Honey Market Size, Share, Opportunities, And Trends By Type (Organic Honey, Conventional Honey, Manuka Honey, Others), By Processing (Raw, Filtered, Creamed, Others), By Distribution Channel (Hypermarkets And Supermarkets, Online Retail, Specialty Stores, Others), And By Geography - Forecasts From 2024 To 2029

Honey is known to be a sweet, viscous liquid food that has a dark golden colour and is produced in honey sacs of various varieties of bees that collect the nectar from flowers. The colour and flavour are differentiated from the flower the nectar is collected from.  The nectar is converted into honey from the inversion of the major portion of its sucrose sugar into sugars levulose (fructose) and dextrose (glucose) and from the removal of excess moisture.

Introduction:

The global honey market is expected to witness significant growth during the forecasted period of 2024-2029, due to factors such as increasing growth of the vegan culture, which can be further increased from the awareness of the various health benefits provided by honey.

Market Drivers:

• Vegan Culture: The growth of vegan culture can be one of the major growth drivers for the global honey market during the forecasted period. People who follow the vegan culture focus on having only plant-based alternatives instead of meat and will consume anything other than meat-origin products. This can provide the necessary boost towards the honey market growth since honey is considered a natural and vegan option for food consumption. As per foodrevolution.org, the number of vegetarians in Canada experienced an increase of 250%, which is an estimated 2.3 million people who are vegetarians and 850,000 vegan people in 2020.  In the Asian region, China and India are known to have a vegetarian food culture, with a wide variety of food products being based on plants and other meat alternative food sources. The increase in the number of vegetarians and vegans can help provide the necessary boost towards the honey market growth, due to honey being a suitable meat-free food source and also known to provide a wide range of health benefits.
• Health Benefits: Honey is known to contain a wide range of benefits, which can help improve the human body in a wide range of ways. Honey is known to consist of high amounts of sugar and a mixture of amino acids, vitamins, minerals, iron, zinc, and antioxidants. It is also known to contain several properties, which include anti-inflammatory, antioxidant, and antibacterial properties. The growth in awareness of the health benefits, along with the growing population, can provide the necessary fuel for the global honey market growth during the forecasted period. Research has proven that honey is known to reduce a wide range of health conditions, which include:
  • cardiovascular disease risk can be reduced by the usage of honey and its antioxidant properties,
  • cough, treated with the use of honey, citrus honey, and labiatae honey for people with upper respiratory infections and acute nighttime cough,
  • gastrointestinal diseases, such as diarrhoea, which is associated with gastroenteritis, can be treated with the usage of honey,
  • neurological diseases can be treated with honey, due to its properties of antidepressant, anticonvulsant, and anti-anxiety benefits,
  • and wound care, due to the medicinal properties of medical-grade honey.

Key Players:

• Dabur Honey: A global leader and a multinational company that is known for its honey products. Dabur Honey is a brand under the company Dabur India Ltd., which is known for the production and manufacturing of ayurvedic medicine and natural consumer products.
• Barkman Honey LLC: A family-owned company known for the production of high-quality honey since 1940. They are known for being a global leader in the production of traceable honey and is a trusted True Source Certified honey distributor.

Regional Analysis:

The Asia Pacific region is expected to witness significant growth in the global honey market during the forecasted period of 2024-2029. China and India are the global leaders in honey production, leading the global honey market growth. China and India have one of the largest populations in the world, accounting for the largest vegan population as well. Honey is also known to have historic value in China and India, commonly known to be used for its medicinal properties. As per the European Commission, China displayed a total production (in 1000 T) of 473 in 2021, which is an increase from 458 in 2020 and accounts for 27% of the honey production of the total world production. India displays an increase in honey production (in 1000 T) from 65 in 2020 to 66 in 2021, representing 4% of the global honey production. China and India also account for the majority of honey exports worldwide in 2022 and 2023. This increase in the overall production and exports in the region alone can be accumulated to show the leading position of China and India in the global honey market. Also, as per the Ministry of Agriculture and Farmers Welfare, India has accounted for 1,33,200 MT of honey production as per their 2021-22 3rd Advanced Estimate. They have exported 74,413 MT of Natural honey to the world, which is valued at an estimated Rs. 1221 crore (US$164.835 million) in 2020-21. The Agricultural and Processed Food Products Export Development Authority (APEDA) of India states that the country has exported 79,929.17 MT of Natural honey to the world, which has an estimated value of Rs. 1,622 crore (US$203.07 million) in 2022-23. The relevance of global leaders like China and India and the increase in production and exports of honey will be expected to propel the honey market in the Asia Pacific region during the forecasted period.

Market Developments:

• July 2022: Tata Consumer Products announced the release of their premium Honey and Preserve product under the Himalayan Brand. Tata Consumer Products (TCP) is known for being a leading food and beverage company that is under the Tata Group. The Himalayan brand is also a well-known premium water brand in the market that is known for their natural mineral water bottle directly from the source in the foothills of the Himalayas. This launch extends the Himalayan brand, increasing their exposure into the honey market and available for sale all over India in select premium outlets. This product was also sourced from the Himalayan belt, ensuring authenticity and being loyal to the brand name. The honey consists of the NMR (Nuclear Magnetic Resonance) test quality seal, which shows quality assurance in products. The honey is known to be sourced from ‘Pahaadi Utpaad’, an associate organization of Tata Trusts that works on promoting traditional beekeeping methods to source unadulterated mountain honey for the public. 

 Segmentation:

• By Type:
  • Organic Honey
  • Conventional Honey
  • Manuka Honey
  • Others
• By Processing:
  • Raw
  • Filtered
  • Creamed
  • Others
• By Distribution Channel:
  • Hypermarkets and Supermarkets
  • Online Retail
  • Specialty Stores
  • Others
• By Geography:
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others