Honey Market Research Future Insights
The Honey Market is expected to register a CAGR of 6.85 % from 2021 to 2030 and hold a value of over USD 17.80 billion by 2030.
Honey is always recognized as one of the most natural and harmless ingredients cast off on the market and can be easily substituted with an artificial sweetener.
One of the key contributing elements to the honey market size is its well-known ability to lower and maintain cholesterol levels. Consumers, especially those with diabetes ones, had inclined toward honey owing to its escalation in patients dealing with diabetes and obesity. The upsurge in cholesterol levels in consumers worldwide has made it a must to consider any sweeting agent being used by them. This is where honey stands out as one of the best natural goods, sweetening agents, and health appetizers.
The COVID-19 pandemic has harmfully impacted the honey industry, obstructing beekeepers and other workers working in the industry. However, owing to the health benefits of honey, numerous people have shown an inclination toward the consumption of honey. They have been growing honey consumption to safeguard their health. According to the detailed honey industry forecast, the market is probable to showcase solid performance owing to people's changed consumption habits. Customers are projected to adopt a health-conscious attitude and opt for natural and healthy food products such as honey instead of choosing unhealthy items like sugar. It could influence the global market performance.
Key Players
Some of the key market players are Dabur India Ltd., Comvita Ltd., Barkman Honey Llc, Bee Maid Honey Limited, and Billy Bee Honey Products.
Market Segmentation
The global Honey Market overview has been segmented into product type, application, and end user.
By Type
Based on type, the global honey market can be segmented into alfalfa, wildflower, buckwheat, acacia, and clover. During the forecasted period, the wildflower segment is projected to expand the honey industry size. However, other segments are anticipated to play a decent role and contribute to the market's strong performance.
By Application
Based on application, The global honey market setting can be further divided into food and beverages, personal care products, and pharmaceuticals. The food and beverages segment of the global market is projected to play a major role due to the rise in demand for honey consumption. As per the detailed honey industry analysis, the segment would play a leadership role in the imminent.
By Packaging
Based on packaging, The global honey market can be fragmented into bottles, jars, tubes, tubs, and others. The bottling segment is projected to demonstrate commendable performance in the market. Due to high convenience, the demand for the segment is projected to remain consistent during the forecasted period.
Regional Analysis
The honey market can be considered into several geographical segments such as the Asia Pacific, North America, Europe, and the rest of the world. In each of the regions, varying market variables are projected to contribute to their growth and performance. During the forecasted period, the Asia Pacific region is likely to play a leadership role and contribute to the extended honey industry size at the global level. The chief factors that are projected to favor the regional segment include the increase in the production volume of honey and the increase in honey consumption among people.
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