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Global honey mkt sales to grow at CAGR of 5.1% by 2029, states Fact.MR
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Monday, 23 September, 2019, 08 : 00 AM [IST]
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The processed food industry has showcased impressive developments in the present years, and has offered a feasible enhancement to honey, thereby driving expansion in the honey market.
Retail food industry is seeing an optimistic growth, and gaining massive momentum thus giving an impetus to the honey market. The growth is spurred owing to the demand for varietal honey, like Manuka honey, Blueberry honey and Dandelion honey. The production of the mono-floral honey is increasing over the last few years, thus boosting the demand for varietal honey.
The current evolution trends of the honey market are being witnessed due to the cumulative number of the functional food industries, beverage industries and nutritional food industries across all the regions of the globe.
The wide range of flavours of honey is a new trend in the market. Moreover, the craft brewing industry is using differently-flavoured honey to match the flavour of the beer to be brewed.
With the escalating need for everyone to lead a healthy lifestyle, consumers across the globe are more inclined towards consuming food products with natural ingredients, rather than consuming food products with unnatural or chemical additives.
Also, as mentioned in Ayurveda, honey has enormous medicinal properties, and correct amount can heal many health disorders such as atherosclerosis.
The phenolic compounds present in honey prevent the risk of atherosclerosis and other cardiovascular disorders.
The rising health awareness among buyers will surge the demand for healthy foods and ingredients, thus, increasing the demand for honey globally.
Wide range of industrial applications creating lucrative opportunities
The rate of consumption of honey is increasing across the globe, due to its versatile uses and benefits, which certainly creates a prominent impact on the food and beverage industry in the world.
The interesting combination of physical appearance and properties such as flavour and colour of honey is attracting various food industries like bakery, confectionery, breakfast and cereals, sauces, frozen foods, ice creams, marmalades, beverages, chocolates, snack bars and nutritional food products.
Today brewing industries are using honey for wide applications, such as flavouring agents as well as natural sweeteners in the beer brewing, which is increasing traction for the varietal, mono-floral honey.
Most of the food products produced today are sure to have honey as an ingredient, which acts as a prebiotic, antioxidant, clarifying agent and fermentation agent, along with adding a flavour to the food.
As many consumers are aware of the fact that honey offers ample health benefits and helps in losing weight, food products that have honey as an ingredient are more likely to be preferred by health-conscious consumers across the globe.
Impeccable taste, flavour of honey and its nutritional facts easily enable the food product manufacturers to use it as a healthy and low-calorie substitute of sugar as a sweetener.
Distribution of adulterated honey hampering consumer confidence towards honey purchase
There have been several incidents in the recent past, where most of the honey products being sold in supermarkets in different regions were found to have no pollen content in them.
Addition of contaminants, antibiotics, and harmful ingredients in honey which is labelled organic, is causing consumers to be hesitant towards buying honey products from international and well-known brands.
These incidences have been eroding consumer confidence, ultimately impacting its demand. Consumers are preferring to purchase these products from local vendors to ensure the good quality of honey and authenticity of the honey products.
Few available brands are having synthetically-added sugars, hence consumers are hesitant towards purchasing these products due to lack of trust.
Fraud like honey laundering are taking place globally and creating obstacles for the healthy growth of the global honey market.
East Asia to dominate regional landscape
East Asia’s dominance in honey market is expected to triumph, with a market share of nearly 35 per cent by 2029-end due to developing food processing industries, together with increasing number of functional food and confectionery and bakery industry, particularly in East Asia, which will continue to favor the growth of honey market in the region.
The honey market in Europe is seeing a growing trend of bakery and confectionery industries and widening the scope of honey industry. This will pave the way for worthwhile opportunities for honey market in Europe.
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