According to HTF Market Intelligence, the Global Honey Food market to witness a CAGR of 4.20% during forecast period of 2023-2028. Global Honey Food Market Breakdown by Application (Food & Beverage, Pharmaceuticals, Others) by Type (Table Honey, Cooking Ingredient Honey) by Distribution Channel (Hypermarkets and Supermarkets, Convenience Stores, Specialty Stores, Others) by Packaging Type (Bottle, Jar, Tube, Tub, Others) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The Honey Food market size is estimated to increase by USD 2.6 Billion at a CAGR of 4.2% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 8.90 Billion.
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Honey foods are defined as foods that have some honey as an ingredient. By gathering nectar from flowers, honeybees create honey, a naturally sweet food. It is a natural phenomenon for honeybees to produce honey. The bees help store the honey as a food source in their wax honeycombs within beehives. Honey-containing foods are very effective in nature because they provide the meal a natural sweetness and protect consumers from artificial sweeteners. Consuming foods with honey in them can help fend against and treat diseases like cancer. An surge in consumer interest in consuming meals cooked with honey throughout the world is driving the market for honey-based cuisine.
Honey Food market – Key Segment Analysis
The market share growth by the Pharmaceuticals segment will be significant during the forecast period. The segment is driven by the The increased consumption of low-calorie, organic foods by customers throughout the world has increased the demand for foods containing honey. The foods containing honey are more advantageous for keeping excellent health since they aid in weight reduction, guard against heart disease, and address serious health problems. As a result, honey consumption has significantly increased, and both the food and beverage industry and the pharmaceutical industry use honey often. Therefore, growing awareness of the health advantages of eating honey, support for fitness and wellness practises, and extensive use in a variety of foods, beverages, and herbal medicines have all contributed to the growth of the global market..
Honey Food market – Competition Analysis
The global Honey Food market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are Barkman Honey, LLC (United States), Bee Maid Honey Limited (Canada), Billy Bee Honey Products Company (Canada), Capilano Honey Limited (Australia), Comvita Limited (New Zealand), Dabur India Limited (India), Dalian Sangdi Honeybee Co., Ltd. (China), Beeyond the Hive (United States), Lamex Foods (United States), Hi-Tech Natural Products (India)..
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Honey Food
Market Drivers
- The increased consumption of low-calorie, organic foods by customers throughout the world has increased the demand for foods containing honey. The foods containing honey are more advantageous for keeping excellent health since they aid in weight reduction, guard against heart disease, and address serious health problems. As a result, honey consumption has significantly increased, and both the food and beverage industry and the pharmaceutical industry use honey often. Therefore, growing awareness of the health advantages of eating honey, support for fitness and wellness practises, and extensive use in a variety of foods, beverages, and herbal medicines have all contributed to the growth of the global market.
Market Opportunities
- The market for honey-based foods is expanding quickly due to rising consumer demand for high-end honey products that offer superior nutrition and convenience. Table honey and organic honey products are increasingly popular in the honey food industry. Table honey can be used in place of sugar or molasses in baked beans, coffee, and tea, among other things. However, it can also be used as a glaze or topping on its own, for example, on pancakes and other baked goods. Clover flourish honey is the most popular type of table honey. Comparing organic honey to table honey, organic honey is superior. It is available in a variety of forms based on the flowers that honeybees pollinated, including clover, orange blossoms, and red mangroves. GMOs, pesticides, and antibiotics are not used in the production of this kind of honey. Additionally, because it contains live bacteria, it has pharmaceutical products and might even contain honeycomb. More people are becoming aware of the advantages of these honey products, which creates potential for the honey food industry to grow.
Market Challenges
- The growth of the global honey market would be severely hampered during the anticipated time period by a number of unfavourable variables. The increased incidence of critical health conditions including obesity, diabetes, other chronic illnesses, and high cholesterol is a significant factor that is restricting the growth of the worldwide market. The risk of a heart attack and stroke may increase due to high blood sugar levels and weight gain from excessive honey consumption. The growth of the global honey market is therefore constrained by the adverse effects of honey consumption on diabetic patients while treating open wounds and the rising suspicion about honey consumption due to its sugar content.
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What key data is demonstrated in this Honey Food market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Honey Food market between 2023 and 2028
- Precise estimation of the size of the Honey Food market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Value in dollar term and growth of the market industry across APAC, Europe, North America, South America, and Middle East and Africa; further broken down by major country within region.
- Thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Honey Food market players
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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
• Political (Political policy and stability as well as trade, fiscal, and taxation policies)
• Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
• Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
• Technological (Changes in digital or mobile technology, automation, research, and development)
• Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
• Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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