Sugar Alcohol Market to Hit a CAGR of 7.75% by 2027 | Increasing Demand for Gluten-free Food Products to Bolster Growth

The global Sugar Alcohol market size is projected to reach USD 6.70 Billion by 2027 backed by increasing demand for gluten-free food products across the globe. Fortune Business Insights, in its latest report, titled “Sugar Alcohol Market Size, Share & COVID-19 Impact Analysis, By Type (Sorbitol, Xylitol, Maltitol, Erythritol, and Isomalt), Application (Food and Beverages, Pharmaceuticals, and Cosmetics and Personal Care), and Regional Forecast, 2020 – 2027.” observes that the market was worth USD 3.61 Billion in 2019 and will exhibit a CAGR of 7.75% between 2019 and 2027.

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

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List of the Companies Operating in the Sugar Alcohol Market:

• Archer-Daniels-Midland Co. – Illinois, U.S.
• Cargill Incorporated – U.S.
• Ingredion Incorporated – U.S.
• Roquette Frères - France
• Tereos Starch & Sweeteners s.a.s - France
• Tate and Lyle plc – U.K.
• Pfizer Inc. – U.S.
• Lonza Group - Switzerland
• SPI Pharma – U.S.
• Merck KGaA – German

Sugar Alcohol also known as polyols are turning out to be the fast emerging alternative to sugar. Though they bore similar resemblance to sugar considering their texture and taste, they contain far less caloric content and fewer health hazards when consumed. In addition to this, several studies have shown that consumption of polyols may lead to improving the health of the consumer. Furthermore, they are hybrids between sugar molecules and alcohol molecules and are present in several fruits and vegetables. Though there are organic polyols, there are few processed from sugars such as cornstarch and glucose.

What does the Report Include?

The market report includes an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2020 and 2027. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the maret has been included during the projected horizon.

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Drivers and Restraints:

Increasing Demand for Gluten-free Food Products to Bolster Growth

Gluten-free food is turning out to be popular among the people across the globe. An array of benefits such as improved cholesterol levels, better digestive health, increased energy levels, and aiding weight-loss, among others provided by gluten-free diet is driving the companies to launch products to ushers into the popularity of the diet. Glucose syrup that includes polyols such as maltitol and sorbitol are extensively used across several regions. Furthermore, growing demand for corn-based glucose syrup that is believed to be gluten-free is expected to drive the growth of the market during the forecast period.

Regional Analysis:

Europe to Remain Dominant; High Demand for Sugar-Free Confectionary Products to Promote Growth

Among the regions, Europe is expected to remain at the forefront and register maximum global Sugar Alcohol market revenue during the projected horizon. Additionally, the region registered a high market share of USD 1.23 Billion in 2019 and is further anticipated to rise backed by growing demand for sugar-free confectionary products among the population. Furthermore, fast-paced lifestyle is leading to a growing consumption of processed foods in several countries of Europe that will aid the market growth. North America, on the other, is anticipated to be the second-most leading region in the forthcoming years. This is ascribable to factors such as increasing prevalence of diabetic patients in the U.S. Furthermore, the widespread effects of COVID-19 in the regions is propelling the demand for hand-sanitizers that will boost the demand for the market during the forecast period.

The market in Asia-Pacific is expected to witness substantial growth in the forthcoming years. This is attributable to factors such as presence of large population in the region. Furthermore, high production of polyols in the countries such as China and India will contribute to the market growth.

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Competitive Landscape:

Companies Collaborating to Combat COVID-19 to Augur Growth

According to the report, the market comprises of several small, medium, and large companies striving to gain maximum market share by consolidating their position during the forecast period. In addition to this, the companies are collaborating with each other to fight the global pandemic, Covid-19 and mitigate the threat to get back the economy on track. For instance, in March 2020, amid the widespread effect of novel coronavirus that has caused the scarcity of hand sanitizes, Gull New Zealand, a renowned petroleum company, announced that it would provide over 340,000 liters of ethanol along with Sugar Alcohol to manufacture hand disinfectants. This move is expected to fill the void caused due to scarcity of hand sanitizers across several regions that will prove beneficial to fight the pandemic.

