The global honey market was valued at USD 8.94 billion in 2023 and is anticipated to increase from USD 9.40 billion in 2024 to USD 15.59 billion by 2032, reflecting a CAGR of 6.52% during the 2024–2032 forecast period. Additionally, the U.S. honey market is expected to expand significantly, with a projected valuation of USD 1.89 billion by 2032. This growth is attributed to the increasing number of beekeepers and the rising preference for natural sweeteners in the country. In 2023, Asia Pacific held a commanding 100% share of the honey market.
Over recent decades, sugar and artificial sweeteners have fallen out of favor due to their adverse health effects. As a result, consumer interest in sugar alternatives, especially natural sweeteners, has grown for several reasons. A primary factor is the increasing prevalence of diabetes, obesity, and high cholesterol, prompting consumers to seek healthier sugar substitutes. The easy accessibility of diverse honey products and their appealing taste in food and beverage applications further supports market expansion. Leading honey-producing countries include China, Turkey, Iran, Ukraine, Argentina, India, Mexico, and others.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/honey-market-100551
According to the report, the global market was valued at USD 7.19 billion in 2019. Key highlights of the report include:
- Detailed segmentation and analysis of each market segment
- In-depth insights into regional market trends
- Comprehensive study of market drivers, trends, and challenges
- All-encompassing evaluation of the competitive landscape
Driving Factor
Emergence of Innovative Bee-related Startups to Transform Market Landscape
The global appetite for natural sweeteners is rapidly increasing, with honey and its derivatives receiving heightened interest for their traditional uses. This evolution within the natural sweeteners sector has led to the rise of creative startups focused on pollination-related innovations. For instance, OS Beehives, a Colorado startup, developed BuzzBox — a network-connected remote sensor that uses machine learning to monitor hive conditions based on barometric pressure, humidity, and temperature. This enables beekeepers to track hive health remotely. Another noteworthy example is BEEsharing, a Germany-based pollination brokerage network. This multifaceted platform connects farmers with beekeepers, and beekeepers with vendors for honey, pollen, and beeswax. The expanding footprint of startups engaged in honey and bee-related ventures is contributing significantly to market growth.
Regional Insights
Government-Backed Policies to Accelerate Market Growth in Asia Pacific
Asia Pacific is projected to lead the honey market through the forecast period, owing to favorable government initiatives supporting beekeeping and allied sectors. In India, the central government allocated approximately USD 68 million under the Atmanirbhar Bharat Scheme launched in May 2020 to encourage hive-based enterprises. Similar supportive measures are evident in Australia. The Asia Pacific market size was valued at USD 2.49 billion in 2019.
Europe is expected to emerge as the second-largest regional market, driven by growing public awareness of honey’s health benefits. In North America, the rising population of beekeepers in the U.S. and Canada is expected to stimulate regional market growth.
Competitive Landscape
Significant R&D Investments by Leading Players to Drive Innovation
Market growth in the honey industry is receiving a strong boost from increased research and development investments by major companies. These efforts are resulting in innovative product launches, business expansion, and broader customer outreach.
Key Companies Featured 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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Industry Developments:
- September 2020: Comvita launched Multifloral Manuka Honey, the company’s first MGO-certified Manuka product. It features honey from the Manuka flower, noted for its antibacterial properties, combined with wildflowers from New Zealand.
- June 2020: Capilano unveiled its Low Glycemic Index (GI) Honey, made from a blend of 100% Australian eucalyptus honey. Designed as a healthier sugar alternative, it delivers energy at a slower, more sustained rate.
