According to FactMR, a Market Research Company, the global honey market will grow at a 5.3% CAGR from 2021 to 2031, reaching a market value of US$ 15.2 billion. Honey manufacturers are focusing on providing honey in both flavored and unadulterated forms.
Between 2016 and 2020, the global honey market exceeded a market value of $9 billion, rising at a CAGR of 4% for the five-year period. Honey consumption grew significantly during the Covid-19 pandemic, as people sought out items that helped boost immunity and provide protection from microbe-based diseases.
Honey can be found in beverages, processed meals, jams and jellies, and is becoming more popular as a component in health and beauty products. The ease of access to a diverse range of these products, combined with the product’s ability to impart a desirable taste in food and beverage products, is boosting market demand.
Furthermore, honey has a variety of medicinal properties, including the capacity to increase metabolic activity, control blood pressure, reduce the risk of diabetes, and even cure burn wounds. As a result, it is widely employed in various applications other than food and drinks, including as cosmetics and medicines, which are expected to boost market growth.
Product makers are developing novel launches in order to engage a growing number of consumers.Honey producers are focusing on importing honey and distributing it on a greater geographical scale. Over time, demand from end sectors such as bakeries and drinks has increased. This has resulted in an increase in honey sales.