Cooking Oil Market to Reach USD 281.72 Billion by 2028 | Surging Demand for Processed Foods Globally to Rise Demand for Cooking Oils

The global cooking oil market size was USD 186.55 billion in 2020. The market is projected to grow from USD 204.74 billion in 2021 to USD 281.72 billion by 2028 at a CAGR of 4.67% in the 2021-2028 period. This information is published by Fortune Business Insights, in its report titled, “Cooking Oil Market, 2021-2028.”

According to our researchers, the market is fueled by robust demand for organic and unsaturated healthier items. The rising usage of avocado oil for its nourishing health benefits, augmented demand for canola oil used in snacks owing to its affordability and versatility, and elevation in healthy soybean oil product presentations by chief companies are anticipated to influence the cooking oil market growth.

COVID-19 Impacts:

Favorable Growth owing to Rise in Household Utilization amid COVID-19 to Support Growth

The rise in the amount of people having home-cooked meals results in an increase in household cooking oil consumption per capita. On account of the preliminary hoarding and panic buying, there is storage issues and the shift from foodservice to retail. It is one of the categories that is limited to each customer in large retail chains.

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List of Key Players Mentioned in the Report:

• Cargill Inc. (Minnesota, U.S.)
• Archer Daniels Midland Company (Minnesota, U.S.)
• Bunge Ltd. (Missouri, U.S.)
• Wilmar International Ltd. (Singapore)
• Fuji Oil Company, Ltd. (Osaka, Japan)
• ConAgra Brands, Inc. (Illinois, U.S.)
• IFFCO Group (Dubai, UAE)
• Ottogi Co. Ltd. (Anyang, South Korea)
• Associated British Foods Plc (London, U.K.)
• CJ Cheiljedang Corporation (Seoul, South Korea)

Report Coverage:

The report delivers a methodical review of the market and an extensive examination of the prime segments of the market. It offers an in-depth breakdown of vital players and their strategies to sustain the market growth for fiscal gains. It also shares noticeable insights which lead business experts with their investment outlook. The regional dynamics and how they lead the market toward an upward curve are mentioned in the report. Moreover, COVID-19 impacts have been added for additional information and how it is anticipated to affect the demand for cooking oil in the near future.

Segments:

Type, Application, and Region are Studied

In terms of type, the market is segregated into soyoil, rapeseed/canola oil, palm oil, sunflower oil, corn oil, peanut oil, olive oil, and others. Based on application, the global market is classified into food service outlets, household, and food processing. Household to witness significant growth due to increase in use of branded oils for cooking, especially in urban household to maintain good health. On the basis of geography, the global market is further segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

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Drivers and Restraints:

Surging Demand for Processed Foods Globally to Rise Demand for Cooking Oils

Growing utilization of processed foods across the globe is anticipated to conduct a fundamental part in fast-tracking the market growth. Consumer inclination toward packed and processed food shall result in surge in demand for these oils by small food chains, household, and restaurants to make food, which is probable to drive the market. Additionally, the income growth rate pooled by urbanization and extension of middle class leads to varied diets are driving the requirement for processed food products.

Regional Insights:

Asia Pacific leads the global market and stood at USD 105.76 billion in 2020. The substantial growth in the region is preliminarily augmented by urbanization, dietary modifications, amplified availability of processed foods as well as refined living norms.

Europe holds the second largest cooking oil market share and has risen promptly in past years, owing to growing health awareness among consumers as well as their demand for product that are natural, pure, and label appealed.

North America is anticipated to display considerable growth prospects for the market owing to surge in demand for numerous processed ready-to-serve foods combined with surging per capita consumption of edible oils.

Competitive Landscape:

Groundbreaking Product Launches by Fundamental Players to Spur Market Growth

The fundamental players implement various tactics to boost their position in the market as leading companies. One such vital tactic is procuring companies to boost the brand value among users. Another operative strategy is intermittently unveiling inventive products with methodical study of the market as well as its target audience.

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Industry Development:

April 2021: Cargill Inc. to begin construction of a new rapeseed processing plant in Regina, Saskatchewan to support the growing global demand for rapeseed products. The company expects to begin construction of the USD 350 million project. The new rapeseed processing plant will help in increasing its rapeseed oil production, thereby allowing them to cater to the growing needs more effectively.

