GVR Report cover Honey Market Size, Share & Trends Report

Honey Market Size, Share & Trends Analysis Report By Distribution Channel (Online, Supermarket/Hypermarket), By Application (Food & Beverages, Personal Care & Cosmetics), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Jan, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-3-68038-280-8
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 80

Report Overview

The global honey market size was valued at USD 9.21 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.2%. A major factor driving the market growth includes high demand for nutritious food products, such as honey, on account of rising awareness about the benefits of maintaining a healthy lifestyle. Honey is an excellent source of numerous nutritional ingredients including vitamins, minerals, calcium, and antioxidants. Moreover, honey has several medicinal properties and can help improve metabolic activities, maintain blood pressure levels, reduce the risk of diabetes, and can even heal burn wounds. Thus, honey is widely used in many applications apart from food & beverages, such as cosmetics and pharmaceuticals, which is also estimated to augment the market growth.

The U.S. honey market size, by application, 2016 - 2028 (USD Million)

The production and supply of honey depend on the country’s climatic conditions; hence, few regions, such as North and South America, Asia, and Europe hold the majority of production. However, China has emerged as a key exporter of honey in Europe and North America in the past few years.

In 2020, due to the global pandemic, the demand and supply for various products were significantly impacted. The demand for honey was surged substantially across the globe owing to its excellent medicinal properties. Beekeepers in collaboration with the local government are trying hard to regain the production and supply chain’s pace as consumers worldwide are paying more attention to a healthy lifestyle and immunity enhancement.

Application Insights

Food & beverages was the largest application segment in 2020 and accounted for a market share of more than 70% in 2020 due to extensive usage of honey in bakery products, non-alcoholic beverages, and as a flavor in alcoholic beverages. However, product adulteration is one of the significant issues in the global market. Major players are introducing products with more transparency and more certifications to improve their sales.

In January 2018, India-based Emami Ltd. launched a new organic and pure honey line under the brand name ‘Zandu Pure Honey’. The company claims to provide zero sugar content product forms. The personal care & cosmetics segment is expected to register the fastest CAGR of over 7% from 2021 to 2028. Major players in the cosmetics industry are utilizing honey due to its excellent antioxidant properties.

Distribution Channel Insights

The supermarket/hypermarket segment accounted for the largest revenue share of over 62% in 2020. The segment will retain the leading position throughout the forecast period as more than 60% of the honey is sold through these distribution channels. Moreover, major companies in this segment are focusing on opening up new stores in emerging markets.

For instance, in August 2020, CP Group and 7-Eleven, Inc. announced to open the first 7-Eleven store in Laos in 2022. Such market trends are anticipated to boost the product sales through these sales channels over the next few years.

Global honey market share, by distribution channel, 2020, (%)

The online channel segment is projected to record the fastest CAGR of more than 8% from 2021 to 2028 due to the growing popularity of e-commerce platforms as a result of their high degree of convenience. In addition, these sites provide doorstep deliveries of a wide variety of products at discounted prices. Such benefits are boosting the segment growth.

Regional Insights

Europe accounted for the largest market share of more than 34% in 2020. Europe is majorly self-sufficient as almost 60% of the honey consumed in the region is produced in Europe itself as per the European Commission’s statistics in 2020. In addition, major players in the region invest significant amounts in maintaining their production and supply chain. In January 2018, Turkey-based honey producer, Altıparmak, got funding of USD 4.98 million from EBRD (European Bank for Reconstruction and Development) to develop and advance its in-house value chain.

Asia Pacific is anticipated to be the fastest-growing regional market from 2021 to 2028. The presence of a large number of honey producers in some of its emerging countries, such as China and India, is expected to remain a favorable factor for the region’s growth. Furthermore, China was the largest exporter of honey in the U.S. and all over Europe in 2019.

Key Companies & Market Share Insights

The global market is highly fragmented as it is dependent on environmental conditions and even the slightest changes in the climate can drastically hamper production. Major players have undertaken several marketing strategies, such as launching new and organic products, collaborations with beekeepers, and mergers & acquisitions, to expand their business. In April 2019, U.K.-based Hilltop Honey Ltd. introduced an exclusive and extremely sumptuous range of honey, including Organic Fairtrade Honey and Manuka Honey at Farm Shop & Deli Show on a national level. Some of the key companies in the global honey market are:

  • Beeyond the Hive

  • Dabur India Ltd.

  • Patanjali Ayurved

  • Capilano Honey Ltd.

  • Barkman Honey, LLC.

  • New Zealand Honey Co.

  • Oha Honey LP

  • Bee Maid Honey Ltd.

  • Streamland Biological Technology Ltd.

  • Dutch Gold Honey, Inc.

Honey Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 9.4 billion

Market volume in 2021

2,010.7 Kilo Tons

Revenue forecast in 2028

USD 17.34 billion

Volume forecast in 2028

3,271.2 Kilo Tons

Growth Rate

CAGR of 8.2% from 2021 to 2028 (Revenue-based)

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in kilo tons, revenue in USD million/billion, and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; MEA

Country scope

U.S.; Canada; Germany; U.K.; France; China; India; Saudi Arabia

Key companies profiled

Beeyond the Hive; Dabur India Ltd.; Patanjali Ayurved; Capilano Honey Ltd.; Barkman Honey, LLC.; New Zealand Honey Co.; Oha Honey LP; Bee Maid Honey Ltd.; Streamland Biological Technology Ltd.; Dutch Gold Honey, Inc.

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Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global honey market report on the basis of application, distribution channel, and region:

  • Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2028)

    • Food & Beverages

    • Personal Care & Cosmetics

    • Pharmaceutical

  • Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2028)

    • Convenience Stores

    • Supermarket/Hypermarket

    • Online

  • Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • India

    • Central & South America

    • Middle East & Africa

      • Saudi Arabia

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