Honey Industry Study Size, Share & Forecast, 2032
Market Overview
According to a report by Fortune Business Insights™ titled “Honey
Market, 2024–2032,” the global honey market was valued at USD 8.94
billion in 2023 and is expected to grow to USD 15.59 billion by 2032,
expanding at a CAGR of 6.52% during the forecast period (2024–2032).
In the United States, the honey market is also poised for substantial
growth, with projections indicating it will reach USD 1.89 billion by 2032.
This rise is largely attributed to an increasing number of beekeepers and a
growing preference for natural sweeteners.
Asia Pacific led the global market in 2023, capturing the entire market share.
The surge in demand for organic and healthier sugar alternatives continues to
be a key driver of growth across regions.
List of Key Companies Profiled in the Report:
- Bee Maid Honey
Limited (Canada)
- Comvita Limited (New
Zealand)
- Capilano Honey Ltd.
(Australia)
- Dabur India Ltd.
(India)
- Billy Bee Honey Products
(Canada)
- New Zealand Honey
Co. (New Zealand)
- Barkman Honey LLC
(U.S.)
- Yamada Bee Company
(Japan)
- Dutch Gold Honey
Inc. (U.S.)
- Golden
Acres Honey (Canada)
Industry Trends:
Growing Demand for Organic Products: Consumers in developed
markets such as Europe, the U.S., and Japan are increasingly opting for organic
honey, reflecting a broader shift toward clean-label and natural products.
Innovation in Health and Wellness: New honey-based health
products, including supplements and functional beverages—like Singapore’s
“Honey Exir”—are expanding the market’s reach and appeal.
Technological Advancements: Automation in honey extraction and filtration
processes is enhancing product quality and operational efficiency across the
supply chain.
Post-Pandemic Health Consciousness: Increased awareness of
honey’s antiviral and immune-boosting properties has led to a notable rise in
consumption following the COVID-19 pandemic.
Source: https://www.fortunebusinessinsights.com/industry-reports/honey-market-100551
Segments
Buckwheat Segment to Dominate Attributable to High Nutritional Value
By type, the market is segmented into alfalfa, buckwheat, wildflower,
clover, acacia, and others. The buckwheat segment is expected to dominate due
to its high nutritional value.
Food & Beverage Segment to Dominate Attributable to its Increasing
Applications
Based on application, the market is classified into food &
beverages, personal care & cosmetics, pharmaceuticals, and others. The food
& beverage segment is expected to dominate due to its increasing
applications.
Bottle Segment to Lead Owing to Easy Transportation
By packaging, the market is categorized into glass jar, bottle, tub,
tube, and others. The bottle segment is expected to lead the market due to its
easy transportation.
Regionally, the market is clubbed into North America, Europe, Asia
Pacific, South America, and the Middle East & Africa.
Report Coverage
The report gives an in-depth view of the leading segments and the latest
trends in the market. It looks at what is driving market growth and what is
hindering it, including the impact of COVID-19. It also discusses developments
in various regions and the strategies used by major companies in the market.
Market Growth
The global honey market is steadily growing,
driven by increasing consumer awareness of honey’s health-promoting properties,
such as its antioxidant, anti-inflammatory, and antibacterial effects. As a
natural alternative to refined sugars and artificial sweeteners, honey is
gaining popularity—especially in the food and beverage sector. Its therapeutic
qualities are also boosting demand in the cosmetics and pharmaceutical
industries. Premium varieties like manuka and organic honey are seeing a surge
in popularity, often fetching higher prices. Furthermore, the rise of
e-commerce and global trade is helping to fuel the market’s continued
expansion.
Drivers and Restraints
Rising Adoption of the Product for Natural Sweeteners Production to
Foster Market Growth
Honey is widely regarded as a healthier alternative to sugar, valued for
its healing properties like soothing sore throats and supporting immune health.
With a growing number of consumers choosing honey as a natural sweetener,
demand is projected to increase. Health-conscious lifestyles, rising incomes,
and a shift toward organic products are all contributing to its growing
popularity. Additionally, honey’s applications in medicine are expected to
further boost sales.
However, potential changes or adulteration of the product could present
challenges to sustained market growth.
Regional Insights
Rising Production of Nectar to Propel Market Growth in Asia Pacific
Asia Pacific is expected to lead the honey market due to its high
production levels. In 2021, the market in this region was valued at USD 2.86
billion and is projected to capture a large share of the global market in the
coming years. Government investments in beekeeping are also likely to boost
market growth. For instance, in May 2020, the Indian government allocated
nearly USD 68 million for beekeeping under the Atma Nirbhar Bharat initiative.
In Europe, increasing awareness of honey's health benefits is expected
to drive its adoption. Changing consumer preferences and a rise in the
consumption of organic products may further promote market growth.
In North America, the growing number of beekeepers in Canada and the
U.S. is expected to increase product demand. Additionally, strong demand for
organic products is enhancing industry growth.
Competitive Landscape
Companies Devise Novel Product Launches to Elevate Brand Image
Top companies are releasing new products to boost their brand image and
increase sales. For instance, in January 2022, Tayima Foods launched I'M HONEY,
an organic and raw honey available in various flavors with significant
medicinal benefits. This product is sold on online platforms like Amazon and is
anticipated to increase Tayima's sales and expand their global reach. Moreover,
companies are also focusing on mergers, partnerships, expansions, and research
and development to fuel market growth.
Honey Market Outlook
·
Growing demand: Global demand for honey is on the rise.
Consumers are increasingly aware of the health benefits and natural muscle tone.
·
Health notes: Honey is often considered a healthy
alternative to refined sugar. This trend is leading more people to choose honey
in their diet.
·
Sustainability focus: More focus on sustainable and organic
products. Beekeeping, which supports environmental health, is on the rise.
·
Product innovation: New products such as fermented foods and
beverages are emerging. This diversity of brands creates widespread appeal and
increases sales.
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