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 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.
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.
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.
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.
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.
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.
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. |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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
b. The global honey market size was estimated at USD 9.21 billion in 2020 and is expected to reach USD 9.45 billion in 2021.
b. The global honey market is expected to grow at a compound annual growth rate of 8.2% from 2021 to 2028 to reach USD 17.34 billion by 2028.
b. Food and beverages dominated the honey market with a share of more than 70% in 2019. This is attributed to use for increased use of honey indirect consumption, the preparation of cuisines and healthy drinks, and as a home remedy for common ailments.
b. Some key players operating in the honey market include Beeyond the Hive; Dabur India Ltd.; Barkman Honey, LLC.; New Zealand Honey Co.; and Dutch Gold Honey Inc.
b. Key factors that are driving the honey market growth include shifting consumer preferences towards a healthy, nutritious, and natural alternative for sugar and increasing consumers' traction towards healthy spreads.
b. The personal care & cosmetics segment in the honey market is expected to register the fastest growth with a CAGR of over 7% from 2021 to 2028, on account of the increasing usage of honey in cosmetics industries due to its antioxidant properties.
b. The online channel segment of the honey market 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.
b. Europe accounted for the largest market share of more than 34% in the honey market in 2020, as it has robust production and supply chain along with increased funding in the sector.
b. In April 2019, U.K.-based Hilltop Honey Ltd. introduced an exclusive and extremely sumptuous range of honey in the honey market, including Organic Fairtrade Honey and Manuka Honey at Farm Shop & Deli Show on a national level.
b. In the honey market, China was the largest exporter of honey in the U.S. and all over Europe in 2019.
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Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.