Global Honey Market: size was valued at US$ 12 Bn. in 2020 and the total revenue is expected to grow at 11% through 2021 to 2027, reaching nearly US$ 21 Bn.
Global Honey Market Overview:
The Global Honey Market report offers a thorough analysis of the opposition, together with information on market share and company profiles for the leading foreign rivals. The scope of the study includes a full examination of the Global Honey Market as well as the factors influencing regional variations in the growth of the sector.
Honey is rich in vitamins and minerals, minerals, calcium, and antioxidants, which are all beneficial to your health. Honey also has medical benefits, including the ability to improve metabolic activity, maintain blood pressure levels, lower the risk of diabetes, and even treat burn scars. Honey is used in a variety of applications apart from food and beverages, such as cosmetics and pharmaceuticals, which is anticipated to enhance market growth. Honey productivity and availability are affected by climatic conditions in each area; as a result, a few countries, such as North and South America, Asia, and Europe, account for the majority of output.
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Global Honey Market Scope:
After market engineering, which involved market statistics calculations, market size predictions, market projections, market breakdown, and data triangulation, was complete, extensive primary research was carried out to collect data and check and validate important figures. Throughout the market engineering process, top-down, bottom-up, and other data triangulation methodologies were routinely employed to conduct market estimates and forecasting for the overall market segments and sub-segments outlined in this research. In order to provide vital information throughout the study, all data collected during the market engineering process is submitted to extensive qualitative and quantitative analysis.
Global Honey Market Segmentation:
Based on product type, the Global Honey Market is segmented into Wildflower, Acacia, Clover Honey, Buckwheat and Alfalfa. The Wildflower Honey segment is estimated to account for the highest market share and increase at a CAGR of 7.35% during the forecast period 2021-2027.Buckwheat and Alfalfa held the second highest market share of 37% in the year 2020. It’s also expected to raise the market share of up to the 60% in the Global Honey Market. These types of products are widely used in Food and beverages industry within the various food items. Pharmaceutical, Food and beverages industries are contributed into the market growth of Global Honey Market.
Based on Application, the Global Honey Market is segmented into Food and Beverages Personal Care, Pharmaceutical Cosmetics. Food and Beverages segment is dominated the Global Honey Market and accounted for market share of more than 70% in 2020.Thanks to extensive usage of honey in bakery products non alcoholic beverages and restaurants. Product adulteration is one of the significant issues in the global market. The personal care cosmetics market is predicted to grow at the fastest rate, with a CAGR of over 7% during the forecast period 2021-2027. The growing use of natural sweeteners in organic confectionery and bakery items is expected to boost the honey market's potential. Honey sales are anticipated to rise owing to these developments, reaching US$ 15.2 billion in 2019.
Global Honey Market Key Players:
• Beeyond the Hive
• Dabur India Ltd.
• Patanjali Ayurved
• Capilano Honey Ltd.
• Barkman Honey, LLC.
• New Zealand Honey Co.
• Oha Honey LP
• Bee Maid Honey Ltd.
• Streamland Biological Technology Ltd.
• Dutch Gold Honey, Inc.
• Golden Acres Honey Products Ltd.
• HoneyLab Ltd.
• PA SC Steens Ltd.
• Polar-Honey Finland (Lappi-Hunaja)
• Rowse Honey Limited
• Savannah Bee Company
• Sweet Harvest Foods Inc.
• Yanbian Baolixiang Beekeeping Co., Ltd.
• Zhejiang Jiangshan Bee Enterprise Co., Ltd
To identify the market's leaders and predict market revenue, both primary and secondary research are performed. CEOs, marketing executives, and seasoned front-line employees are just a few of the influential thought leaders and subject matter experts who are included in the main study's in-depth interviews. As part of the primary research, extensive interviews with important thought leaders and business professionals, such as CEOs, marketing executives, and seasoned front-line staff, were conducted. As part of the secondary research, a review of the annual and financial reports of the major manufacturers was also done. Secondary data is employed to calculate percentage splits, market shares, growth rates, and global market breakdowns. The results of these calculations are then compared to primary data. The Global Honey market is dominated by the following businesses:
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Regional Analysis:
The regional overview of market research for Global Honey also discusses key market-influencing elements and legal developments that have an impact on current and future market trends. Current and upcoming trends are investigated in order to evaluate the whole market potential and find lucrative patterns in order to establish a better footing. The basis for evaluating the regional market is the current environment and expected trends.
COVID-19 Impact Analysis on Global Honey Market:
Owing to a halt in operations, the growth of end-user industries using Global Honey decreased from January 2020 to May 2020. These countries included Spain, France, Italy, China, the United States, the United Kingdom, and Spain. As a result, the market for Global Honey manufacturers as well as the profits of companies operating in these industries both experienced a sharp decline. This had an impact on the market's expansion in 2020. Due to lockdowns and an increase in COVID-19 occurrences globally, end-user business need for Global Honey has been severely decreased.
Key Questions Answered in the Global Honey Market Report are:
- Which market segment accounted for the most percentage of Global Honey in 2021?
- How competitive is the market environment?
- What are the primary factors influencing the Global Honey market's growth?
- Which region dominates the Global Honey market in terms of market share?
- What is the expected market CAGR from 2022 to 2029?
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