The global honey powder market is growing with a CAGR of 4.1% over the forecast period and it is expected to reach USD 1.56 billion by 2025, according to a new report released by Million Insights. Longer shelf life and low-calorie present in crystal honey are driving the growth of the market.
Among various applications, the bakery segment held the largest market share in 2018. Honey powder is used as a natural sweetener, and it is widely used in bakery products as an alternative to artificial sweeteners. Additionally, the low cost of crystal honey further strengthens its demand in the food and beverage industry. This honey product is low in calorie and comprises of different minerals and vitamins, therefore, providing a healthy alternative to calorie-rich sweeteners such as white sugar and others. Growing obesity has led to a change in consumers’ preferences where low-calorie foods are gaining traction.
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The beauty product segment is projected to grow with the highest CAGR during the forecast period. Raw honey is widely used in the beauty industry as a skin cleanser. The honey powder shows similar characteristics as liquid honey and can be used alternatively in the cosmetics industry. Crystal honey is used in the manufacturing of facial masks, soaps and other similar products. Considering the increasing use of crystal honey in the cosmetic industry, manufacturers are exploring their unknown benefits.
North America was the leading region in terms of market share in 2018. Owing to the rising demand for low-calorie foods among the health-conscious population, the demand for alternative sweeteners is gaining traction, which in turn driving the honey powder market growth in the region. Further, increasing obesity among countries such as the United States and Canada has resulted in a rise in demand for crystal honey products. Over half of the honey consumption worldwide is done in North America. On the other hand, Asia Pacific is likely to register a CAGR of 5.9% over the forecast period. Increasing production of honey in emerging countries such as India and China are expected to drive the Asia Pacific region’s growth.
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Further key findings from the report suggest:
• Application segment is projected to witness a CAGR of 5.0% during the forecast period.
• Application in bakery accounted for the largest market share in 2018 owing to the increasing use of crystal honey as a substitute to artificial sweeteners.
• One of the leading consumer of the honey powder worldwide, the United States is projected to grow with a significant growth rate over the forecast period.
• India and China are among leading exporters of honey powder. Together, they are driving the growth in for the Asia Pacific region.
Million Insights has segmented the global honey powder market on the basis of product, distribution channel, and region.
Honey Powder Application Outlook (Revenue, USD Billion, 2015 – 2025)
• Bakery Products
• Beauty Products
Honey Powder Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• Central and South America
• Middle East and Africa
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