Global Honey Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Honey Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Honey is a sweet, viscous food substance made by honey bees and some related insects. Bees produce honey from the sugary secretions of plants (floral nectar) or from secretions of other insects (such as honeydew), by regurgitation, enzymatic activity, and water evaporation. The major components of honey include carbohydrates, water, nitrogenous substances, and minerals.

Market Overview:

The latest research study on the global Honey market finds that the global Honey market reached a value of USD 8423.72 million in 2022. It’s expected that the market will achieve USD 9000.53 million by 2028, exhibiting a CAGR of 1.11% during the forecast period.

The impact of the epidemic on the honey industry will involve all major links and all entities in the industry chain. In order to avoid large-scale population movements and gatherings, various countries have adopted prevention and control measures such as home isolation and extension of the holiday. More and more cities are entering the first-level response state, strictly isolating measures, strictly prohibiting vehicle entry and exit, strictly controlling the flow of personnel, and strictly preventing the spread of the epidemic.

During the outbreak of the COVID-19 epidemic, some people who specialize in beekeeping may be replanting on the site. In order to prevent the epidemic, villages and roads have been closed, causing inconvenience for bee farmers to transfer from one site to another. And it is impossible to feed and manage the bee colony. Under the context of the epidemic, Under the influence of the epidemic, the import and export of honey also encountered difficulties. China is the world's largest exporter of honey. Due to the impact of the epidemic, insufficient border inspection personnel, logistics restrictions and strict border inspections have slowed the speed of customs clearance. It is expected that the transaction volume will drop significantly, and both import and export will be blocked. Moreover, honey is a non-rigid consumer product. Although honey helps to improve immunity, it also has anti-viral and anti-inflammatory effects, but compared with staple foods such as meat, eggs, vegetables, oil and other just-need agricultural products, consumers’ demand for honey is more vulnerable to the negative epidemic impact. Under local control measures, residents have reduced the frequency of shopping out, and household consumption has been significantly suppressed; the delay in resuming work in various places has also significantly affected honey consumption. In recent years, online shops, beekeepers direct sales, WeChat and other sales methods are lacking in middlemen and logistics support, and supply and demand cannot be effectively connected. In the short term, consumption of bee products will show a downward trend.

In the long run, honey consumption changes in the same direction with changes in national disposable income and economic growth. After the epidemic is over and the overall economy resumes stable operation, consumption of honey will also resume growth. The epidemic can help raise people's awareness of healthy lifestyle and healthy diet, and honey can carry out premium marketing of health functions.

Strengths

The benefits of the product and wide downstream applications

Honey is suitable for long-term storage, allowing consumers to store in absence of refrigerators, owing to its unique composition and chemical properties. It is a rich source of various nutrients including natural sugar, vitamins, minerals, and calcium. It is also a healthy alternative for artificial sweetener, energy source and immunity system builder, therefore widely used in food, medicine and other applications.

Honey is a popular food additive; it is exploring available tangent of food and beverage (F&B) sector. Apart from its direct human consumption, over the past few years, it has been used as a key ingredient in various applications including energy drinks and bars, cookies, breakfast cereals, bakery products, confectionery, and alcoholic drinks like mead. It acts as an alternative to the sugar and other chemical artificial sweeteners. These factors encourage consumers to consume honey in their daily breakfast and meals in order to gain a sustainable lifestyle and a healthy diet in order to prevent chronic health issues. Furthermore, in medicine industry, it can promote debridement, and speed up the healing process by stimulating wound tissues owing to its antimicrobial properties. It is beneficial for weight management, improving metabolic activity, reducing the risk of diabetes, maintaining blood pressure, and promoting wound and burn healing.

Weaknesses

The sugar content of the product

The sugar profile of honey continues to induce consumer skepticism in the global honey market. Being naturally sweet doesn’t restrict honey from being probed by scientists and medical researchers. The hampering effect of consuming honey during treatment of open wounds creates a major dislike among diabetic patients. Moreover, excessive consumption of honey has several potential adverse effects that reduce its consumption, which in turn hinders the market growth. Therefore, consumers' concerns about the sugar content is one of the major factors that limit the market growth.

Region Overview:

From 2022-2027, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

Rowse Honey Ltd is one of the major players operating in the Honey market, holding a share of 2.2% in 2022.

Rowse Honey Ltd

Rowse Honey Ltd. produces honey. The Company harvests, processes, and packages a range of honeys. Rowse Honey serves customers throughout the United Kingdom.

Comvita Limited

Comvita Limited provides health supplements. The Company offers manuka honey, bee pollen, cider vinegar, elixirs, lozenges, supplements, skincare, and digestive health solutions. Comvita serves customers worldwide.

Segmentation Overview:

Among different product types, Traditional Honey segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Food segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Honey market covered in Chapter 3:

R Stephens Apiary
Comvita Limited
Polar-Honey Finland (Lappi-Hunaja)
Capilano Honey Pty Ltd
Bee Maid Honey
Dutch Gold Honey, Inc
Shanghai Guan Sheng Yuan (Group) Co., Ltd
Billy Bee Products Company
Yanbian Baolixiang Beekeeping Co., Ltd
Sioux Honey Association/Sue Bee Honey
Dalian Sangdi Honeybee Co., Ltd
Dabur India Limited
Barkman Honey
Savannah Bee Company
Rowse Honey Ltd

In Chapter 4 and Chapter 14.2, on the basis of types, the Honey market from 2018 to 2029 is primarily split into:

Organic Honey
Traditional Honey

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Honey market from 2018 to 2029 covers:

Food
Medicine
Cosmetic

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)