Global Honey Market Revenue Predicted To Rise as Consumers Look for Sweeter Alternatives
19 Dec 2016 --- Retaining the sweetness in food products & beverages has become a rugged task for manufacturers as consumers continue to be skeptical about the genuineness of such sugars.
According to Innova Market Insights data, Bakery (14.98%) and Cereals (18.64%) were the leading categories where honey was listed as an ingredient in 2016YTD. The top health claims for products where honey is listed as an ingredient is No Additives (16.70%) and Allergen Free (16.20%). The US accounted for 19.19% of new launches tracked in this period.
More and more people in the world are victims of diabetes, urging F&B companies to cautiously include artificial sweeteners as well as natural sugars. But, a quick fix for this global dilemma is the inclusion of pure honey in production of sweets, food products and drinks. Easy availability and organic nature of honey make it one of the most aptly-applicable sweet in the world.
Furthermore, the sugary content in honey renders it edible for diabetic patients, encouraging food and beverage producers to replace any other sweeteners with honey. Food preparation methods, as common as baking, have integrated the use of honey, while consumers are buying packaged honey to replace sugars from their morning beverages such as tea or coffee.
Increasing demand for honey has catalyzed the production of nectar on commercial grounds. Horticulture is raking in greater investments for expanding commercial cultivation of beehives and production of honey through naturally-obtained nectar. Inclusion of honey bottles in top consumer retail goods such as sauces, mustards, and other seasoning flavors has surged business opportunities for producers of honey products. The global honey market continues to gain traction due to modern uses of honey in health and food & beverages industry, anticipating an ascending growth in the future. Advancements in food-making technology will further hike the applicability of honey, instigating a significant rise in business opportunities for honey product manufacturers.
Besides being a predominant food additive in the world, honey is also proliferating untapped verticals of food and beverage production. Some of the modern applications of honey in the F&B industry include production of commercial beverages, honey mustard, and honey barbeque sauce. Fermentation of honey in production of sweet alcoholic drinks such as meads, honey wines and honey beers is also gaining momentum. Healing benefits of honey are expected to be a crucial factor driving the growth of global honey market. Therapeutic use of honey expands the market into industrial verticals of drug production, healthcare facilities, and production of medicinal disposables. Preservation duration for honey is quite extended, allowing consumers to store in absence of refrigerators.
However, the sugar profile of honey continues to induce consumer skepticism in the global market. Being naturally sweet doesn’t restrict honey from being probed by scientists and medical researchers. The hampering effect of consuming honey during treatment of open wounds creates a major dislike among diabetic patients. Adulteration practices undertaken by honey manufacturers lowers their consumption, while potential health risks of such impure products aggravates the businesses in global honey market. Botulism and health disorders caused due to consumption of toxic honey are also some key restraints influencing the growth of global honey market.
The global market for honey can be segmented on the basis of types of honey. Some of the most common and commercially-produced honey types include date honey, flower honey, buckwheat honey, acacia honey, and linden honey, among others. Consumption of date honey continues to surge owing to dates being a good source of energy, vitamins, minerals and fiber. For acacia honey, the low sucrose levels and high fructose levels render it apt for diabetic patients.
Medical use of honey will continue to expand business opportunities for manufacturers, unifying pharmaceutical production with honey production. Drugs containing honey are equipped with key trace elements having wound-healing properties. Hydrogen peroxide, methylglyoxal and other compounds that are present in honey can be used in production of antibiotic drugs, compelling researchers to devise more accurate studies on medical uses of honey. Effectiveness of honey-derived drugs will inflate its presence in healthcare measures across the world.
Health benefits associated with honey are gaining acceptance among consumers, but the reception is distinctive to each region independently. Higher clinical and medical studies in North America and European countries is expected to boost their regional honey market. Increasing food & beverage consumption in the US has an incidental impact on the growth of North America’s honey market. Meanwhile, spanning agricultural industry in Asia Pacific countries and presence of food manufacturing plants, which are owned by global F&B companies, are expected to bulk up the revenues garnered in Asia Pacific’s honey market.
