More awareness of organic food has increased the demand for organic honey. Initially, the global market for organic honey was worth US$605 million in 2020. Allied Market Research data now says it will rise to $1.06 billion by 2030, registering a compound annual growth rate (CAGR) of 5.5% from 2021 to 2030. The market is spurred by the increasing number of global fitness enthusiasts now more aware of the benefits of healthy foods such as organic honey.
Data also revealed that the COVID-19 pandemic negatively impacted the growth of the global organic honey market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to the closure of manufacturing plants, including those of organic honey. In addition, stringent import and export restrictions imposed by the government created hassles in distribution strength and production capacity. However, the research firm said the market would recoup soon.
Another challenge that might hinder the growth of the global organic honey market is raising concerns about the purity of organic honey available in the market. But the rise in utilisation of honey in drugs and health products is expected to create tremendous opportunities in the industry.
In terms of application, the food and beverage segment will maintain the lion's share of the global market. This segment accounted for the highest market share in 2020, garnering nearly one-third of the organic honey market. The boost is due to a surge in honey-sweetened food and drinks. The rise in the prevalence of honey as a healthier alternative to sugar is driving the segment growth.
Lastly, North America held the majority share in 2020, accounting for nearly one-third of the organic honey market, owing to the rise in health-conscious individuals in this region. On the other hand, the Asia-Pacific will exhibit the fastest CAGR of 6.2% during the forecast period. The growth is due to the industrialisation in this region.
(Image from Unsplash)
Post a Comment