Honey Market size to grow at a CAGR of 9.39% from 2022 to 2027, Driven by the increase in the number of private label products - Technavio

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Apr 10, 2023, 00:30 ET

NEW YORK, April 10, 2023 /PRNewswire/ -- The honey market size is set to grow by USD 5,575.99 million between 2022 and 2027 and register a CAGR of 9.39%, according to Technavio's latest market research report. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources. Technavio offers an up-to-date analysis of the current global market scenario and the overall market environment. View a Sample Report

The report also covers the following areas:

Technavio has announced its latest market research report titled Global Honey Market 2023-2027

Honey Market 2023-2027: Segmentation

Distribution Channel

Offline
Online

Type

Conventional
Organic

Geography

APAC
Europe
North America
South America
Middle East And Africa

The market share growth by the offline segment will be significant during the forecast period. Specialty stores offer a large variety of brands, many product portfolios (brand-specific or multi-branded), and similar types of products across all outlets. Many players and distributors plan their budgets for marketing, advertising, promotions, brand building, training, and IT support while operating their own retail outlets. They can reach out to consumers on their own instead of depending on independent retailers to sell their products.

This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters - View a Sample Report

Honey Market 2023-2027: Vendor Analysis and Scope

The market is fragmented and the degree of fragmentation will accelerate during the forecast period. Alpalair Wellness Pvt. Ltd., Barkman Honey LLC, Bee Maid Honey Ltd., Beeyond The Hive LLC, Capilano Honey Ltd., Comvita Ltd., Dabur India Ltd., Dutch Gold Honey, Golden Acres Honey Products Ltd., Little Bee Impex, New Zealand Honey Co., Oha Honey LP, PA and SC Steens Ltd., Savannah Bee Co., Sioux Honey Association Crop., Sweet Harvest Foods Inc., Valeo Foods Ltd., Wedderspoon Organic Inc., McCormick and Co. Inc., and Patanjali Ayurved Ltd. are some of the major market participants. To help businesses improve their market position, Technavio's report provides a detailed analysis of more than 15 vendors operating in the market.
Vendor Offerings

Barkman Honey LLC - The company offers honey products such as Naked Wild Honey, Busy Bee, and Pure N Simple.
Bee Maid Honey Ltd. - The company offers honey products such as creamed honey, liquid honey, and clover honey.
Beeyond The Hive LLC - The company offers honey products such as raw clover honey and raw orange blossom honey.

The honey market is fragmented, and the degree of fragmentation will accelerate. The health benefits associated with honey will offer immense growth opportunities. However, the high cost of production and transportation will hamper the market growth.

Honey Market 2023-2027: Market Dynamics

Major Drivers

The rise in the number of private-label products is the major factor driving the growth of the global honey market.
Private label products are manufactured by one company for sale under another company's brand. They are available across different industries, such as food and beverages, fashion, and skin and personal care.
Market vendors also provide options to other small vendors to become private label partners and large vendors operating in the market offer various value-added services to private label manufacturers.
The in-house laboratory and label design services, deep industry knowledge and long experience, in-house recipe blending, packaging, and label design, centrally operated location, and a company-owned fleet to deliver the order quickly and offer a variety of pack sizes and styles.
The in-house laboratory and label design services, deep industry knowledge and long experience, in-house recipe blending, packaging, and label design, centrally operated location and a company-owned fleet to deliver the order quickly and offer a variety of pack sizes and styles are some of the examples of these services.
Hence, benefits offered by global vendors to other small vendors, distributors, or retailers are expected to drive the growth of the global honey market during the forecast period.

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Leading Trends

Innovation in beekeeping is an emerging trend fueling the growth of the global honey market.
Development assistance agencies have been trying to introduce innovations to stimulate development across the beekeeping industry over the past few decades.
Technology providers such as Beemer, Innovation Cloud, and ApisProtect are coming up with new innovative solutions to provide real-time data of beekeepers and crop growers, such as locations and types of crops.
For instance, Innovation Cloud offers a BeeWeb software solution that helps connect farmers of crops and beekeepers. This innovative solution makes every available bee pasture visible to beekeepers.
Such innovations in beekeeping will make the supply chain of the market more efficient, which will positively impact the growth of the market during the forecast period.

