has concluded that honey possesses high levels of antioxidant, antimicrobial and apoptotic activity inducing compounds, rendering their uptake high for various pharmaceutical applications.

Furthermore, scientists have found that honey can decrease the upward flow of undigested food and stomach acids with the help of stomach lining and oesophagus. Scientists have proven that honey can reduce the risk of gastrointestinal reflux disease (GERD).

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How are Prominent Manufacturers Leveraging Existing Opportunities?

The onset of healthy diets has also extensively impacted the consumption of sugar products as consumers prefer low carb sugar products. Consequently, people are increasingly switching towards honey consumption, generating a plethora of opportunities for prominent manufacturers.

Companies are emphasizing on the production of monofloral honey, as it is touted to offer a broader range of benefits, containing the highest level of minerals (4060 mg/kg). For instance, Gale’s Honey is specially recognized for providing honey products. The company sells Gale’s honey mainly in 300g jars to capture the retail market in the European region.

Likewise, Miller Honey Company sells its products through various local retail stores and even through online retail channels to reach last mile customers in the region. The local retail stores include Echo Valley Ranch, Newcastle Produce, and Placer Farm Supply.

Country-wise Analysis

What Growth Prospects Abound in the U.S Market?

The U.S is anticipated to emerge as a highly opportunistic market for honey and honey products. According to Fact.MR, the region is expected to register a CAGR of 6% from 2021 to 2031.

According to the U.S Department of Agriculture, honey consumption continues to increase, with an average of nearly one pound (0.9 pounds) being consumed as of 2016, compared to 0.5 pounds per capita as of 1990.  It further discovered that consumption of all caloric sweeteners has been declining for the past 15 years.

Additionally, the apiculture industry contributes over US$ 14 billion to overall U.S crop production. Also, by 2017, overall honey consumption rose to 596 million pounds, or about 1.82 pounds per person. This increase is attributed to the major health benefits associated with its consumption.

Why is Honey Gaining Traction in the European Market?

As per Fact.MR, Europe comprised of the largest revenue share, exceeding 33% in 2020. According to the European Commission, nearly 3/5th of the honey consumed is produced domestically.

A considerable number of European consumers from Germany and France prefer to purchase honey labelled as “natural” and “organic”, reflected in the form of increased shelf space across major sales channels for honey and honey-based products.

Furthermore, manufacturers are investing massively in maintaining production and supply chain. In January 2018, Turkey-based honey producer, Alt?parmak, received almost US$ 5 million in funding from the European Bank for Reconstruction and Development to develop and advance its in-house value chain

Why is Asia Attracting Honey Manufacturers?

Asia is a highly opportunistic market, with bulk of the consumption arising in China. In the recent past, China has been actively focusing on growing its beekeeping industry with an objective of the growing domestic demand as well as expanding its honey export footprint. Besides, the use of honey in food and beverage applications, China uses them significantly in modern medicines.

For instance, honey reduces the free oxygen radicals which in turn increases immunity and reduces the risk of cardiovascular diseases. Natural honey also has flavonoids which along with phenolic acids work together to provide antioxidant effects in the body. A revenue share of 30% is projected for the Asian market.

How is the Honey Industry Growing in Middle East and Africa?

Famous for its thickness consistency, sweet taste, and medicinal properties, honey produced in some of the Middle Eastern countries as well as some African countries is considered to be of the best quality.

Middle Eastern countries, especially Turkey, Lebanon, and Yemen, are leading the honey market in the MEA region with consistently increasing production and demands for honey, over the past few years. This had led to the honey industry gaining profit in sales in upcoming years. Thus, the honey industry is expected to surpass 20% in the forecast period.

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Category-wise Insights

Why is Food & Beverage the Dominant Sales Channel?

According to Fact.MR, honey sales through food & beverage channels accounted for 70% of total revenue in 2020, and is likely to retain this dominance across the assessment period.

Extensive applications across bakery products, non-alcoholic and alcoholic beverages and instant foodstuffs has led to extensive uptake in the food & beverages domain.

Why the Inclination towards Organic Honey?

By nature, consumption of organic honey is mushrooming to a major extent since the past several years. An increasing tilt towards consuming naturally sourced food products amid rising health consciousness is driving adoption.