Cheese Analogue Market Share, Industry Size, Dynamics, Trends and Forecast by 2027

 The global cheese analogue market is set to gain momentum from the increasing adoption of vegan diet. Hence, manufacturers are focusing on developing cheese alternatives for the processed food industry. This information is given by Fortune Business Insights™ in a new report, titled, “Cheese Analogue Market Size, Share & COVID-19 Impact Analysis, By Type (Non-dairy Cheese Analogues, Dairy Cheese Analogues, and Partial Dairy Cheese Analogues), Application (Bakery and Confectionery, Breakfast Cereals, Animal Feed, and Others), and Regional Forecast, 2020 – 2027.” The report further states that the market size stood at USD 2,197.58 million in 2019 and is projected to reach USD 3,618.91 million by 2027, exhibiting a CAGR of 6.7% during the forecast period (2020-2027).

How Did We Develop This Report?

We have conducted thorough primary and secondary research to gather information about various aspects of the market. We have also conducted interviews with key stakeholders, such as marketing managers, sales managers, product managers, and C-level executives to derive insights, namely, application pattern, average pricing, raw material supply & demand, and growth rate. Besides, we relied on authentic paid databases, relevant associations, investor presentations, industry journals, and annual reports to deliver our clients in-depth details about value and supply chain analysis, revenues, restraints, opportunities, and trends.

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Drivers & Restraints-

Rising Demand for Novel Products with Altered Dietary Properties to Aid Growth

Imitation cheese is very cost-effective. Hence, many processed food manufacturers are aiming to use this product to lower the production cost of food items, such as lasagna, sandwiches, and pizzas. The International Journal of Chemical Studies, for instance, declared in a 2019 report that cheese analogues made out of the blend of acid casein and rennet casein were cheaper than milk cheese.

At the same time, these products are helping manufacturers to meet the consumers’ demand for state-of-the-art food infused with altered dietary properties. These factors are expected to bolster the cheese analogue market growth in the coming years. However, plant-based cheese has a plasticky texture and tastes bland. It may hamper its demand.

Segment-

Non-dairy Cheese Analogues Segment Generated 59.67% Share in 2019

Based on type, the non-dairy segment earned 59.67% in terms of the global cheese analogue market share in 2019. It is set to dominate throughout the forthcoming years backed by the high demand for plant-based cheese products from numerous end-use industries. These products are also very simple to manufacture as the required raw materials are easily available.

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Regional Insights-

Rapid Urbanization to Surge Popularity of Imitation Cheese in Asia Pacific

Geographically, Europe held USD 971.21 million in 2019 and would retain its leading position in the near future. This growth is attributable to the high demand for better-for-you non-dairy cheese alternatives in countries, such as Spain, Germany, France, and the U.K.

North America, on the other hand, is expected to remain in the second position fueled by the increasing usage of pasteurized processed cheddar and mozzarella in a wide variety of cheese dips, cheese causes, spaghetti, and salads in the region. In Asia Pacific, the market is set to grow considerably because of the high demand for cheese analogues occurring due to rapid urbanization.

Competitive Landscape-

Key Players Focus on Developing Unique Products to Attract More Consumers

The market houses numerous manufacturers that are mainly focusing on introducing novel cheese substitute to cater to the high consumer demand. Some of the others are also conducting extensive research and development activities to create plant-based products.

Below are the two latest industry developments:

• October 2020: Bel Brands USA introduced its latest plant-based and dairy-free Boursin cheese in Garlic & Herbs flavor. It is suitable for both flexitarians and vegans. This way, the company will be able to broaden its presence in the plant-based world.
• February 2020: Miyoko’s Creamery, a vegan dairy brand, unveiled its new plant-based mozzarella for the foodservice industry. The ‘Cultured Vegan Pizza Mozz’ tastes like its cow dairy analogue and can be used in myriad Italian style dishes, lasagnas, and pizzas.

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Dehydrated Potato Market to touch USD 8.84 billion by 2026

The global Dehydrated Potato Market size is slated to touch USD 8.84 billion by 2026, exhibiting a CAGR of 6.83% during the forecast period. Growing awareness regarding the nutritional value of instant potatoes and their variants is expected to be one of the central Dehydrated Potato Market trends in the upcoming decade. Instant potatoes are emerging as a viable alternative to regular potatoes in a world where hectic lifestyles have become a norm, which is taking a heavy toll on physical health. The US Department of Agriculture recommends a weekly intake of 5 to 6 cups of natural starch.

