Honey is a sweet substance formed by the bees, extracted through the plant’s nectar. It is healthy and can be used as a substitute for sugar or other artificial sweeteners. It is filled with antioxidants that offer substantial benefits to the human body.
The global honey market was valued at USD 8.4 billion in 2018. Consumer preferences towards a healthy, nutritious, and natural alternative for sugar and artificial sweetener is expected to be a major driver. It is expected to increase as it provides excellent antioxidant, anti-inflammatory, antibacterial, and antimicrobial properties. It is also a reach source of various nutrients including natural sugar, vitamins, minerals, and calcium.
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 a 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.
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 flavour. It is also widely used for direct consumption, preparation of cuisines and healthy drinks, and as a home remedy for a common ailment.
Europe was the largest consumer, accounting for more than 30.0% share of the global volume in 2018. Major manufacturers are adopting various marketing strategies including new product launches, product innovation, retail chain expansion, and mergers and acquisitions in order to gain a competitive edge in the market.
Last January 2018, Altıparmak, one of the renowned honey companies of Turkey, received a funding of USD 4.98 million from the European Bank for Reconstruction and Development (EBRD) for the advancement and development of its value chain. The bank funded the company for the enhancement for its natural honey production, innovations in Apitherapy, and value chain improvement.
Asia Pacific is expected to be the fastest-growing market, expanding at a revenue-based CAGR of 8.5% from 2019 to 2025. The strong foothold of apiculture, coupled with a high concentration of middle-income age-groups in countries including China and India, is projected to promote investments by the prospecting companies in the near future.