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Honey Market to Reach USD 12.69 Billion by 2029; Increasing Demand for Sugar Substitutes to Propel Market Growth

August 25, 2022 | Food & Beverages

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

  • January 2022: Sweet Harvest Foods Inc. completed the acquisition of McKinney-based Nature Nate’s Honey Co. Through this acquisition, the company aims to provide raw and organic nectar to consumers globally.

List of Key Companies Profiled in the Report:

  • Bee Maid Honey Limited (Canada)

  • Comvita Limited (New Zealand)

  • Capilano Honey Ltd. (Australia)

  • Dabur India Ltd. (India)

  • Billy Bee Honey Products (Canada)

  • New Zealand Honey Co. (New Zealand)

  • Barkman Honey LLC (U.S.)

  • Yamada Bee Company (Japan)

  • Dutch Gold Honey Inc. (U.S.)

  • Golden Acres Honey (Canada)

Further Report Findings

  • The market in Asia Pacific stood at USD 2.86 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. The extensive production of the organic sugar substitute is expected to foster its demand.

  • Further, robust government beekeeping investments may enhance nectar adoption. For example, in May 2020, the Indian Government provided approximately USD 68 million for beekeeping activities under the Atma Nirbhar Bharat initiative.

  • In Europe, rising awareness regarding the product’s immunity-boosting abilities enhanced industry growth.

Table of Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion)

By Type

  • Alfalfa

  • Buckwheat

  • Wildflower

  • Clover

  • Acacia

  • Others

By Application

  • Food & Beverages

  • Personal Care & Cosmetics

  • Pharmaceuticals

  • Others

By Packaging

  • Glass Jar

  • Bottle

  • Tub

  • Tube

  • Others

By Geography

  • North America (By Type, Application, Packaging, and Country)

    • U.S. (By Packaging)

    • Canada (By Packaging)

    • Mexico (By Packaging)

  • Europe (By Type, Application, Packaging, and Country)

    • Germany (By Packaging)

    • U.K. (By Packaging)

    • Spain (By Packaging)

    • France (By Packaging)

    • Poland (By Packaging)

    • Rest of Europe (By Packaging)

  • Asia Pacific (By Type, Application, Packaging, and Country)

    • China (By Packaging)

    • Australia (By Packaging)

    • Japan (By Packaging)

    • India (By Packaging)

    • Rest of Asia Pacific (By Packaging)

  • South America (By Type, Application, Packaging, and Country)

    • Argentina (By Packaging)

    • Brazil (By Packaging)

    • Chile (By Packaging)

    • Rest of South America (By Packaging)

  • Middle East and Africa (By Type, Application, Packaging, and Country)

    • South Africa (By Packaging)

    • Turkey (By Packaging)

    • Saudi Arabia (By Packaging)

    • Rest of the MEA (By Packaging)

Global Honey Market
  • PDF
  • 2021
  • 2018-2020
  • 213


  • 4850

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