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Dehydrated potatoes can fulfill this bodily requirement, delivering almost the same amount of nutrients like regular potatoes, except in a more convenient and efficient manner. These foods also contain the three essential macronutrients – carbohydrates, proteins, and fats – delivering the daily dose of energy required by the human body to function. Moreover, according to the US Agency for International Development, instant potato products such as potato flakes are a good source of starch in cases of emergency. Thus, the instant potato market stands to benefit as people become more aware of the healthy properties of these products.

Fortune Business Insights™ shares this information and more in its new report, titled “Dehydrated Potatoes Market Size, Share & Industry Analysis, By Form (Flakes, Powder, Dices, Shreds, and Others), Nature (Organic and Conventional), By Distribution Channel (Food Services and Retail Channel), and Regional Forecasts, 2019 – 2026”. As per the report, the value of this market stood at USD 5.23 billion in 2018.

The report also includes:

• In-depth research into the factors driving and restraining the market;
• Piece-meal study of all the possible segments of the market;
• Precise computation of market values; and
• Comprehensive analysis of the regional and competitive dynamics shaping the future of the market.

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Gathering Pace of Urbanization Worldwide to Escalate the Demand for Ready-to-Eat Foods

The number of people living in urban areas is rising at a steady pace all around the globe as a result of economic growth and development, especially in developing nations. The UN’s Department of Social and Economic Affairs predicts that Asian and African countries will account for around 90% of the rise in the global urban population by 2050. The birth of knowledge-based economies has created jobs in cities and metros that usually require people to sit in one place and perform data collection and analysis tasks on a daily basis.

Consequently, sedentary lifestyles have become commonplace and lives have gotten faster, both of which are adversely affecting human health. With little time to spare for cooking, consumer preference in urban areas is increasingly shifting towards ready-to-eat products, such as dehydrated potatoes, to meet the daily energy needs of the body.

Increasing Population to the Drive the Market in Asia-Pacific

Among regions, Asia-Pacific is forecasted to dominate the Dehydrated Potato Market share in the coming decade owing to the rapidly rising populations in India and China. These countries also have a steadily expanding middle class that is actively consuming nutrition-laden processed foods. Furthermore, China and India are some of the largest producers of potatoes in the world, which will aid the instant potatoes market growth in the region. Lastly, the large consumer base is attracting companies from developed nations to establish themselves in this fledgling market, thereby accelerating the Dehydrated Potato Market revenue during the forecast period.

Competitors to Focus on Upgrading Production Capacities and Diversifying Operations

Major players are directing their investments towards enhancing their production capabilities and expanding their operational range, according to the instant potatoes market analysis. This would provide the companies with a solid base for building their brand value in this market.

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Cheese Market to Reach USD 161.23 billion by 2028 | Rising Admiration of Flavor Blends to Thrust Market Growth

 The global cheese market size was USD 120.63 billion in 2020. The market is projected to grow from USD 123.87 billion in 2021 to USD 161.23 billion by 2028, exhibiting a CAGR of 3.84% during the forecast period (2021-2028). This information is presented by Fortune Business Insights™, in its report, titled, “Cheese Market, 2021-2028.”

As per our expert analysts, the market is observing advanced growth, owing to the growing demand for varied types of cheese in several food products. The upsurge in the ingestion of fast foods, such as pizza, pasta, and burgers, has contributed to the surging demand for assortments such as mozzarella, parmesan, as well as cheddar.

COVID-19 Impact

Global Demand & Supply Disparity of Cheese Products during COVID-19 to Obstruct Growth

The industry for this product has confronted an abrupt commotion amidst the outbreak of the COVID-19 pandemic, owing to the prime modification in demand dynamics. Lockdowns across the world have resulted in the shutdown of the foodservice industry, which has substantially deteriorated the demand for all processed food products. The declining demand for greater-value products is anticipated to reduce costs.

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List of Key Players Covered in the Cheese Market Report

• Fonterra Co-operative Group Limited (Auckland, New Zealand)
• Royal FrieslandCampina N.V. (Amersfoort, Netherlands)
• Saputo, Inc. (Montreal, Canada)
• Winsleydale Creamery (Yokshire, U.K.)
• Dairy Farmers of America, Inc. (Kansas, U.S.)
• Lactalis International (Laval, France)
• Arla Foods Group (Viby, Denmark)
• The Kraft Heinz Company (Illinois, U.S.)
• The Ilchester Cheese Company (Ilchester, U.K.)
• Glanbia Plc (Kilkenny, Ireland )
• Chicago Mercantile Exchange (Illinois, U.S.)

