Deep Analysis of Impact of COVID-19 on “Honey Market 2019-2025” Growth Worldwide….


The global honey market size is expected to reach USD 14.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.0% over the forecast period. Rising awareness among health conscious consumers regarding the health benefits associated with honey as it acts as a rich source of antioxidants is expected to be key factor boosting the market growth over the forecast period. Moreover, it is the best alternative for sugar as well as artificial sweeteners and is widely used for producing organic and low calorie food and beverage goods.
Food and beverages held the largest share of 71.4% in 2018 in terms of revenue as a result of rising concerns over harmful effects associated with artificial sweeteners and sugar. Moreover, the product is gaining popularity in the food and beverage industry on account of its nutritional benefits as well as its flavor.
Major manufacturers are adopting marketing strategies including new product launches, expansion of the distribution channel, and mergers and acquisitions in order to gain a competitive edge in the market. For instance, in April 2019, Wales Hilltop launched three exclusive range of products in the U.K. retail market namely Organic Fairtrade Honey, Manuka Honey, and core honey. These new product launches are expected to increase the product visibility and will encourage the people to adopt all-natural and organic products rather than harmful sugar.
Asia Pacific is expected to be the fastest growing market, expanding at a revenue-based CAGR of 8.5% from 2019 to 2025. Over the past few years, the major manufacturers have been increasingly investing in product development and adopting technologies in apiculture. For instance, in January 2018, Tureky-based Altıparmak got a funding of USD 4.98 million from the European Bank for Reconstruction and Development (EBRD) for the enhancement of innovations in apitherapy, honey production, and value chain improvement.
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The global honey market size was valued at USD 8.4 billion in 2018. Shifting consumer preferences towards a healthy, nutritious, and natural alternative for sugar as well as artificial sweetener is expected to be a major driver. Furthermore, the product is expected to gain traction as it provides excellent antioxidant, anti-inflammatory, antibacterial, and antimicrobial properties.
Honey is a rich source of various nutrients including natural sugar, vitamins, minerals, and calcium. Moreover, apart from its direct human consumption, over the past few years, it has been used as a key ingredient in various applications including energy drinks and bars, cookies, breakfast cereals, bakery products, confectionary, and alcoholic drinks like mead.
Further key findings from the report suggest:
·         Demand for the online distribution channel was pegged at 410.2 kilo tons in 2018
·         By application, the personal care and cosmetics segment is expected to expand at the fastest CAGR of 8.3% in terms of revenue from 2019 to 2025
·         Demand in Europe is expected to reach 1.1 million tons by the end of 2025
·         Honey market key players include Beeyond the Hive; Dabur India Ltd.; Patanjali Ayurved; Capilano Barkman; Oha Honey LP; Bee Maid Honey Ltd.; Streamland Biological Technology Limited; and Dutch Gold.
Furthermore, it acts as an alternative to the sugar and other chemical artificial sweeteners. These factors encourage consumers to consume honey in their daily breakfast and meals in order to gain a sustainable lifestyle and healthy diet in order to prevent chronic health issues. Furthermore, it is beneficial for weight management, improving metabolic activity, reducing the risk of diabetes, maintaining blood pressure, and promoting wound and burn healing.
Over the past few years, awareness regarding health benefits associated with honey has been significantly increased. Governments and international organizations are promoting it as an important food ingredient as well as beneficial mediational ingredient. The World Health Organization (WHO) has recommended it as an effective natural remedy for cough in small children as well as for chronic cough in adults.
In addition, the American Academy of Pediatrics (AAP) recognized honey as a potential remedy for various respiratory tract infections. These recommendations as well as initiatives by the international organizations and governments are expected to open new avenues over the next few years.
The food and beverages segment led the market and held a revenue share of 71.4% in 2018. The product is widely used in the food and beverage industry on account of its nutritional benefits as well as flavor. It is also widely used for direct consumption, preparation of cuisines and healthy drinks, and as a home remedy for common ailment.
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Due to a significant increase in the number of applications, the manufacturers are launching new organic products in order to cater to the growing demand for the products across the globe. For instance, in January 2018, Emami Ltd., an India based leading FMCG player, introduced pure and organic honey under the brand name ‘Zandu Pure Honey’ for the health conscious customers. The company aims at providing pure product with zero sugar content.
Grand View Research has segmented the global honey market on the basis of application, distribution channel:
Honey Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)
·         Food & Beverages
·         Personal Care & Cosmetics
·         Pharmaceutical
Honey Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)
·         Convenience Stores
·         Supermarket/Hypermarket
·         Online
The supermarket/hypermarket segment was the largest distribution channel in 2018, accounting for exceeding 60.0% share of the global revenue. Over the past few years, key players have been investing in developing countries such as India, Thailand, Bangladesh, and Taiwan in order to capture the untapped applications. These factors are expected to prompt the offline sales of the product over the forecast period. In February 2019, 7-Eleven, one of the largest convenience store chains, entered in an agreement with Future Group in order to launch its first series of store in India.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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