Honey Market Research Report: Information by Type (Alfalfa, Wildflower, Buckwheat, Acacia, Clover), Application (Food & Beverage, Personal Care Products, Pharmaceuticals), Packaging (Bottle, Jar, Tube, Tub and others) and Region – Forecast till 2023
pune, India -- (SBWIRE) -- 05/17/2018 -- Market Overview:
The industry for honey is expanding with a high growth rate due to relative inelasticity in demand of the product. Market Research Future which focuses on market reports associated to the Food, Beverages & Nutrition sector amongst others recently published a report on this sector. The industry is anticipated to achieve 2,768.7 kt in terms of production by end of the year 2023 while expanding at a CAGR of 7.22% in the forecast period.
Honey has numerous applications from the pharmaceutical sector to the food and beverage industry. This is one of the primary causes for the rapid development of the market. Harvesting of different types of honey has aided in the further expansion of the market profitably. Diversified consumer tastes and preferences are expected to be the definitive factors in further growth and development of the market.
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Mar 2017 Dabur India, which is a major FMCG presence in India, recently launched a mobile lab to check honey so as to aid in ensuring greater purity of the product and reducing adulteration. The help of the mobile honey-testing lab can be availed by bee-keepers who can test the purity of their honey and steer clear of adulteration. The mobile honey-testing lab was set off from the R & D Centre in Sahibabad of Dabur.
Aug 2017 Capilano Honey, an Australian honey maker's joint venture with Comvita has reflected an instantaneous and possibly unrealized, advantage for the company's bottom line which is based out of Queensland. Comvita, which is based in Tauranga, and Capilano had teamed up last year to make Medibee Apiaries based in Australia to produce Leptospermum honey, normally known as manuka which is used for its medical and natural health products. Capilano attained a capital gain of A$2.1 million following the deal of its manuka beekeeping assets into the joint venture with no tax attributable to the capital gain on the asset sale, it said. The entirety of the assets it sold into the joint venture were worth A$9.2m.
The sector has already grown to a respectable level due to the continual demand level for the industry. Diverse products which have been introduced over a span of time are bound to raise the demand levels of the industry. This effect will be productive for speedy growth in the market. The sector is preserving the development potential through relentless and ongoing course progressions and supporting financial flexibility to use in the premium expansion strategies when they arise. Due to the lucrative potential of this market, the contenders are aiming to grow their market portion by growth transformations which will influence the long run transformation of the sector positively. This attitude is promising for the volume driven growth of the sector.
The important players outlined in the honey market worldwide are Capilano Honey Ltd. (Australia), Dabur India Ltd. (India), Barkman Honey Llc (U.S.) and Comvita Ltd. (New Zealand) to name a few of the players in the market.
The honey sector is divided into application, type and packaging.
The type basis of the market categorizes the market into acacia, wildflower, alfalfa, buckwheat, clover honey, and others. Between all the type, the wildflower honey division is anticipated to register a high market share will grow at CAGR of 7.35% in the forecast period.
The application basis of the market includes categories such as personal care products, food & beverage, pharmaceuticals and others. The food & beverage sector is controlling the sector owing to growing demand for honey in food product preparation. This division is estimated to develop at a CAGR of 7.26% till 2023.
The packaging category is divided into jar, bottle, tub, tube, and others. The bottle division is estimated to be accountable for about 45% of the market part and is likely to grow at CAGR of 6.72% in the period from 2017-2023.
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Honey Industry is globally divided into Europe, North America, Asia Pacific, and Rest of the world. Between these regions, the Asia Pacific market is estimated to maintain its authority all through the period of forecast till2023due to the increase in the manufacturing volume and developing intake of honey. The region is assessed to reach 1,162.8 kt in terms of volume by the year 2023. Nevertheless, the rest of the world comprising countries such as the Middle East,Latin America and Africa is estimated to grow at a reasonable CAGR of 7.31% through the years from 2017 to 2023.