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The global honey market size is expected to exhibit strong growth by reaching USD 12.69 billion by 2029. Fortune Business Insights™ in its report titled “Honey Market Size, Share & COVID-19 Impact Analysis, By Type (Alfalfa, Buckwheat, Wildflower, Clover, Acacia, and Others), By Application (Food & Beverages, Personal Care & Cosmetics, Pharmaceuticals, and Others), By Packaging (Glass Jar, Bottle, Tub, Tube, and Others), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 8.17 billion and reach USD 8.53 billion in 2022. The market is expected to witness a strong CAGR of 5.83% during 2022-2029. Increasing adoption of healthy and natural sugar substitutes is likely to propel market growth.
Bega Cheese Limited Expanded its Product Portfolio to Reinforce Market Stance
Bega Cheese Limited undertook the expansion of its product portfolio by launching its novel “B Honey” in July 2020. The company collaborated with a creative agency named Thinkerbell. This strategy allowed the company to bolster its brand image.
Increasing Health Concerns Fostered Market Progress
This industry was positively impacted during the COVID-19 pandemic due to rising health concerns. The rapid spike in COVID-19 infections elevated the demand for immunity-boosting products. This factor enhanced the product’s consumption. Furthermore, manufacturers opted for online retail to continue their businesses. Industrial automation, sanitization, and reduced capacities boosted manufacturing activities. Also, rising awareness among consumers regarding the immunity-boosting property of the product increased its adoption. These factors facilitated market growth during the pandemic.
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Robust Demand for the Product for the Production of Natural Sweeteners to Boost Market Growth
Honey is a healthy alternative to sugar and offers several healing abilities. It helps patients recover from sore throats and elevate their immunity. The rising demand for the product for the production of natural sweeteners may boost its demand. Furthermore, the rising adoption of nectar by the health-conscious population is anticipated to fuel sales. Also, evolving consumer preferences and rising spending capacities are likely to enhance organic products’ demand. Also, the rising demand for organic products for medicinal drug production is likely to bolster sales. These factors may boost the honey market growth
Major Players Devise Novel Product Launches to Bolster Brand Image
The prominent players operating in the market launch novel products to bolster their brand image and elevate sales. For example, in January 2022, Tayima Foods announced its organic and raw product I’M HONEY. The organic sugar substitute is available in numerous flavors and offers exceptional medicinal value. The product was available through e-commerce websites such as Amazon. This product launch may allow Tayima to boost its sales and elevate its brand image worldwide. Furthermore, companies devise expansions, research and development, partnerships, and mergers to bolster market growth.
Notable Industry Development
List of Key Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
Value (USD Billion)