According to estimates by Fact.MR, organic honey is likely to be valued at approximately US$ 150 Mn by 2022. Various types include clover, manuka, sourwood and buckwheat among others.

Competitive Landscape

  • Valeo Foods Group is a prominent market player and covers prominent share in the market with the wide range of honey and honey based products. The company has produced more than 26,000 Metric Tons of honey each year. In 2018, the company acquired Tangerine Confectionary to support its confectionary business division.
  • Uren Food Group Ltd. is a one of the prominent market players focusing on providing various types honey and honey products. Uren’s Mono-floral honey comes with distinctive flavours and other qualities such as smell colour and, texture.

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Report Scope

Attribute

Details

Market size value in 2020

US$ 9.2 Billion

Market forecast value in 2031

US$ 15.2 Billion

Growth Rate

CAGR of 5.1% from 2021 to 2031

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & ‘000 Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Argentina
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • BENELUX
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Australia
  • New Zealand
  • GCC
  • Turkey
  • South Africa

Key Market Segments Covered

  • Nature
  • Product
  • Packaging
  • Sales Channel
  • Region

Key Companies Profiled

  • Valeo Foods
  • Uren Food Group
  • Hain Daniels Group
  • Miller Honey Farms Inc.
  • Beechworth Honey Pty Ltd.
  • Paynes Bee Farm Ltd.
  • Wholesome Sweeteners Inc.
  • Wedderspoon Organic Inc.
  • Dabur India Ltd.
  • Capilano Honey Ltd.
  • Pastili Limited
  • Adee Honey Farms LP
  • Royal-Bees EOOD

Pricing

Available upon Request

Key Segments Covered

  • Nature

    • Organic Honey
    • Conventional Honey
  • Product

    • Clear Honey
    • Varietal Honey
    • Manuka Honey
    • Sourwood Honey
    • Buckwheat Honey
    • Rosemary Honey
    • Dandelion Honey
    • Eucalyptus Honey
    • Other Honey
  • Packaging

    • Honey in Glass Jars
    • Honey in Plastic Containers
    • Honey in Bulk Packaging
  • Sales Channel

    • Honey Sales via Business to Business Channels
    • Honey Sales via Food & Beverage Channels
    • Honey Sales via Cosmetics & Personal Care Channels
    • Honey Sales via Pharmaceutical Channels
    • Honey Sales via Business to Consumer Channels
    • Honey Sales via Modern Trade Channels
    • Honey Sales via Convenience Stores
    • Honey Sales via Online Retailers
    • Honey Sales via Other Channels

Honey Market- Scope of Report

A recent study by Fact.MR on the honey market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering honey.

The study also provides the dynamics responsible for influencing the future status of the honey market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies operating in the honey market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of honey across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of honey during the forecast period. Price point comparison by region with global average price is also considered in the study.

Key Questions Answered in Report

  • Which are the most lucrative honey markets?
  • Which factors will impact the growth of honey?
  • How will changing trends impact the strategies of market players?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the honey industry?
  • What are the winning strategies of stakeholders in the market?

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume (Metric Tons) and value (US$ Mn).

Estimates at global and regional levels for honey are available in terms of “US$ Mn” for value and in “metric tons” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global honey market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the honey market during the forecast period.

Country-specific valuation on demand for honey has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value & volume for emerging countries has also been included in the report.

In-depth Analysis on Competition Analysis

The report sheds light on leading manufacturers of honey, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering honey has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the honey domain. 

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the honey industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.

- FAQs -

As of 2020, the market for honey reached nearly US$ 9 Mn

The honey industry is expected to surpass a CAGR of 5.1% from 2021-2031.

From 2016 to 2020, honey sales expanded at a CAGR of 4%

The honey market is expected to reach nearly US$ 15.2 Bn by 2031

Flavoured honey and the easy availability of honey are the key trends driving the sales of honey.

According to Fact.MR, honey sales in the U.S are expected to surge at a CAGR of 6%

Valeo Foods Group, Uren Food Group and Miller Honey Company are some prominent honey manufactuers

The honey market in Europe is expected to yield 33% in revenue until 2031

The honey industry is expected to account for 30% of market share throughout Asia

Demand for organic honey is expected to surge, reaching around US$ 150 Mn by 2022

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.