Global Honey Market Report and Forecast 2024-2032

Global Honey Market Size

The global honey market, in terms of production value, was around 9.77 billion in 2023. The market has been assessed to grow at a CAGR of 4.62% in the forecast period of 2024-2032, to reach a volume of 14.66 billion by 2032.

Honey is marketed as a natural sweetener, which finds its domestic use as a spread on bread, or as a sweetener in tea, in cooking, or baking. It is also used commercially as a sweetener in making desserts. Honey is also used as a principal ingredient in producing Mead, an alcoholic beverage.

Honey is extensively used as an immunity enhancer and the consumption and sale of honey saw a sharp upward trend during the historical period. The rising general awareness about the health benefits and medicinal properties of honey is expected to continue as one of the major growth drivers for the market. Its therapeutic properties have also been known to mankind since time immemorial.

The global honey market demand is likely to be highest in the Asia Pacific region. Asia Pacific continues to be the largest and fastest-growing market and the growth is expected to be quite robust in the coming years as well. Both China and India, the two largest global players in the region, continue to show great promise in honey production and marketing.

For example, in India, Dabur Honey, a product of the FMCG major Dabur India, recorded an impressive sale of INR 5 billion (USD 63.3 million). Countries in the Asia Pacific region are also not immune from the threat to bee populations from climate change, indiscriminate use of pesticides, and biodiversity loss. Timely action in this regard will be very much required on their part to preserve the bee population.

Another development is the growing shift towards organic honey farming. This involves the leasing of organic honey farms in villages, where honey is naturally produced through backyard beehive boxes. Such ventures are also gaining traction through social media platforms and represent a shift towards organic and sustainable food production globally.

Another interesting development in recent times has been the fight between honey producers of Australia and New Zealand over the ‘Manuka’ trademark. Manuka honey is obtained from bees, which feed on the Leptospermum scoparium plant, grown in both New Zealand and Australia. The honey enjoys a very high reputation for its medicinal properties and commands a very high price in the global market.

While New Zealand claims monopoly over the trademark ‘Manuka’, Australia has all along been disputing the claim. Given the dispute, the United Kingdom Intellectual Property Office rejected the application of the Manuka Honey Appellation Society, New Zealand, for registration of the ‘Manuka’ trademark in its name. The United States has also rejected the claim earlier.

Capilano Honey Limited of Australia has launched a new honey brand called ‘The Honey Collective’. It is a cheaper variety of honey that has been sourced from New Zealand and targets price-conscious customers.

Honey Market Report Snapshots

Honey Market Size

Honey Market Trends

Honey Companies