Honey Market to Reach Valuation of USD 12.6 Billion by 2030 – Growth in Consumption of the Product in Drug Production Drives the Market

In terms of revenue, the Global Honey Market is expected to reach USD 12.6 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 5.1% from 2023 to 2030.

Vitamins, minerals, calcium, enzymes, and other health-promoting substances are abundant in Honey. Also, Honey provides health advantages, such as the capacity to raise metabolic activity, keep blood pressure levels stable, reduce the risk of diabetes, and even heal burn scars. In addition to food and beverages, Honey is used in a wide range of products, including cosmetics and pharmaceuticals, which is expected to boost market development. Because the climate in each region impacts Honey availability and yield, most of the world's production is concentrated in a small number of nations, primarily in Europe, APAC, North America, and South America. Furthermore, Honey, a well-known food component, looks into possibilities and opportunities in the food and beverage sector. One of the F&B sector's contemporary uses for Honey is the creation of commercial beverages. Manufacturers will have more growth prospects due to the continued medical use of Honey, which will combine the production of pharmaceuticals and Honey.

Key Highlights from the Report

· Among Processing, the Conventional segment is anticipated to dominate the Honey market with the highest market share during the forecast period. The segment's footprint is expanding as a result of factors like the method's increased accessibility and the addition of new flavors and exotic additions to the conventional method of processing.

• By Distribution Channel, the Hypermarkets & Supermarkets segment accounted for the highest CAGR in the forecast period due to the high product visibility and a larger consumer group.
• Europe held the largest market share in 2021 and is likely to be the most profitable market in the forecast period due to the increased disposable income and strengthening of the economy.

Market Dynamics

Due to its many health benefits, Honey is increasingly recommended as the best alternative to regular sugar. To use less white or refined sugar, health-conscious customers add natural sweetener ingredients to their diet foods (which causes diabetes, obesity, and heart diseases). In addition to having essential minerals and vitamins and antibacterial and antioxidant properties, natural sweeteners are a great option for sweeteners. As a result, the development of the product is being significantly influenced by the growing demand for natural sweeteners. In addition, longer product shelf life and high affordability are additional significant variables favourably affect the market growth rate.

Furthermore, Honey includes a variety of minerals, amino acids, enzymes, and other nutritional components that may have therapeutic effects. As a result, Honey is becoming increasingly popular in the pharmaceutical industry. Due to the product's antibacterial qualities and demulcent characteristics, it has become a popular ingredient in cough syrups. This is one of the leading forces propelling the expansion of the global industry. Honey is significant in treating many diseases and health conditions, including sore throat, indigestion, insomnia, skin-related issues, and others. Honey is one of Ayurveda's main products or ingredients, an Indian natural medical method. The Ayurveda medical system has become increasingly well-known worldwide in the COVID-19 post-pandemic period due to its success and minimal to no side effects in treating specific medical conditions. Consequently, the product is being used more frequently in the manufacture of drugs, which is driving the market's expansion.

On the other hand, throughout the forecast period, several unfavourable factors offer severe obstacles to expanding the global Honey market. An important reason limiting the growth of the worldwide market is the rising prevalence of serious health conditions like diabetes, obesity, and elevated cholesterol. In addition, excessive Honey consumption may increase the danger of cardiac arrest and stroke due to elevated blood glucose levels and weight gain. As a result, the growing disbelief about Honey consumption due to its sugar profile and the adverse effects of Honey consumption on diabetic patients when treating open wounds might hinder the growth of the worldwide market.

Geographically, the most significant market share belongs to the European Honey market. Consumers are becoming more health aware, it is used more frequently as a healthier sugar substitute, and knowledge of its therapeutic, anti-inflammatory, and antimicrobial properties is expanding quickly. The market has grown considerably in this area due to these factors. The European region's fastest-growing market for Honey was the United Kingdom, which also had the biggest market share.

Due to well-established regional rivals, high production rates, and a sizable consumer market that uses Honey for skin care, baking, medicine, and other household uses, the Asia Pacific Honey market is projected to experience a considerable CAGR during the forecast period. Also, the importance of various company growth strategies to manufacturers is rising.

The Global Honey Market is Segmented as follows

• Processing
  • Organic
  • Conventional
• Distribution Channel
  • Hypermarkets & Supermarkets
  • Convenience Stores
  • Online
  • Other Distribution Channels
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Honey Market is

Beeyond the Hive (U.S.), Barkman Honey LLC (U.S.), Dabur India Ltd (India), Capilano Honey Ltd (India), Streamland Biological Technology Ltd (New Zealand), Oha Honey LP (New Zealand), Billy Bee Honey Products (Canada), Dutch Gold Honey Inc. (U.S.)

The Global Honey Market Scope can be Tabulated as below