Key Challenges

The high cost of production and transportation is a major challenge impeding the growth of the global honey market.
The maintenance and processing cost of honey is higher than that of conventional honey.
An organic apiary should be established on land that is maintained organically. Only natural timber or material should be used in beehives, and only gravitational settling and filtration should be used for removing extraneous solids.
Such parameters increase the production cost of honey compared with the production cost of conventional honey.
Farming and transportation costs include the expenditure of colonies' relocation, transportation costs of the final product to consumer markets, costs of truck loading and unloading, proper packaging, maintaining the boxes and the frames, labor, certification, and labeling.
As a result, the production of honey is difficult in some countries, which is a hindrance to the growth of the global honey market.
Hence, there is a need for cost-effective technology and better transportation mechanism with effective pricing.

Honey Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist honey market growth during the next five years
Estimation of the honey market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the honey market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of honey market vendors

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Honey Market Scope
Report Coverage	Details
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 9.39%
Market growth 2023-2027	USD 5,575.99 million
Market structure	Fragmented
YoY growth 2022-2023 (%)	8.32
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 49%
Key countries	US, Turkey, Iran, China, and Argentina
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Alpalair Wellness Pvt. Ltd., Barkman Honey LLC, Bee Maid Honey Ltd., Beeyond The Hive LLC, Capilano Honey Ltd., Comvita Ltd., Dabur India Ltd., Dutch Gold Honey, Golden Acres Honey Products Ltd., Little Bee Impex, New Zealand Honey Co., Oha Honey LP, PA and SC Steens Ltd., Savannah Bee Co., Sioux Honey Association Crop., Sweet Harvest Foods Inc., Valeo Foods Ltd., Wedderspoon Organic Inc., McCormick and Co. Inc., and Patanjali Ayurved Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Key Topics Covered: 

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Distribution Channel
Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 13: Market segments

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global honey market 2017 - 2021

Exhibit 18: Historic Market Size – Data Table on Global honey market 2017 - 2021 ($ million)

4.2 Distribution Channel Segment Analysis 2017 - 2021

Exhibit 19: Historic Market Size – Distribution Channel Segment 2017 - 2021 ($ million)

4.3 Type Segment Analysis 2017 - 2021

Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)

4.4 Geography Segment Analysis 2017 - 2021

Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

4.5 Country Segment Analysis 2017 - 2021

Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

5.1 Five forces summary

Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

5.2 Bargaining power of buyers

Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

5.3 Bargaining power of suppliers

Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

5.4 Threat of new entrants

Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

5.5 Threat of substitutes

Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

5.6 Threat of rivalry

Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

5.7 Market condition

Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Distribution Channel

6.1 Market segments

Exhibit 30: Chart on Distribution Channel - Market share 2022-2027 (%)
Exhibit 31: Data Table on Distribution Channel - Market share 2022-2027 (%)

6.2 Comparison by Distribution Channel

Exhibit 32: Chart on Comparison by Distribution Channel
Exhibit 33: Data Table on Comparison by Distribution Channel

6.3 Offline - Market size and forecast 2022-2027

Exhibit 34: Chart on Offline - Market size and forecast 2022-2027 ($ million)
Exhibit 35: Data Table on Offline - Market size and forecast 2022-2027 ($ million)
Exhibit 36: Chart on Offline - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Offline - Year-over-year growth 2022-2027 (%)

6.4 Online - Market size and forecast 2022-2027

Exhibit 38: Chart on Online - Market size and forecast 2022-2027 ($ million)
Exhibit 39: Data Table on Online - Market size and forecast 2022-2027 ($ million)
Exhibit 40: Chart on Online - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Online - Year-over-year growth 2022-2027 (%)

6.5 Market opportunity by Distribution Channel

Exhibit 42: Market opportunity by Distribution Channel ($ million)

7 Market Segmentation by Type

7.1 Market segments

Exhibit 43: Chart on Type - Market share 2022-2027 (%)
Exhibit 44: Data Table on Type - Market share 2022-2027 (%)

