The honey market in India was worth INR 15,579 Million in 2018, registering a CAGR of 10.9% during 2012-2018. The market is further projected to reach a value of INR 28,057 Million by 2024, at a CAGR of 10.2% during 2019-2024. Beekeeping has been one of the oldest activities in India. This makes it one of the leading honey markets in the world which has created an intense competition in terms of innovation and cost. Additionally, the demand for honey in India is augmenting on account of the growing consumer preference for natural and healthy alternatives of artificial sweeteners, rising awareness regarding the benefits of honey and increasing popularity of various honey flavors. In addition, owing to its proven anti-bacterial, anti-microbial and anti-inflammatory properties, honey is projected to gain a momentum in both the food and non-food applications across the country.
Indian Honey Market Drivers:
- Honey is a rich source of antioxidants and flavonoids which can reduce oxidative stress and inflammation in the body while protecting against heart diseases and cancer. Apart from this, honey also has antibacterial and antiseptic qualities that accelerate wound and burn healing by providing a moist environment and increasing the flow of nutrients to the affected area. Owing to these factors, the demand for honey has gained traction for home remedies.
- Honey is available in different flavors depending upon the flowers used by the bees to produce it. As a result, there is a diverse range of honey products currently available in India which find applications in the food and beverage, cosmetic and pharmaceutical industries.
- The Government has been supporting the production of honey in India by granting help in developing business through commercialization, R&D activities, innovation and exporting. These initiatives support the producers by advisory and mentoring services, organizing workshops and seminars, general and industry-specific training and providing subsidized products, such as business planning tools.
- Scientific validation of the medicinal utilization of honey and its growing value as a premium ingredient in nutraceuticals are also acting as strong market drivers.
Breakup by Flavor:
- On the basis of flavors, multiflora honey is the most popular type of honey flavor in India. Other major flavor types include eucalyptus honey, ajwain honey, sidr honey and others.
Breakup by Seasonality:
- Based on seasonality, the report finds that the autumn and spring seasons dominate the market. They are followed by the winter, summer and monsoon seasons.
Breakup by Distribution Channel:
- On the basis of distribution channels, the market has been categorized as business to consumer and business to business segments. Currently, the business to consumer segment represents the largest distribution channel.
Breakup by State:
- Based on states, Maharashtra enjoys the leading position in the market as most of the manufacturing facilities are located in the state. Some of the other major markets include Tamil Nadu, Karnataka, Punjab and Rajasthan.
- The honey market in India is highly fragmented in nature owing to the presence of a large number of manufacturers. The report provides the leading companies operating in the Indian honey market.
- This report provides a deep insight into the Indian honey market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the honey industry in any manner.
Key Questions Answered in This Report:
- How has the honey market in India performed so far and how will it perform in the coming years?
- What are the key states in the Indian honey market?
- Which are the popular flavor types in the Indian honey market?
- What are the major distribution channels in the Indian honey market?
- What are the various seasons in the Indian honey market?
- What are the various stages in the value chain of the Indian honey market?
- What is the structure of the Indian honey market and who are the key players?
- What is the degree of competition in the Indian honey market?