Market Overview
A key honey market trend is the industry's robust and sustained growth. The global honey market size was valued at USD 8.94 billion in 2023 and is projected to grow from USD 9.40 billion in 2024 to USD 15.59 billion by 2032, exhibiting a CAGR of 6.52%. This upward trend is also evident in the U.S., where the market is projected to reach an estimated USD 1.89 billion by 2032, driven by factors like a growing number of beekeepers and rising demand for natural sweeteners. Regionally, Asia Pacific dominated the market in 2023, holding the largest share.
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