7.2 Comparison by Type

Exhibit 45: Chart on Comparison by Type
Exhibit 46: Data Table on Comparison by Type

7.3 Conventional - Market size and forecast 2022-2027

Exhibit 47: Chart on Conventional - Market size and forecast 2022-2027 ($ million)
Exhibit 48: Data Table on Conventional - Market size and forecast 2022-2027 ($ million)
Exhibit 49: Chart on Conventional - Year-over-year growth 2022-2027 (%)
Exhibit 50: Data Table on Conventional - Year-over-year growth 2022-2027 (%)

7.4 Organic - Market size and forecast 2022-2027

Exhibit 51: Chart on Organic - Market size and forecast 2022-2027 ($ million)
Exhibit 52: Data Table on Organic - Market size and forecast 2022-2027 ($ million)
Exhibit 53: Chart on Organic - Year-over-year growth 2022-2027 (%)
Exhibit 54: Data Table on Organic - Year-over-year growth 2022-2027 (%)

7.5 Market opportunity by Type

Exhibit 55: Market opportunity by Type ($ million)

8 Customer Landscape

8.1 Customer landscape overview

Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation

Exhibit 57: Chart on Market share by geography 2022-2027 (%)
Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

9.2 Geographic comparison

Exhibit 59: Chart on Geographic comparison
Exhibit 60: Data Table on Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

Exhibit 61: Chart on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 62: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 63: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 64: Data Table on APAC - Year-over-year growth 2022-2027 (%)

9.4 Europe - Market size and forecast 2022-2027

Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)

9.5 North America - Market size and forecast 2022-2027

Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)

9.6 South America - Market size and forecast 2022-2027

Exhibit 73: Chart on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 74: Data Table on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 75: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on South America - Year-over-year growth 2022-2027 (%)

9.7 Middle East and Africa - Market size and forecast 2022-2027

Exhibit 77: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 78: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 79: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

9.8 China - Market size and forecast 2022-2027

Exhibit 81: Chart on China - Market size and forecast 2022-2027 ($ million)
Exhibit 82: Data Table on China - Market size and forecast 2022-2027 ($ million)
Exhibit 83: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on China - Year-over-year growth 2022-2027 (%)

9.9 US - Market size and forecast 2022-2027

Exhibit 85: Chart on US - Market size and forecast 2022-2027 ($ million)
Exhibit 86: Data Table on US - Market size and forecast 2022-2027 ($ million)
Exhibit 87: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on US - Year-over-year growth 2022-2027 (%)

9.10 Turkey - Market size and forecast 2022-2027

Exhibit 89: Chart on Turkey - Market size and forecast 2022-2027 ($ million)
Exhibit 90: Data Table on Turkey - Market size and forecast 2022-2027 ($ million)
Exhibit 91: Chart on Turkey - Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on Turkey - Year-over-year growth 2022-2027 (%)

9.11 Argentina - Market size and forecast 2022-2027

Exhibit 93: Chart on Argentina - Market size and forecast 2022-2027 ($ million)
Exhibit 94: Data Table on Argentina - Market size and forecast 2022-2027 ($ million)
Exhibit 95: Chart on Argentina - Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on Argentina - Year-over-year growth 2022-2027 (%)

9.12 Iran - Market size and forecast 2022-2027

Exhibit 97: Chart on Iran - Market size and forecast 2022-2027 ($ million)
Exhibit 98: Data Table on Iran - Market size and forecast 2022-2027 ($ million)
Exhibit 99: Chart on Iran - Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on Iran - Year-over-year growth 2022-2027 (%)

9.13 Market opportunity by geography

Exhibit 101: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

Exhibit 102: Impact of drivers and challenges in 2022 and 2027

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption

Exhibit 104: Overview on factors of disruption

11.4 Industry risks

Exhibit 105: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered

Exhibit 106: Vendors covered

12.2 Market positioning of vendors

Exhibit 107: Matrix on vendor position and classification

12.3 Barkman Honey LLC

Exhibit 108: Barkman Honey LLC - Overview
Exhibit 109: Barkman Honey LLC - Product / Service
Exhibit 110: Barkman Honey LLC - Key offerings

