Honey Market

The global honey market is expected to experience continued growth in both volume and value over the next eight years, with a forecasted CAGR of +2.3% and +4.6% respectively. In 2022, global consumption reached 1.9M tons, while market value expanded rapidly to $6.9B. China, the United States, and Turkey were the top consuming countries, while China led in production volume. Honey imports and exports also saw growth, with the United States being a key importer and China a major exporter. Overall, the market is projected to see sustained growth in the coming years.

Market Forecast

Driven by increasing demand for honey worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market volume to 2.3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.6% for the period from 2022 to 2030, which is projected to bring the market value to $9.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Honey

In 2022, global consumption of honey stood at 1.9M tons, growing by 4.7% against the previous year. The total consumption volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. Global consumption peaked at 1.9M tons in 2016; afterwards, it flattened through to 2022.

The global honey market value expanded rapidly to $6.9B in 2022, picking up by 6.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, the global market hit record highs in 2022 and is expected to retain growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (310K tons), the United States (252K tons) and Turkey (101K tons), with a combined 35% share of global consumption. Iran, Germany, Russia, the UK, France, Japan, Spain, Mexico, Poland and Canada lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +6.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest honey markets worldwide were the United States ($853M), China ($609M) and Turkey ($403M), with a combined 27% share of the global market. Germany, France, Russia, Japan, Iran, the UK, Mexico, Canada, Spain and Poland lagged somewhat behind, together accounting for a further 24%.

Poland, with a CAGR of +5.3%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of honey per capita consumption in 2022 were Turkey (1,183 kg per 1000 persons), Poland (956 kg per 1000 persons) and Germany (951 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Poland (with a CAGR of +6.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Honey

In 2022, approx. 1.9M tons of honey were produced worldwide; with an increase of 4.7% against the previous year. The total output volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. Over the period under review, global production hit record highs at 1.9M tons in 2017; afterwards, it flattened through to 2022.

In value terms, honey production fell to $6.4B in 2022 estimated in export price. Overall, production recorded a modest increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 11% against the previous year. As a result, production reached the peak level of $7.4B. From 2017 to 2022, global production growth failed to regain momentum.

Production By Country

China (462K tons) constituted the country with the largest volume of honey production, comprising approx. 25% of total volume. Moreover, honey production in China exceeded the figures recorded by the second-largest producer, Turkey (118K tons), fourfold. India (88K tons) ranked third in terms of total production with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Turkey (+2.9% per year) and India (+4.0% per year).

Imports

World Imports of Honey

In 2022, supplies from abroad of honey increased by 2% to 783K tons, rising for the third year in a row after two years of decline. The total import volume increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 13% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are likely to see steady growth in the immediate term.

In value terms, honey imports amounted to $2.8B in 2022. The total import value increased at an average annual rate of +4.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 18%. Over the period under review, global imports reached the maximum in 2022 and are likely to see gradual growth in the near future.

Imports By Country

The United States was the key importing country with an import of about 206K tons, which reached 26% of total imports. Germany (75K tons) held a 9.6% share (based on physical terms) of total imports, which put it in second place, followed by the UK (6.6%), Japan (6%), Belgium (5.1%), Spain (4.8%) and France (4.5%). Poland (32K tons), Italy (25K tons), Saudi Arabia (23K tons), the Netherlands (18K tons), Portugal (14K tons) and the United Arab Emirates (13K tons) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to honey imports into the United States stood at +3.8%. At the same time, Portugal (+23.6%), the United Arab Emirates (+16.4%), Poland (+8.4%), Belgium (+6.7%), Spain (+6.0%), Italy (+5.0%), the UK (+4.5%), France (+3.3%), the Netherlands (+3.2%), Saudi Arabia (+3.2%) and Japan (+2.5%) displayed positive paces of growth. Moreover, Portugal emerged as the fastest-growing importer imported in the world, with a CAGR of +23.6% from 2012-2022. By contrast, Germany (-1.4%) illustrated a downward trend over the same period. While the share of Germany (-6.6 p.p.) decreased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($732M) constitutes the largest market for imported honey worldwide, comprising 26% of global imports. The second position in the ranking was held by Germany ($304M), with an 11% share of global imports. It was followed by Japan, with a 6.1% share.

From 2012 to 2022, the average annual growth rate of value in the United States stood at +5.5%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+0.4% per year) and Japan (+4.8% per year).

Import Prices By Country

In 2022, the average honey import price amounted to $3,538 per ton, picking up by 2.6% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 16%. Global import price peaked at $3,725 per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Saudi Arabia ($4,286 per ton), while Poland ($2,246 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+2.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Honey

In 2022, shipments abroad of honey increased by 2% to 758K tons, rising for the third year in a row after two years of decline. The total export volume increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 when exports increased by 17% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, honey exports reached $2.7B in 2022. The total export value increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 19%. The global exports peaked in 2022 and are likely to continue growth in years to come.

Exports By Country

In 2022, China (156K tons), distantly followed by India (86K tons), Argentina (72K tons), Ukraine (48K tons) and Brazil (37K tons) were the key exporters of honey, together constituting 53% of total exports. Belgium (32K tons), Spain (28K tons), Mexico (27K tons), Germany (21K tons), Turkey (17K tons), Vietnam (15K tons), Poland (15K tons) and Hungary (15K tons) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Turkey (with a CAGR of +29.8%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($278M), Argentina ($243M) and India ($229M) appeared to be the countries with the highest levels of exports in 2022, with a combined 28% share of global exports. Ukraine, Brazil, Germany, Spain, Mexico, Belgium, Hungary, Vietnam, Poland and Turkey lagged somewhat behind, together accounting for a further 36%.

Among the main exporting countries, Turkey, with a CAGR of +22.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average honey export price amounted to $3,558 per ton, remaining relatively unchanged against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 12% against the previous year. The global export price peaked at $3,796 per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($5,861 per ton), while China ($1,780 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform