The global honey market is projected to reach USD 11.16 billion by 2027, exhibiting a CAGR of 5.2% during the forecast period. Increasing consumption of honey to treat severe cough and cold induced by the coronavirus and the seasonal flu is anticipated to propel the growth rate of this market, observes Fortune Business Insights™ in its report, titled “Honey Market Size, Share & Industry Analysis, By Type (Alfalfa, Buckwheat, Wildflower, Clover, Alacia, and Others), Application (Food & Beverages, Personal Care & Cosmetics, Pharmaceuticals, and Others), Packaging (Glass Jar, Bottle, Tub, Tube, and Others), and Regional Forecast, 2020-2027”. The SARS-CoV-2 infection, which triggered the COVID-19 pandemic in March 2020, is known to attack the respiratory system of the body, giving rise to moderate to severe cough, cold, and persistent fever. With cases surging worldwide and people showing increasing apprehension in getting admitted into hospitals, there has emerged a growing demand for home-based treatments for possible coronavirus infection.
Honey, with its proven antimicrobial and antioxidant properties, is becoming the choice cure for many individuals suffering from COVID-induced cough and cold. Research is also supporting the consumption of natural honey to fight viral infections. For example, in August 2020, researchers at the University of Oxford found that honey intake sped up improvements in symptoms related to cold. Showing no side-effects and being rich in nutrients, the study established honey as a viable alternative to antibiotics for respiratory afflictions. The soaring popularity of this natural remedy for sore throat and cold amid the COVID-19 pandemic has enabled the market to grow at an impressive CAGR of 9.0% in 2020.
As per the report, the global market value was estimated to be USD 7.19 billion in 2019. The report’s primary features include:
- Thorough segmentation of the market and piece-meal study of each segment;
- Unrivalled insights into the regional developments occurring in the market;
- Exhaustive research into the market drivers, trends, and challenges; and
- Holistic assessment of the competitive landscape of the market.
Birth of Innovative Bees-related Startups to Reshape Market Dynamics
The demand for natural sweeteners is gaining swift momentum around globe, with natural honey and other honey-related products garnering much attention since ancient times. The changing dynamics of the natural sweetener industry has led to the birth of innovative startups, creating products and services surrounding the pollination business. For example, OS Beehives, a Colorado-based startup, has developed a remote sensor connected to the network called BuzzBox. This sensor system uses machine learning to assess hive health based on its interaction of with barometric pressure, humidity, and temperature. It is ideal for beekeepers to track their hives remotely. Another unique example is the Germany-based pollination brokerage network, BEEsharing. The network is a multi-faceted platform, designed to connect farmers to beekeepers and beekeepers to vendors for honey, pollen, and beeswax.The broadening presence of startups specializing in honey and other bees-related products is, thus, stoking the growth of this market.
Supportive Government Policies to Provide Impetus to the Market in Asia Pacific
Asia Pacific is poised to dominate the honey market share during the forecast period on account of formulation of policies supporting beekeeping and other related activities by governments in the region. In India, for instance, the Central Government sanctioned around USD 68 million to promote hive-related businesses under its Atmanirbhar Bharat Scheme launched in May 2020. Similar policy support is also being witnessed in Australia. The Asia Pacific market size stood at USD 2.49 billion in 2019.
After Asia Pacific, Europe is set to rise as the second-largest region in terms of revenue share in the global market. Here, the market is anticipated to be driven by the spreading awareness about the various health benefits of honey. In North America, on the other hand, increasing number of beekeepers across Canada and the US will fuel the regional market.
High Investments in R&D by Key Players to Boost Market Innovation
The honey market growth is receiving frequent booster shots due to the rising investments by key players in research & development activities. These investments are enabling companies to create and launch novel products, widen the scope of their operations, and expand their existing customer base.
- September 2020: Comvita announced the release of MultifloralManuka Honey, the brand’s maiden MGO-certified Manuka offering. The key ingredient in this honey product is derived from the Manuka flower known for its antibacterial properties, and blended with other New Zealand wildflowers.
- June 2020:Capilano introduced its Low Glycemic Index (GI) Honey, formulated with a select blend of 100% Australian eucalypt honey. It is an ideal sugar alternative for people wanting to lessen their sugar intake as the product has been designed to release energy more slowly and in a sustained manner.
List of Key Companies Profiled in the Honey Market Report:
- Golden Acres Honey (Canada)
- New Zealand Honey Co. (Washdyke, New Zealand)
- Dabur India Ltd. (Uttar Pradesh, India)
- Comvita Limited (Te Puke, New Zealand)
- Barkman Honey LLC (Kansas, United States)
- Dutch Gold Honey Inc. (Pennsylvania, United States)
- Bee Maid Honey Limited (Manitoba, Canada)
- Capilano Honey Ltd. (Queensland, Australia)
- Billy Bee Honey Products (Ontario, Canada
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