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Market OverviewHighly nutritious, honey is popular for its medicinal properties. Due to its natural sugar content, honey can replace table sugar, acting as a sweetener. In addition to be a great source of various nutrients, honey also acts as a natural antioxidant. With its high levels of antioxidants loaded with phenolic acids and flavonoids, honey can boost the immune system and reduce inflammation. Glucose, fructose, minerals, pollen, vitamins, and proteins are some of the nutrients in honey have paved its way in the global market. In its recently published analysis, MRFR also asserts that the market will register a CAGR of 7.22% during the forecast period (2017 to 2023).
The continually rising, honey market witnesses an increasing number of manufacturers and farm owners, meeting the exceeding demand for the product. Besides, a range of nutritional products designed to meet the needs of athletes, such as sport energy gels, sports hydration + energy powder mix, and others are made with honey. These factors commutatively influence the growth of the market, consuming a large amount of honey. Also, health-conscious populaces that are increasingly switching to honey are increasing the consumption of honey. Over the past few years, the honey market is witnessing surging growth, mainly due to the increased popularity and sales of the product.
On the other hand, the demand-supply gap in the honey production is one of the major factors impeding the growth of the market and challenging the market players. However, factors such as increasing numbers of honey farms are projected to support the market growth, meeting the augmenting demand for honey, worldwide.
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Competitive Landscape
The honey market appears to be highly competitive and fragmented due to the presence of several small and large-scale players. Expected extensions in products would intensify the market competition further. These players incorporate strategies such as mergers & acquisitions, collaboration, product launch, and expansion to gain a competitive advantage in the market.
These players innovatively strategize their marketing campaigns, adopting the latest trends, online marketing, eCommerce platform, and attractive packaging materials. Simultaneously, makers of packaging solutions are also using durable yet ductile, affordable, and sustainable packaging solutions.
Players operating in the Global Honey Market include
• Patanjali AYURVED Limited (India),
• Dabur India Ltd. (India),
• Capilano Honey Ltd. (Australia),
• COMVITA Ltd. (New Zealand),
• BARKMAN Hone LLC (the US),
• LAMEX Food Group Ltd. (the US),
• Bee Maid Honey Ltd. (Canada),
• Billy Bee Honey Products (Canada)
• BEEYOND The Hive (the US)
Industry/ Innovation/ Related News
April 29, 2019 ---- Comvita (New Zealand), a leading producer of honey announced entering into a conditional agreement to acquire the remaining 49 % of its China joint venture, Comvita Food Ltd and Comvita China Limited. This includes new shares worth USD 4.05 MN as well as a payment of USD 3.19 MN. China remains Comvita’s strongest consumer base, with its success in the region underpinned by its efforts to get closer to the Chinese consumer.
The acquisition aligns with the long due strategy of Comvita for expansion in China. It is the company’s long-term goal to gain full control of its brand across the key channels in China. This deal significantly strengthens its China business, building blocks in its strategic plan for expansion.
Market Segments
The report is segmented into four key market dynamics to widen the scope of understanding,
By Type : Wildflower, Alfalfa, Buckwheat, Clover, and Acacia, among others.
By Application: Personal Care Products, Food & Beverage, and Pharmaceuticals, among others.
By Packaging: Jar, Bottle, and Tub, among others.
By Regions: Europe, North America, Asia Pacific, and the Rest-of-the-World.
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Regional Analysis
The Asia Pacific region would retain dominance over the global honey market throughout the assessment period, heading with its largest production. Some of the APAC countries, Indonesia, China, and India, account for the significant contributors to the regional market growth due to their massive production and consumption of the product alongside the rich traditions of herbal medicines.
Moreover, the changing lifestyle of the people influenced by the growing economy is leading to increasing adoption of a healthy diet, which, in turn, is increasing the growth of the regional market. China, with the massive demand for honey in personal care products among the population, offers enormous opportunities for global honey manufacturers. The APAC honey market is projected to grow at 7.68% CAGR over the forecast period.
Europe honey market takes the second lead, globally, accounting for one of the major exporters of the product. The region garners a significant amount of prominence in the honey markets, internationally. Producers in the region economize out complete sales growth.
The honey market in North America is emerging as a profitable market globally. The region is expected to grow at a moderate CAGR during 2017 -2023. Export of honey in the well-developed countries of North America is on a constant rise. Moreover, high per capita income and the presence of many athletes and health-conscious populaces are some of the key factors boosting the regional market growth.
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