Segmentation

On the basis of source, the market is bifurcated into plant-based and animal-based. On the basis of product type, the market is segmented into feta, parmesan, mozzarella, cheddar, and others. On the basis of type, the market is fragmented into hard & soft cheese, spreadable, block, natural, processed, and others. On the basis of distribution channel, the market is categorized into online retail, specialty stores, convenience stores, supermarkets/hypermarkets. Geographically, the market is classified into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.

Report Coverage

The report offers valuable insights obtained thorough the study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy.

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Drivers and Restraints

Rising Admiration of Flavor Blends to Thrust Market Growth

In past few years, consumer inclination for trying novel striking flavors and cuisines has augmented significantly. The surging popularity of cheese flavor amalgamations in numerous cuisines, such as Italian as well as Mexican, has fast-tracked the usage of diverse assortments in these cuisines.

 Moreover, the speedy extension of the foodservice industry has demanded foremost product processors to create inventive products, such as powder and creamers, which acts as a driver and fuels the cheese market growth.

However, the rising awareness for health risks due to fat consumption may hinder market growth.

Regional Insights

Europe to Dominate Global Market

Europe holds the maximum cheese market shares and maintains its dominance in the market, owing to the existence of giant milk-producing nations. The region's thriving food and foodservice industry has contributed to the rising demand for several product diversities across these sectors.

North America is anticipated to grow at a considerable CAGR, owing to the increasing demand for clean-label and sustainable dairy products.

Asia Pacific is projected to demonstrate a drastic change in the ingestion inclinations of dairy products. The growing disposable income levels of consumers in the region and comparatively steady milk prices have substantially contributed to the amplifying sales of cheese assortments.

Competitive Landscape

Procurements Instigated by Crucial Companies Set to Endorse Market Growth

The foremost players in the market incessantly determine for proficient tactics to reinforce their brand value as well as promote the global cheese market growth with experiencing least latent hurdles. One such operative strategy is procuring competitive companies and further safeguarding a profit for all involved companies.

Industry Development

July 2020: Brownes Dairy, an Australian dairy giant, declared the unveiling of conservative cheddar cheese on the retail platform to take advantage of the rising demand for product among families.

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Organic Cocoa Market to Hit USD 942.57 million by 2028 | Surging Popularity of Organic Food Produces to Stimulate Market Growth

The global organic cocoa market size was USD 532.45 million in 2020. The market is projected to grow from USD 570.95 million in 2021 to USD 942.57 million by 2028, exhibiting a CAGR of 7.42% during the forecast period. Fortune Business Insights™ provides this information in its report titled, “Organic Cocoa Market, 2021-2028.”

As per our report, buyers these days opt for better-for-health and harmless products to uphold their health and diminish the threat of lifestyle-based health disorders, and this is likely to fuel demand for organic cocoa in the market during the mentioned timeframe. Additionally, cocoa is one of the richest sources of polyphenols. It is packed with vital nutrients in abundances, such as flavonols, which have effective antioxidant and anti-inflammatory impacts. Therefore, keeping these factors in mind, health conscious population prefers to consume this product healthily.

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Report Coverage

The report presents a systematic study of the market segments and a thorough analysis of the market overview. A thoughtful assessment of the current market trends and the forthcoming opportunities is offered in the report. Besides, it presents an extensive analysis of the regional insights and their relation with the market growth. The COVID-19 impacts have been discussed in the report to assist stakeholders and business owners with a better understanding of the potential risks existing in this industry. The report further mentions the key players and their chief strategies to stay in the leading position.

COVID-19 Impact: Loss of Workforce due to Lockdown Has Had Mild Impact on Market

The COVID-19 pandemic disrupted almost every industry when it hit the world in 2019. Due to government infliction of lockdowns, further problems aroused, such as loss of workforce along with revenue reduction. The chief companies faced a reduction in manpower which considerably affected the production proficiency. Moreover, the strike in demand for retail goods such as chocolates, beverages, and cocoa powder formed several complications for producers to plot the production and delivery. Nevertheless, the increasing worries associated with security augmented the demand for organic products to safeguard harmless and healthy consumption. Users have become more concentrated on healthy, nutritious, and beneficial products. The affirmative progression of consumers’ inclinations towards organic goods is anticipated to enhance the growth of the organic cocoa industry in the foreseeable future.

