Honey Industry - Growth Drivers
The factors that drive the growth of the honey industry globally include the use of honey as an ideal sugar substitute in beverages, the growing demand for honey as a healthy substitute for sugar in food and beverages industry, the increasing awareness of honey's benefit and of bee wax as a thickener and valuable agent in the cosmetic industry, and the tech innovations and advancements in the bee industry. Below are the reasons why and how these factors drive growth, as well as an overview of the global honey industry.
- The global market size for honey in 2018 was $7.7 billion.
- It is predicted to reach $10.3 billion by 2025 at a compound annual growth rate of 4.8%.
- The food and beverage sector is estimated to dominate the industry in the foreseeable future due to the increasing demand for honey in the manufacturing of food products.
FACTORS THAT DRIVE THE GROWTH OF THE GLOBAL HONEY INDUSTRY
The following factors drive the growth of the global honey industry which is categorized into food and beverage, cosmetic products, and personal care products among others.
1. HONEY AS SWEETENER IN FOOD PRODUCTS
- Honey is used in a variety of food products as a flavoring agent and sweetener.
- The food and beverage segment of the honey market is estimated to dominate the industry in the foreseeable future due to the increasing demand for honey in the manufacturing of food products.
- There has been an increased popularity of pollen and royal jelly as food ingredients and supplements in beverages and food due to increasing awareness of the benefits of these bee products.
2. HONEY IS IDEALLY USED AS SUGAR SUBSTITUTE IN FOOD AND BEVERAGES INDUSTRY
- Honey, unlike the nutrient-void processed sugar and chemical enhanced artificial sweeteners, contains a less glycemic index and does not increase sugar levels.
- The consumer demand for honey as a healthy substitute to sugar and chemically enhanced sweeteners has brought increased growth in the use of honey in the beverage industry.
- This was driven by the demand for healthy and natural products in the global market.
3. INCREASING AWARENESS OF HONEY'S BENEFITS
- Honey contains many antioxidants, phenolic acids, and flavonoids which aid the body in scavenging and eliminating the harmful substances in the system.
- This proven antibacterial and anti-inflammatory attributes of honey drive global consumers to purchase honey.
4. INCREASING AWARENESS OF THE BENEFITS OF BEESWAX
- China was considered the largest producer of products derived through apiary culture, which include beeswax
- Beeswax is used as a thickener and valuable agent in cosmetics.
- These honey-based cosmetic products have increased in popularity in recent years and are estimated to be a fast developing global market for honey.
5. TECH INNOVATIONS AND ADVANCEMENTS
- Global tech firms such as Ireland's Apis Protect, Israel's Bee Hero, and UK's Olombria are developing various tech to safeguard and boost bee population and pollination.
- These technologies include robot bees, smart bees, and internet-connected beehive sensors among others.
- These innovations have aided in increasing bee population and by extension, the growth of the honey market growth.