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.
The demand for organic honey and flavoured honey has increased the sales of honey in various regions.
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| 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 |
Competitive Landscape of Honey Market-
Key players manufacturing honey are Valeo Foods Group, Uren Food Group, Miller Honey Company, Beechworth Honey Pvt Ltd, QQR Paynes Bee Farm, Beyond the Hive, Oha Honey LP, Barkman Honey LLC, Dabur India Ltd, Streamland Biological Technology Ltd, Bee Maid Honey and Capilano Honey among others.
- Beechworth Honey Pty Ltd company develops and offers numerous honey products such as Bee warm almond honey, bee fruity scented ash honey, bee fruity blackberry honey, honey chocolate and hazelnut, honey for cheese, and honey ginger soda among others.
- In January 2021, Valeo Foods Group acquired Schluckwerder Holding GmbH, the leading specialist producer of confectionary products, taking its revenue total up to € 1.2 million. Furthermore, this will enable the company to deploy more honey-based confectionary products.
What Growth Prospects Abound in the U.S and Europe 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.
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For the purpose of this study, Fact.MR has segmented the global honey market report on the basis of processing, distribution channel, and region:
Processing Outlook
- Organic
- Conventional
Product
- Clear Honey
- Varietal Honey
- Manuka Honey
- Sourwood Honey
- Buckwheat Honey
- Rosemary Honey
- Dandelion Honey
- Eucalyptus Honey
- Other Honey
Distribution Channel Outlook
- 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
Packaging
- Honey in Glass Jars
- Honey in Plastic Containers
- Honey in Bulk Packaging
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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.
Key Takeaways from the Market Study
- Global honey market expected to surge 1.6x by 2031 compared to 2021
- By sales channel, food & beverage to emerge dominant, capturing 70% of global demand
- Sales of organic honey to surge, yielding US$ 150 Mn by 2022-end
- U.S to be a lucrative market, expanding at a CAGR of 6% through 2031
- Europe to be the largest market, capturing 1/3rd of global market revenue
- 3 out of 10 honey sales to happen across Asia, with China topping other countries
- Middle East & Africa to account for 20% of global honey sales from 2021-2031
Over the last five years, between 2016 and 2020, the global honey market exceeded a market value of US$ 9 Bn, expanding at a CAGR of 4% across the historical period. Consumption of honey especially increased amidst the COVID-19 pandemic, as individuals sought to consume those foods which helped enhance immunity and offer protection from microbe-based infections.
Manufacturers of honey are focusing on importing honey and providing it on a larger geographical scale. The demand from end industries such as bakeries and beverages has propelled over time. This, in turn, has positively impacted the sales of honey.
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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
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