Fact.MR’s report predicts the global honey market to register a positive CAGR of 5.3% by accumulating a market value of US$ 15.2 Bn in the forecast period 2021-2031. Manufacturers of honey are focusing on providing honey in flavored and unadulterated formats.
Over the last five years, between 2016 and 2020, the global honey market exceeded a market value of US$ 9 Bn, expanding at a CAGR of 4% across the historical period. Consumption of honey especially increased amidst the COVID-19 pandemic, as individuals sought to consume those foods which helped enhance immunity and offer protection from microbe-based infections.
Manufacturers of honey are focusing on importing honey and providing it on a larger geographical scale. The demand from end industries such as bakeries and beverages has propelled over time. This, in turn, has positively impacted the sales of honey.
Key Takeaways from the Market Study
- Global honey market expected to surge 1.6x by 2031 compared to 2021
- By sales channel, food & beverage to emerge dominant, capturing 70% of global demand
- Sales of organic honey to surge, yielding US$ 150 Mn by 2022-end
- U.S to be a lucrative market, expanding at a CAGR of 6% through 2031
- Europe to be the largest market, capturing 1/3rd of global market revenue
- 3 out of 10 honey sales to happen across Asia, with China topping other countries
- Middle East & Africa to account for 20% of global honey sales from 2021-2031
“Increasing consumption due to its medicinal properties and various flavours of honey are increasing the demand for honey and honey based products, providing immense expansion opportunities for key manufacturers,” opines a Fact.MR analyst.
How is the Healthcare Sector Spurring Demand for Honey?
With sedentary and hectic lifestyle of consumers across the world becoming ubiquitous, consciousness about maintaining healthy lifestyles is inclining significantly. Hectic lifestyles have taken time away from exercise, thus compelling consumers to opt for low sugar food items.
The belief that every organic and natural food is good and safe for health is prominently influencing the thought process of consumers across the world. Research has concluded that honey possesses high levels of antioxidant, antimicrobial and apoptotic activity inducing compounds, rendering their uptake high for various pharmaceutical applications.
Furthermore, scientists have found that honey can decrease the upward flow of undigested food and stomach acids with the help of stomach lining and oesophagus. Scientists have proven that honey can reduce the risk of gastrointestinal reflux disease (GERD).
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