Sweet success for honey market, report predicts
A new report predicts the global honey market to steadily grow over the coming years in response to the COVID-19 pandemic and the declining popularity of artificial sweeteners.
In its report titled ‘Honey Market, 2021-2028’, Fortune Business Insights expects the honey market to reach US$11.88 billion (AU$16.05 billion) by 2028, exhibiting a CAGR of 5.5% during the forecast period. The market size stood at US$7.84 billion in 2020.
The demand for natural sweeteners is increasing worldwide while artificial sugar is simultaneously declining, the report said.
The renewed focus of honey as an ancient remedy for colds is expected to push new product development in the F&B sector, particularly in confectionery products, beverages and baked goods. Honey has also seen growth as an ingredient in the pharmaceutical sector due to the presence of various amino acids, minerals, enzymes and other health compounds.
Glass and plastic bottles are expected to hold the largest share in packaging options due to higher convenience.
The report said the Asia Pacific region is poised to dominate the market share during the forecast period on account of the formulation of policies supporting beekeeping and other related activities by governments in the region.
“In India, for instance, the Central Government sanctioned around US$68 million to promote hive-related businesses under its Atmanirbhar Bharat Scheme launched in May 2020. Similar policy support is also being witnessed in Australia,” the report published.
The Asia Pacific market size stood at US$2.73 billion in 2020.
After Asia Pacific, Europe is set to rise as the second-largest region in terms of revenue share in the global market.
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