Indian Honey Market Overview 2019: Growth, Demand and Forecast Research Report to 2024
Added: (Mon Feb 25 2019)
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The Indian honey market has witnessed strong growth over the past few years. The demand for honey has been rising as it offers numerous benefits such as improving cholesterol levels, nourishing skin, boosting memory and preventing heart diseases.
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According to the recent study by IMARC Group, titled “Indian Honey Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Indian honey market reached a value of INR 15,579 Million in 2018, registering a CAGR of almost 11% during 2012-2018. Honey is a thick, golden, sweet liquid processed by bees using the nectar of flowering plants. It possesses anti-bacterial, anti-microbial, anti-oxidant and anti-inflammatory properties, and contains nutrients like Vitamin B6, thiamine, niacin, pantothenic acid and riboflavin. Owing to this, honey helps in strengthening the immune system, preventing cancer, improving cholesterol levels, nourishing skin and boosting memory. As a result, it is extensively used in the production of pharmaceuticals, cosmetics and food items. Since beekeeping is one of the oldest agricultural activities practiced in India and is considered an integral part of the economy, the Indian honey market has a strong foothold in the country.
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Market Trends:
Due to a high floral diversity and the availability of a variety of bee forages, the honey industry offers lucrative opportunities for manufacturers to produce a variety of honey flavors like tulsi, ajwain, eucalyptus and jamun. This, along with the rising popularity of online retail stores in the country is propelling the growth of the honey market. Further, the Government of India is providing training programs, and advisory and mentoring services to educate farmers on the latest beekeeping practices, thereby stimulating the production of honey in the nation. For instance, the Government has launched the “Development of Beekeeping for Improving Crop Yield”, a scheme which helps in organizing training and awareness programs for beekeepers and supporting the establishment of honey processing plants. On account of these factors, the market is projected to reach a value of INR 28,057 Million by 2024, registering a CAGR more than 10% during 2019-2024.
Indian Honey Market Segmentation:
Market Breakup by Flavour:
1. Multiflora Honey
2. Eucalyptus Honey
3. Ajwain Honey
4. Sidr Honey
5. Others
Based on flavors, the market has been divided into multiflora honey, eucalyptus honey, ajwain honey, Sidr honey and others. Amongst these, multiflora honey exhibits a clear dominance in the Indian market, accounting for the majority of the total market share.
Seasonality in Indian Honey Market:
1. Autumn and Spring Season
2. Winter Season
3. Summer and Monsoon Season
On the basis of seasons, autumn and spring represent the most popular seasons in India, holding the largest market share. Other major seasons include winter, summer and monsoon.
Market Break up By Distribution Channel:
1. Business to Consumer
2. Business to Business
Based on distribution channels, the market has been divided into business-to-consumer and business-to-business. Presently, the business-to-consumer segment accounts for the dominant share.
Market Breakup by State:
1. Maharashtra
2. Tamil Nadu
3. Karnataka
4. Punjab
5. Rajasthan
On a geographical front, the market has been categorized into Maharashtra, Tamil Nadu, Karnataka, Punjab and Rajasthan. Currently, Maharashtra enjoys the leading position in the market as most of the honey production facilities are located in the state.
Competitive Landscape:
The competitive landscape of the market has also been examined with some of the key players being Dabur, Patanjali, Apis India, Emami Limited, Hitkary Pharmacy Private Limited, Reliance Retail Limited, Shree Baidyanath Ayurved Bhawan Pvt. Ltd., Kejriwal Bee Care India Pvt. Ltd., Bharat Honey and Under The Mango Tree.
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