The new report by Expert Market Research titled, ‘Global Honey Food Market Size, Share, Trend, Growth, Report and Forecast 2022-2027’, gives an in-depth analysis of the global honey food market, assessing the market based on its segments like nature, types, distribution channels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 4.2%
The market is being driven by a high demand for nutritious food products, as people are becoming more aware of the benefits of leading a healthy lifestyle. The rising health concerns following the COVID-19 pandemic could be beneficial for the honey food industry. Honey is found in a variety of beverages, processed meals, jams, jellies, and health and beauty treatments. The market demand is being aided by the general availability of these items and their ability to impart a pleasing taste in food and beverage products.
Honey has a variety of medicinal properties, including the capacity to increase metabolic activity, manage blood pressure, reduce diabetes risk, and even cure burn wounds. As a result, it is widely utilised in various applications other than food and beverages, including cosmetics and medicines, which is expected to boost the market growth.
Industry Definition and Major Segments
Honey is a by-product of floral nectar and the honeybee’s upper aerodigestive tract, which is dehydrated and concentrated inside the hive. The chemical composition of honey varies depending on the botanical source. Honey has long been used as both a food and a medication.
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By nature, the market is segmented into:
Based on type, the market is divided into:
• Table Honey
• Cooking Ingredient Honey
The several distribution channels of the market are:
• Hypermarkets and Supermarkets
• Convenience Stores
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Consumers’ growing health consciousness has prompted them to incorporate natural sweeteners, like honey, into their diets and minimise their consumption of white sugar. Some other prominent factors that positively impact market growth are the product’s longer shelf life and high affordability. Further, the growing population and increasing number of people turning to honey sweeteners presents a substantial growth opportunity for the market’s leading players.
To engage a growing number of consumers, product manufacturers are coming up with novel launches. A rapidly improving economy due to rising disposable income, urbanisation, and changing lifestyles is projected to drive the product demand in various regions, thereby augmenting the overall market growth in the years to come. The constantly growing millennial population and their willingness to spend more on healthier sweeteners are driving the market growth.
Key Market Players
The major players in the market are Capilano Honey Ltd., Barkman Honey, LLC, Comvita Limited, Pastili Limited, Dabur India Ltd., and Bee Maid Honey Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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