Market Overview

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% during the forecast period.

Rising demand for organic and healthy alternatives to sugar to propel market growth. Fortune Business Insights™ provides this information in its report titled “Honey Market, 2024-2032.”

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

Based on application, the market is classified into food & beverages, personal care & cosmetics, pharmaceuticals, and others. The food & beverage segment is expected to dominate due to its increasing applications.

Bottle Segment to Lead Owing to Easy Transportation

By packaging, the market is categorized into glass jar, bottle, tub, tube, and others. The bottle segment is expected to lead the market due to its easy transportation.

Regionally, the market is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Source: https://www.fortunebusinessinsights.com/industry-reports/honey-market-100551

Report Coverage

The report offers an in-depth analysis of the leading segments and current market trends. It thoroughly explores the factors driving and restraining the market, as well as the impact of COVID-19. Furthermore, it reviews regional developments and the strategies implemented by key market players.

Drivers and Restraints

Rising Adoption of the Product for Natural Sweeteners Production to Foster Market Growth

Honey is a healthy alternative to sugar with several healing properties. It can soothe sore throats and boost immunity. The growing use of honey as a natural sweetener is expected to increase its demand. Additionally, health-conscious consumers are increasingly adopting honey as a sugar substitute, further driving its popularity. Evolving consumer preferences and rising per-capita income are expected to enhance demand for organic products. Moreover, the use of honey in medicinal drug production is anticipated to boost its sales. These factors are likely to contribute to the growth of the honey market.

However, product alterations are likely to hinder market growth.

Regional Insights

Rising Production of Nectar to Propel Market Growth in Asia Pacific