Honey Market Analysis Report By Application, By Distribution Channel, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global honey market size was accounted for USD 8.4 billion, in 2018. It is estimated to grow at a CAGR of 8.0% over the forecasted period, 2019 to 2025. The growing consumer preference towards natural sweetening products like honey over sugar is a key factor driving the market growth. It also possesses antibacterial antimicrobial and anti-inflammatory properties.

Honey is enriched with vital nutrients such as minerals, calcium, natural sugar, and vitamins. Moreover, it is also taken with breakfast cereals, confectionery, honey bars, and energy drinks.

In addition, it is broadly used as an alternative to artificial sweeteners. Moreover, the consumers are using honey in their regular breakfast to add the nutrition value of the food. Honey is helpful in treating chronic disorders. Furthermore, it also prevents overweight, reduces diabetes risks, and supports metabolic activities. The doctors are recommending the use of honey in daily food. Honey has multiple health benefits associated with it. It is highly recommended for cough in both adults and children.

According to the American Pediatric Academy, honey plays a vital role in curing respiratory infections. All these factors coupled with recommendations by government and international organization is expected to boost the market growth. For example, World Health Organization recommends honey as an effective remedy for treating chronic coughs in children and adults.

Application Insights

Depending on the application, the honey market is bifurcated into food & beverages, pharmaceutical, and personal care & cosmetics. The food & beverage segment constituted the largest market share of around 71.4% in the year 2018. The product is applicable in healthy drinks, cuisines, and for direct consumption.

The manufacturers are focusing on introducing organic products. Thus, the growing popularity of nutritional drinks with added natural ingredients is expected to propel the product demand. For example, in 2018, Emami Ltd, has launched organic honey called Zandu pure honey with no sugar in the Indian market.

Distribution Channel Insights

The hypermarket/supermarket channel held the largest market share of more than 60.0% in 2018. Asian countries such as India, Bangladesh, and Thailand are expected to create huge opportunities for the market. Offline channels include convenience stores, retail outlets, supermarkets, and other specialty stores. Moreover, the 7-Eleven has partnered with Future Group to open new stores in the Indian market in the year 2019. This partnership is expected to promote the sales of honey products and expand their reach across the country.

The online channel is projected to grow at the highest CAGR of around 8.5% during the forecasted period. The growing trend of digital media is allowing manufacturers to adopt promotional strategies to gain traction among consumers. Major players in the segment include Amazon, Rakuten, Grofers, and Walmart. Additionally, online retailers offer a wide range of discounts, coupon codes to increase their sales.

For example, in 2018, Indian e-retailer Flipkart has partnered with Walmart. This venture is expected to propel the demand for the products in the coming few years.

Regional Insights

In 2018, Europe held the largest market share of over 30.0% in the overall market. The key players in the markets are focusing on product innovation, retail chain expansion, and acquisitions to meet up with changing customer demand.

For example, in 2018, Altiparmak, the Turkish honey company has collected funding from European banks to improve their value chain. These initiatives are expected to bolster the product demand.

Asia Pacific is anticipated to grow at the highest CAGR of 8.5% over the forecasted period. The increasing apiculture industry across India and China is expected to attract companies to invest in the honey production business. This is expected to fuel the market growth over the next few years.

Impact of COVID-19

COVID-19 outbreak is projected to negatively impact the market, owing to shipping restrictions caused by the lockdown. China is the world’s top honey producer, and it exports over 100,000 tons to North America and European countries. However, the coronavirus crisis and lockdown in the earlier quarter in China is expected to limit the import & export of honey across the globe.

India is the world’s second-largest producer of honey and is projected to gain momentum owing to high demand from Australia, South Korea, and Japan. Honey export from India is increased by 19.0% in 2018-19 with 61,333.8 tons. During the COVID-19 crisis, consumption of honey is expected to increase as it is enriched with vitamin D3 and C that help in boosting the immunity system.

Honey Market Share Insights

The market is heavily fragmented due to the mix of leading international and local players including Beyond the Hive; Oha Honey LP; Barkman Honey LLC.; Dabur India Ltd.; Capilano Honey Limited; and New Zealand Honey Co.
Major players in the market are focusing on strategies such as product innovations, mergers, and acquisitions to expand their product portfolio and gain traction among consumers. For instance, in 2019, Hilltop Honey Ltd, has introduced new products such as organic honey, manuka honey to increase their sales.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global honey market report on the basis of application, distribution channel, and region:

• Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)
    • Food & Beverages
    • Personal Care & Cosmetics
    • Pharmaceutical

• Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)
    • Convenience Stores
    • Supermarket/Hypermarket
    • Online

• Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 -2025)
    • North America
        • U.S.
        • Canada
    • Europe
        • Germany
        • U.K.
        • France
    • the Asia Pacific
        • China
        • India
    • Central & South America
    • Middle East & Africa (MEA)
        • Saudi Arabia