PUBLISHER: Grand View Research | PRODUCT CODE: 1321443
PUBLISHER: Grand View Research | PRODUCT CODE: 1321443
The global honey market size is expected to reach USD 13.57 billion by 2030, registering a CAGR of 5.3% during the forecast period, according to a new report by Grand View Research, Inc. Increased demand for nutritious and natural sugar alternatives and healthy spreads is expected to drive the market. The growing demand for vegan and organic honey products, including soups, challah, and hot toddy, is likely to fuel the overall growth of this market.
In addition, inclination towards the use of natural ingredients including honey by several pharmaceutical companies for treatments, such as hemodialysis, diabetic foot ulcers (DFUs), autolytic debridement, mucositis, vernal keratoconjunctivitis, and hemorrhoid, will fuel the market growth. Honey infused with natural ingredients helps boost the body's healing process at a faster rate.
The conventional processing segment held the largest revenue share in 2022 and is expected to maintain its lead over the forecast period. The popularity of these products due to a variety of applications in the food and beverages and beauty and personal care industries is the key factor driving the segment. New product launches by companies in this segment are projected to fuel the market growth.
The hypermarkets and supermarkets distribution channel segment held the largest revenue share in 2022. Owing to the shopping experience offered by these establishments, a large percentage of people prefer to buy products from hypermarkets and supermarkets. Other key reasons contributing to the expansion of this distribution channel are the opportunity to physically inspect these products and the assistance provided. The market is characterized by the presence of a few well-established players and several small and medium players.