12.4 Bee Maid Honey Ltd.

Exhibit 111: Bee Maid Honey Ltd. - Overview
Exhibit 112: Bee Maid Honey Ltd. - Product / Service
Exhibit 113: Bee Maid Honey Ltd. - Key offerings

12.5 Beeyond The Hive LLC

Exhibit 114: Beeyond The Hive LLC - Overview
Exhibit 115: Beeyond The Hive LLC - Product / Service
Exhibit 116: Beeyond The Hive LLC - Key offerings

12.6 Capilano Honey Ltd.

Exhibit 117: Capilano Honey Ltd. - Overview
Exhibit 118: Capilano Honey Ltd. - Product / Service
Exhibit 119: Capilano Honey Ltd. - Key offerings

12.7 Comvita Ltd.

Exhibit 120: Comvita Ltd. - Overview
Exhibit 121: Comvita Ltd. - Business segments
Exhibit 122: Comvita Ltd. - Key offerings
Exhibit 123: Comvita Ltd. - Segment focus

12.8 Dabur India Ltd.

Exhibit 124: Dabur India Ltd. - Overview
Exhibit 125: Dabur India Ltd. - Business segments
Exhibit 126: Dabur India Ltd. - Key offerings
Exhibit 127: Dabur India Ltd. - Segment focus

12.9 Dutch Gold Honey

Exhibit 128: Dutch Gold Honey - Overview
Exhibit 129: Dutch Gold Honey - Product / Service
Exhibit 130: Dutch Gold Honey - Key offerings

12.10 Golden Acres Honey Products Ltd.

Exhibit 131: Golden Acres Honey Products Ltd. - Overview
Exhibit 132: Golden Acres Honey Products Ltd. - Product / Service
Exhibit 133: Golden Acres Honey Products Ltd. - Key offerings

12.11 Little Bee Impex

Exhibit 134: Little Bee Impex - Overview
Exhibit 135: Little Bee Impex - Product / Service
Exhibit 136: Little Bee Impex - Key offerings

12.12 McCormick and Co. Inc.

Exhibit 137: McCormick and Co. Inc. - Overview
Exhibit 138: McCormick and Co. Inc. - Business segments
Exhibit 139: McCormick and Co. Inc. - Key offerings
Exhibit 140: McCormick and Co. Inc. - Segment focus

12.13 New Zealand Honey Co.

Exhibit 141: New Zealand Honey Co. - Overview
Exhibit 142: New Zealand Honey Co. - Product / Service
Exhibit 143: New Zealand Honey Co. - Key offerings

12.14 Oha Honey LP

Exhibit 144: Oha Honey LP - Overview
Exhibit 145: Oha Honey LP - Product / Service
Exhibit 146: Oha Honey LP - Key offerings

12.15 PA and SC Steens Ltd.

Exhibit 147: PA and SC Steens Ltd. - Overview
Exhibit 148: PA and SC Steens Ltd. - Product / Service
Exhibit 149: PA and SC Steens Ltd. - Key offerings

12.16 Patanjali Ayurved Ltd.

Exhibit 150: Patanjali Ayurved Ltd. - Overview
Exhibit 151: Patanjali Ayurved Ltd. - Product / Service
Exhibit 152: Patanjali Ayurved Ltd. - Key offerings

12.17 Sweet Harvest Foods Inc.

Exhibit 153: Sweet Harvest Foods Inc. - Overview
Exhibit 154: Sweet Harvest Foods Inc. - Product / Service
Exhibit 155: Sweet Harvest Foods Inc. - Key offerings

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

Exhibit 156: Inclusions checklist
Exhibit 157: Exclusions checklist

13.3 Currency conversion rates for US$

Exhibit 158: Currency conversion rates for US$

13.4 Research methodology

Exhibit 159: Research methodology
Exhibit 160: Validation techniques employed for market sizing
Exhibit 161: Information sources

13.5 List of abbreviations

Exhibit 162: List of abbreviations

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