Market Overview
The global honey market growth is poised for significant expansion, with its value projected to rise from USD 9.40 billion in 2024 to USD 15.59 billion by 2032. The market, valued at USD 8.94 billion in 2023, is expected to exhibit a strong CAGR of 6.52% during this forecast period. In the U.S., growth is also projected to be substantial, with the market reaching an estimated value of USD 1.89 billion by 2032, driven by an increasing number of beekeepers and rising demand for natural sweeteners. Regionally, Asia Pacific held the largest market share in 2023.
List of Key Companies Profiled in the Report:
Industry Trends:
Honey is experiencing a modern renaissance, driven by a powerful consumer shift towards natural wellness. In the wake of the pandemic, shoppers are increasingly aware of honey's immune-boosting properties, leading to a surge in its popularity. This trend is especially pronounced in developed nations, where the demand for organic and clean-label products is at an all-time high.
Capitalizing on this momentum, the industry is innovating beyond the jar. New health-focused products, from supplements to functional beverages like Singapore’s "Honey Exir," are expanding honey's reach. Behind the scenes, technological advancements in automation are streamlining the supply chain, ensuring that a higher-quality product reaches a more health-conscious consumer.
Segments
Buckwheat Segment to Dominate Attributable to High Nutritional Value
By type, the market is segmented into alfalfa, buckwheat, wildflower, clover, acacia, and others. The buckwheat segment is expected to dominate due to its high nutritional value.
Food & Beverage Segment to Dominate Attributable to its Increasing Applications