The global Honey Market size is expected to reach USD 17.34 billion by 2028 registering a CAGR of 8.2%, according to a new report by Grand View Research, Inc. Rising awareness about maintaining a healthy lifestyle is expected to be the key driver for the market growth over the forecast period. Honey has excellent nutritional and medicinal properties. It improves body immunity, helps in weight management, and prevents blood pressure issues. It is also a rich source of antioxidants and helps in healing burn wounds and scars. Due to such properties, it is widely used in various sectors apart from food & beverages, such as personal care & cosmetics and pharmaceuticals.
Europe was the largest regional market in 2020 and accounted for a revenue share of more than 34.0% in 2020. In January 2018, Altıparmak, a leading honey producer of Turkey, got funding from the European Bank for Reconstruction and Development (EBRD) of USD 4.98 million to develop and advance its value chain. Moreover, it is also used for the improvement of its production and innovation in Apitherapy.
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Honey Market Report Highlights
- The food & beverages application segment was the largest product segment in 2020 and accounted for a share of more than 70%
- However, the personal care & cosmetics application segment is estimated to register the fastest CAGR from 2021 to 2028
- The supermarket/hypermarket distribution channel segment led the market in 2020 and will retain its dominant position throughout the forecast period due to the increasing number of new stores across the globe
- The online segment is expected to register the fastest CAGR of over 8% from 2021 to 2028. The recent global pandemic has forced customers to start shopping through e-commerce, which, in turn, drives the segment growth
- Asia Pacific is expected to remain the fastest-growing regional market over the forecast period on account of the expansion of the food & beverage sector in countries including China, India, and Japan