Competitive Landscape

The Hershey Company Concentrates on Portfolio Extension to Reinforce its Existence in Market

The Hershey Company, which is a prominent chocolate confectionery corporation worldwide, is dynamically aiming at financing the development of its product collection to fortify its presence in the market. For example, in February 2021, The Hershey Company declared to introduce a variety of organic, sugar-free chocolate goods to explore the market interest owing to the budding trend of organic and premium chocolate sweet products.

Industry Development

March 2020: India-based Pascati has innovated and developed 14 different variations of organic chocolates by utilizing organic cocoa obtained from Kerala, India.

List of Key Players Covered in the Market Report

• Olam International Limited (Singapore)
• Barry Callebaut AG (Zurich, Switzerland)
• Tradin Organic Agricultural B.V. (Amsterdam, Netherlands)
• Conacado Agro Industrial S.A. (Dominican Republic)
• Cargill, Inc. (Minnesota, U.S.)
• Blommer Chocolate Co. (Pennsylvania, U.S.)
• Pascha Chocolate Co. (Ontario, U.S.)
• Guan Chong Berhad (Malaysia)
• The Hershey Company (Pennsylvania, U.S.)
• Jindal Cocoa (Mumbai, India)

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Segmentation

Based on type, the market is segregated into cocoa butter, cocoa liquor, and cocoa powder. Cocoa butter is the leading type of organically produced product, holding the largest organic cocoa market share of 62.90% as of 2020 attributed to its widespread application in various manufacturing of chocolate confectioneries.

On the basis of application, the market is further separated into confectionery, beverages, bakery products, and others. In terms of geography, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East and Africa.

Drivers and Restraints

Surging Popularity of Organic Food Produces to Stimulate Market Growth

The frantic modern lifestyle of customers across the world has shifted their food purchasing habits speedily. Customers are particular towards healthier products with harmless properties that support preserving overall fitness. Organic goods are insecticide-free and thus grown securely. The increasing fondness for natural, chemical-free food impacts the requirement for naturally grown cocoa positively through the food and beverage industry. The surging admiration of organic chocolate confectioneries, desserts, bakery products, and beverages between users has powered the growth this market over the years.

Moreover, the rising trend of consuming clean-label goods, mainly across emerged markets of Europe and North America, also boosts this industry. Prominent producers and cocoa processors are fixated on financing in the R&D of advanced products to reach a broader customer base, and this is anticipated to assist the market growth. The affirmative development of organic agricultural methods and extension of an organic food supply chain is estimated to further drive the organic cocoa market growth in the forthcoming years.

Regional Insights

Europe to Dominate Backed by Surging Health Conscious People in Germany and France

Europe held USD 219.59 million in terms of revenue in 2020 and is estimated to be the key market for chocolate and cocoa products owing to the escalating consciousness regarding secure equivalents of organic products over the traditional ones. Leading European countries such as Germany, France, and Italy are turning progressively conscious about upholding a fitness routine, which has, in turn, augmented the demand for organic products.

The evolving trend of clean-label, fair-traded, and morally obtained food products in North American markets such as the U.S. and Canada have eventually powered the growth of the market in the region.

Asia Pacific is observing healthy growth of the market owing to the amplified flexible income levels among buyers in the region. The increasing capability of customers to expand on beneficial products has augmented the application for organic cocoa across confectionery, beverage, bakery, and dairy industries.

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Japan Honey Market to Hit a CAGR of 5.5% during 2021-2028 | Birth of Innovative Bees-related Startups to Reshape Market Dynamics

The global honey market is projected to reach USD 11.88 billion by 2028, exhibiting a CAGR of 5.5% during the forecast period. Increasing consumption of honey to treat severe cough and cold-induced by the coronavirus and the seasonal flu is exacted to propel the growth rate of this market, observes in its report, titled “Japan Honey Market, 2021-2028”. The market size stood at USD 7.84 billion in 2020. 

COVID-19 IMPACT Analysis:

The SARS-CoV-2 infection, which triggered the COVID-19 pandemic in March 2020, is known to attack the respiratory system of the body, giving rise to moderate to severe cough, cold, and persistent fever. With cases surging worldwide and people showing increasing apprehension in getting admitted into hospitals, there has emerged a growing demand for home-based treatments for possible coronavirus infection. This sweet liquid food called honey, with its proven antimicrobial and antioxidant properties, is becoming the choice cure for many individuals suffering from COVID-induced cough and cold. Research is also supporting the consumption of natural honey to fight viral infections.

