Increasing health consciousness has led consumers demanding natural sweeteners such as honey. Diverse application in various sectors is another such driver resulting in escalation of the global honey market. Medicinal application and increasing adoption of natural ingredients by the personal care products manufacturers have raised the demand for honey on an exponential level.
Honey market is also driven by the advancements made in the harvesting technologies which lead to improved production. Focus on R&D is leading to innovations in honey harvesting that is increasing the quantity and quality of the final product harvested. Moreover, increasing demand for natural sweeteners is one of the factors influencing the growth of the honey market. Owing to rising issues of obesity among the population, consumers are becoming more health conscious and looking for natural products. This has influenced the manufacturers to substitute artificial sweeteners with natural sweeteners. The rise in the growth of natural sweeteners has resulted to the growth of the honey market.
The major restraint to the honey market is the loss of honeybee population which is termed as colony collapse disorder. It is a major long-term threat to bees which leads to loss of honey supply in the market. Nevertheless, all these factors are boosting the global honey market to grow at the CAGR of 7.22% during the forecast period of 2017-2023.
This report includes a study of strategies used in the market, mergers, and acquisitions and multiple product launches by honey market players. It further includes product portfolios and developments of leading players, which includes
Dabur India Ltd. (India) Capilano Honey Ltd. (Australia) Comvita Ltd. (New Zealand) Barkman Honey Llc (U.S.) Bee Maid Honey Ltd. (Canada) Lamex Food Group Ltd. (U.S.), Billy Bee Honey Products (Canada) and Beeyond The Hive (U.S.) The honey market is competitive with major market players operating at the global level. The key industry players in the honey market have adopted the strategies such as geographical expansion, new product launch, acquisitions, agreement, joint venture & R&D to strengthen their business portfolio. Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer variety of products.
Downstream Analysis:
The global honey market is segmented into type, application, and packaging.
Among the type, the wildflower honey segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 7.35% during the given period due to the presence of wildflowers in abundance. Among the application of honey, the food & beverage segment is accounting for approximately 55% market share followed by pharmaceuticals accounting for 20% of the global honey market. The segment is projected to register a healthy CAGR of 7.26% during the forecast period 2017-2023. Among the packaging, the bottle segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 6.72% during the given period.
The global honey market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, Asia Pacific region is dominating the market over the forecast period. The market is projected to grow at a CAGR of 7.68% during the review period. This is attributed to high consumption of honey in this region. Furthermore, among the Asia Pacific countries, China is expected to grow with a CAGR of 6.95% during the review period.
