GVR Report cover Honey Market Size, Share & Trends Report

Honey Market Size, Share & Trends Analysis Report By Processing (Organic, Conventional), By Distribution Channel (Hypermarkets & Supermarkets, Online, Convenience Stores), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-3-68038-280-8
  • Number of Pages: 90
  • Format: Electronic (PDF)

Report Overview

The global honey market size was valued at USD 8.58 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2022 to 2030. Honey is an excellent source of numerous nutritional ingredients including vitamins, minerals, calcium, and antioxidants. High demand for nutritious food products is a prominent factor driving the market, as people are increasingly becoming more aware of the benefits of living a healthy lifestyle. The growing health concerns in the wake of the COVID-19 pandemic could be a game-changer for the honey sector. Due to its antibacterial, antiviral, and anti-fungal properties, the product is receiving appreciation and wider acceptance as an effective medicine to treat acute cough and throat infection observed in corona-infected patients.

U.S. honey market size, by processing, 2020 - 2030 (USD Billion)

Honey can be used in beverages, processed foods, jams, and jellies and is increasingly used as an ingredient in health and beauty products. The easy availability of a wide range of these products, coupled with the product’s ability to impart a desirable taste in food and beverage products, is aiding the market demand. Moreover, honey contains a number of medical characteristics, including the ability to boost metabolic activity, control blood pressure, lower the risk of diabetes, and even treat burn wounds. Thus, it is widely used in many applications apart from food and beverages, such as cosmetics and pharmaceuticals, which is also estimated to augment the market growth.

Product manufacturers are coming up with innovative launches to engage an increasing number of consumers. For instance, in July 2021, Dabur launched honey-infused syrups, a new line of syrups and spreads segment. The product has no added sugar and is a healthier version of the classic strawberry syrups and sugary chocolates available in the market. The rising health consciousness among consumers has motivated them to include natural sweeteners in their diets and reduce white sugar usage. The antioxidant and antibacterial properties of natural sweeteners have made them an ideal sweetener choice for consumers. Furthermore, the longer shelf-life of the product and high affordability are other prominent factors that positively impact market growth.

Processing Insights 

The conventional segment held the largest revenue share of over 80.0% in 2021 and is expected to maintain its lead over the forecast period, owing to its lower prices and wider availability in comparison to organic honey. Further, nowadays, new flavors with exotic add-ons are being introduced in the conventional products as per the changing consumer demands, which is likely to drive the conventional segment. The organic segment is projected to register the fastest CAGR of 5.9% from 2022 to 2030 due to the growing trend of eating healthy among millennials and adults.

Furthermore, substituting plant-based sweeteners for natural honey sweeteners will promote market growth in the years to come. Moreover, the growing population and increasing number of people moving towards honey sweeteners provide a significant growth opportunity for the key players operating in the market. Many key players including Blenditup, Just Like Honey, and Vegan Honey Company are launching vegan honey.

Distribution Channel Insights

The hypermarkets and supermarkets segment captured the largest revenue share of over 40.0% in 2021. The increasing penetration of independent retail giants such as Walmart and Costco is boosting product visibility and attracting a larger consumer base. Consumers prefer to physically verify these products before buying, which is driving the sales through this channel. The online distribution channel is projected to register the highest CAGR of 6.6% from 2022 to 2030. Consumers are switching from offline to online channels owing to the change in their purchasing patterns and a considerable shift in lifestyles.

Global honey market share, by distribution channel, 2021 (%)

Online platforms offer high levels of convenience, increased product visibility, and at-home delivery features, which is promoting the segment growth. A majority of the consumers rely on virtual stores to help them navigate through the multitude of products available and at times, return and exchange options available to them if not satisfied with the delivered products. Numerous market players prefer to sell varieties of honey, royal jelly, and wax through these stores as they offer more accountability with respect to overall customer service.

Regional Insights

Europe held the largest revenue share of over 35.0% in 2021 and is expected to maintain its lead over the forecast period. A rapidly improving economy due to rising disposable income, urbanization, and changing lifestyles is projected to drive the product demand in the respective region, thereby augmenting the overall market growth in the years to come. Asia Pacific is expected to register the highest CAGR from 2022 to 2030. Consumers’ increasing inclination towards healthy and tasty eating habits is boosting the market growth.

Moreover, the presence of well-established players in the region and the constantly growing millennial population, along with its willingness to spend more on healthier sweeteners, are driving the market in Asia Pacific. The market is mainly dominated by players like Jedwards International, Inc.; Koru Natural; and Pacific Resources International. Furthermore, the chief factors that are expected to favor the regional market growth include an increase in the production volume of honey and a rise in its consumption among people.

Key Companies & Market Share Insights

The market is characterized by the presence of a few well-established players and several medium players. Industry players are taking up key strategic initiatives such as product launches to gain a competitive edge in the market. In September 2021, Amul launched a new product, developed by Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF) along with National Bee Board. With this step, the government is promoting bee-keeping among small farmers.

In July 2021, Dabur announced its entry into the syrups and spreads segment by launching ‘Dabur Honey Tasties.’ This new product is launched in two flavors - Strawberry and Chocolate. In May 2021, Conscious Food, a pioneer of organic food products in India, has launched a new raw unprocessed Himalayan multiflora honey, a completely unfiltered and unpasteurized product that retains the immense natural benefits of honey as it travels 'from bee to the bottle’. Some prominent players in the global honey market include:

  • Beeyond the Hive

  • Barkman Honey LLC

  • Dabur India Ltd.

  • Capilano Honey Ltd.

  • New Zealand Honey Co.

  • Streamland Biological Technology Ltd.

  • Oha Honey LP

  • Billy Bee Honey Products

  • Little Bee Impex

  • Dutch Gold Honey, Inc.

Honey Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 9.01 billion

Revenue forecast in 2030

USD 13.57 billion

Growth Rate

CAGR of 5.2% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

Report coverage

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

Segments covered

Processing, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

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

Key companies profiled

Beeyond the Hive; Barkman Honey LLC; Dabur India Ltd.; Capilano Honey Ltd.; New Zealand Honey Co.; Streamland Biological Technology Ltd.; Oha Honey LP; Billy Bee Honey Products; Little Bee Impex; 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

 

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global honey market report on the basis of processing, distribution channel, and region:

  • Processing Outlook (Revenue, USD Million, 2017 - 2030)

    • Organic

    • Conventional

  • Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

    • Hypermarkets & Supermarkets

    • Convenience Stores

    • Online

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • Japan

      • India

    • Central & South America

    • Middle East & Africa

      • Saudi Arabia

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