For example, in August 2020, researchers at the University of Oxford found that intake of this sweet liquid sped up improvements in symptoms related to cold. Showing no side effects and being rich in nutrients, the study established this product as a viable alternative to antibiotics for respiratory afflictions. The soaring popularity of this natural remedy for sore throat and cold amid the COVID-19 pandemic has enabled the market to grow at an impressive CAGR of 9.0% in 2020. 

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Food & Beverage Segment to Account for the Largest Share

The heavy demand for honey in the food and beverage industry for the production of confectionery products, beverages, and other baked goods will incite the growth of this segment. Based on packaging, glass and plastic bottles are expected to hold the largest share due to their higher convenience compared to other packaging.

Driving Factor

Birth of Innovative Bees-related Startups to Reshape Market Dynamics

The demand for natural sweeteners is gaining swift momentum around the globe, with natural honey and other related products garnering much attention since ancient times. The changing dynamics of the natural sweetener industry has led to the birth of innovative startups, creating products and services surrounding the pollination business.

For example, OS Beehives, a Colorado-based startup, has developed a remote sensor connected to the network called BuzzBox. This sensor system uses machine learning to assess hive health based on its interaction with barometric pressure, humidity, and temperature. It is ideal for beekeepers to track their hives remotely. Another unique example is the Germany-based pollination brokerage network, BEEsharing. The network is a multi-faceted platform, designed to connect farmers to beekeepers and beekeepers to vendors for honey, pollen, and beeswax. The broadening presence of startups specializing in this sweet liquid and other bees-related products is, thus, stoking the growth of this market. 

Regional Insights

Supportive Government Policies to Provide Impetus to the Market in Asia Pacific

Asia Pacific is poised to dominate the market share during the forecast period on account of formulation of policies supporting beekeeping and other related activities by governments in the region. In India, for instance, the Central Government sanctioned around USD 68 million to promote hive-related businesses under its Atmanirbhar Bharat Scheme launched in May 2020. Similar policy support is also being witnessed in Australia. The Asia Pacific market size stood at USD 2.73 billion in 2020.

After Asia Pacific, Europe is set to rise as the second-largest region in terms of revenue share in the global market. Here, the market is anticipated to be driven by the spreading awareness about the various health benefits of this natural product. In North America, on the other hand, an increasing number of beekeepers across Canada and the US will fuel the regional market.

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The report’s primary features include:

• Thorough segmentation of the market and piece-meal study of each segment;
• Unrivalled insights into the regional developments occurring in the market;
• Exhaustive research into the market drivers, trends, and challenges; and
• Holistic assessment of the competitive landscape of the market.

Competitive Landscape

High Investments in R&D by Key Players to Boost Market Innovation

The honey market growth is receiving frequent booster shots due to the rising investments by key players in research & development activities. These investments are enabling companies to create and launch novel products, widen the scope of their operations, and expand their existing customer base.

Key Industry Developments:

• September 2020: Comvita announced the release of Multifloral Manuka Honey, the brand’s maiden MGO-certified Manuka offering. The key ingredient in this product is derived from the Manuka flower known for its antibacterial properties, and blended with other New Zealand wildflowers.
• June 2020: Capilano introduced its Low Glycemic Index (GI) Honey, formulated with a select blend of 100% Australian eucalypt honey. It is an ideal sugar alternative for people wanting to lessen their sugar intake as the product has been designed to release energy more slowly and in a sustained manner.

List of Companies Profiled in the Honey Market Report:

• Dutch Gold Honey Inc. (Pennsylvania, United States)
• Bee Maid Honey Limited (Manitoba, Canada)
• Capilano Honey Ltd. (Queensland, Australia)
• Billy Bee Honey Products (Ontario, Canada)
• Golden Acres Honey (Canada)
• New Zealand Honey Co. (Washdyke, New Zealand)
• Dabur India Ltd. (Uttar Pradesh, India)
• Comvita Limited (Te Puke, New Zealand)
• Barkman Honey LLC (Kansas, United States)
• Yamada Bee Company (Tokyo, Japan)

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