Honey Market Poised to Grow at A CAGR Over 6.85% during the forecast period
Overview
The global honey
market will grow at a CAGR of 6.85% during the forecast period 2021 to 2028.
The market for honey is set to reach USD 14.60 Billion by 2028.. As per market
analysts, the global market is anticipated to witness growth owing to the
factors such as the shifting consumer mindset to safer, nutritional replacement
for sugar as well as the growing adoption of honey as a sugar substitute.
However, the market will face challenges and restraints due to the growing
prevalence of diabetes and concerns regarding the sugar profile of honey during
the forecast period 2017 to 2023.
The huge beneficial
medicinal impact in the market will support the growth. As per market analysts,
the honey market based companies will face certain challenges during the
forecast period 2017 to 2023. The market research report provides in-depth analysis
of the type, application, and packaging segments. The market research report
presents factors such as the hampering effect of drinking honey that could slow
down the market's growth.
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Market Segmentation
The honey market has
been segmented into type, application, and packaging. Based on the segment
which is type, the market is categorized on the basis of acacia, buckwheat,
clover honey, wildflower, alfalfa, and others. The global market for honey is
further segmented based on application into food & beverage, personal care
products, pharmaceuticals, and others. Furthermore, the market, on the basis of
packaging, is segmented into tub, bottle, jar, tube, and others.
The market report offers comprehensive study of the market segments including type, application, and packaging. The analysts have also studied the market's spread across the regional markets across many of the market’s segments at country levels. The type, application, and packaging segments spread across the market along with the subsegments are studied. The global honey market for honey is spread across various product and service based segments. The market research report highlights these key segments and offers forecasts based on primary and secondary data. The global honey market research report presents key company profiles of organizations active across the market.
Regional Overview
Concerns regarding
side effects may hinder the honey market growth. The market research report
suggests that companies in the market could be supported by the large-scale use
of honey in the manufacturing of medicines as well as the success of the
commodity among health-conscious consumers during the forecast period. The
honey market is set to register growth at a high CAGR owing to these key
factors. The market is spread across North America, Europe, Asia-Pacific, and
other parts of the world. As per market analysts, the market is set to witness
tremendous growth across type, application, and packaging segments. The global
market’s North American region covers markets across the United States, Mexico,
Canada, and others. Businesses present in the honey market are also profiled
and their strategies have been presented in detail in the market research
report.
The honey market across the European
region covers Italy, France, Germany, and the United Kingdom. Furthermore, the
market research report provides details about the APAC region covering markets
from China, India, Australia, Japan, and others. The market is also active
across several other parts of the world. The market report covers all these key
regions including the Middle East, Africa, Brazil, and others active in the
global honey market.
Competitive Landscape
Honey has seen
tremendous growth, due to growing adoption of honey for medicinal purposes and
the medicinal use of honey. However, concerns related to treatment of open
wounds and the lack of organic resources would challenge the companies active
in the market. The market research report projects a long term growth till
2028. Based on the market’s analysis on the basis of SWOT and Porters’ Five
Force Model, the market will rise during the forecast period 2021 to 2028,
however the companies need to move ahead with caution. The honey market
research report highlights such key areas.
Industry News
Natural American
Foods, Inc., a Peak Rock Capital partner portfolio company, has announced the
acquisition of Sweet Harvest Foods Company. Two leading sun firms with 200
years of cumulative excellence and consumer experience are brought together in
this merger. Sweet Harvest is a leading manufacturer, sweet butter and syrup
product dealer with its headquarters outside of Minneapolis, and has a wide
range of MEL-O honey products as well as a variety of peanut butter products
available as part of the PB Crave brand.
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NOTE: Our Team of
Researchers are Studying Covid19 and its Impact on Various Industry Verticals
and wherever required we will be considering Covid19 Footprints for Better
Analysis of Market and Industries. Cordially get in Touch for More Details.
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