Honey Market size is estimated to reach USD 14.4 billion, by 2025, and is projected to grow at a CAGR of 8.0% from 2019 to 2025, according to a new report by Million Insights. The increasing awareness among consumers regarding health benefits linked with the consumption of honey products is expected to boost the market growth. Moreover, the product is also used as alternative to artificial sweeteners.
The food & beverage segment
dominated the market with a share of over 71.0% in the year 2018. The harmful
effects of consuming sugar added products are mainly contributing the segmental
growth. The increasing trend of flavors and taste in food is expected to
bolster the product demand.
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The key driving factors responsible for the growth of Honey market :
Moreover, the key players in the
market focus on acquisitions, new product development to maintain competitive
advantage over it’s competitors in the overall market. For example, in 2019,
Wales hilltop has introduced different range of honey products. These factors
are anticipated to encourage consumer to look for organic and natural
ingredient enriched products instead of sugar content foods.
Asia Pacific is expected to grow
at the highest CAGR of 8.5% over the forecasted period, between 2019 and
2025.The key manufacturers in the market are spending high on apiculture
technologies and new product development. For instance, in 2019, New Zealand
Honey Co., has introduced new honey products in Manuka honey category. This a
key factor fueling the high growth rate over the forecast period in the region.
Key players in the honey market
include Beeyond the Hive; Oha Honey LP; Barkman Honey LLC.; Dabur India Ltd.;
Capilano Honey Limited; and New Zealand Honey Co.
Further key findings from the
report suggest:
• In 2018, online channel demand
was attributed to over 410 kilo tons in the global market.
• Based on the honey marker
segmented by application, personal care & cosmetics segment is projected to
grow at CAGR of 8.3% during the forecasted period.
• Europe honey market is
projected to attain honey demand of 1.1 million tons by 2025.
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