Honey Spreads Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.21 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Honey Spreads Market Analysis
The honey spread market is projected to register a CAGR of 6.21% during the forecast period, 2022-2027.
Honey has witnessed a higher demand among consumers as it is widely used as a natural sweetener in food products. The honey spread has been used as a staple of breakfast foods in the western region and its popularity is growing across the world which in turn boosted the market growth over the past few years. However, the outbreak of the COVID-19 pandemic impacted the honey spread market in the financial year 2020-21 due to the lack of resources and disruption in the supply chain which in turn affected the production rate.
Over the long term, the market growth can be attributed to the rising consumption of honey, and honey spread among consumers as it is abundant in nutrition such as vitamins, minerals, and natural sugar. In addition, the honey spread is primarily replacing the table sugar in daily diet owing to its various nutritional and health benefits such as cholesterol-free, fat-free, and aid in curing digestive health issues and enhancing immune function. Moreover, the rising consumer health consciousness has changed their preference for sweeteners from artificial sweeteners to natural sweeteners and hence, driving the sales of honey spread in the worldwide market over the forecast period.
Honey Spreads Market Trends
This section covers the major market trends shaping the Honey Spreads Market according to our research experts:
Increasing Consumption of Honey Spread in Breakfast Food
In the western region, the breakfast foods such as pancakes, waffles, and cereals are highly consumed with honey spread as a topping. With growing consumer preference for sweeteners to enhance the taste of breakfast foods, the demand for different flavored honey spreads is also increasing. Hence, the players are engaged in launching flavored honey spreads in the market. For instance, in 2021, Valeo Foods launched chocolate-flavored honey spread under its brand Rowse. The new product called ChocoBee is made of honey and sustainable cocoa. On the other hand, low-calorie sweeteners have become popular to enhance the flavor of breakfast cereals owing to the rising health-consciousness among global consumers. This, in turn, is driving the demand for honey spreads as honey is perceived as a low-calorie sweetener. Further, this trend is expected to sustain during the forecast period as modern consumers are increasingly participating in weight management programs and adopting low-calorie diets to control obesity. Thereby, the growing demand for honey spread in breakfast foods is expected to drive market growth during the forecast period.
North America Holds the Major Share
North America is anticipated to dominate the market owing to the increasing frequency of food spreads such as honey spreads in breakfast foods in the region. According to the Sugar and Sweeteners report published by the United States Department of Agriculture (USDA), the United States honey demand has reached an all-time high with a record of setting consumption of honey or honey-based products valued at 618 million pounds in 2021 with increasing 8 percent from the previous years. In particular, the per capita consumption of honey has reached to 1.9 pounds in 2021. Moreover, the United States is the second largest consumer of honey-based products behind China based on a report published by the Food and Agricultural Organization (FAO). Thus, the increasing consumption rate in the region is driving market growth over the forecast period. Similarly, the natural honey spread demand is increasing in the region, and hence the companies are focused on introducing new varieties to the North American region. For instance, in September 2022, Stakich, a popular supplier of premium honey products in the United States recently launched new natural raw honey products such as honey spreads that are packed with health-promoting nutrients.
Honey Spreads Industry Overview
The global honey spread market is competitive in nature owing to the presence of global and regional players. Major players in the market studied include the Kraft Heinz Company, J M Smucker Company, Ferrero International S.A., and Conagra Brands, Inc. among others. companies are focusing on product innovations and mergers & acquisitions to develop their presence and increase market share across the globe. For instance, in January 2022, Nature Nate's merged with Sweet Harvest Foods to make premium honey products accessible in every home in the United States.
Honey Spreads Market Leaders
unilever plc
The Kraft Heinz Company
Conagra Brands, Inc.
J M Smucker Company
Ferrero International S.A.
*Disclaimer: Major Players sorted in no particular order
Honey Spreads Market News
- In September 2022, Dabur launched Honey Tasties, a honey-based spread in the market that is available in two flavors including Chocolate and Strawberry.
- In June 2022, Dr. Oetker India's fastest-growing mayo manufacturer launched all-natural peanut butter sweetened with organic honey. The product is formulated with 100% pure kind of honey
- In august 2020, nutty gourmet launched a walnut honey butter spread with five other ingredients of walnut butter. It is a keto-friendly honey butter spread that is gluten-free and kosher certified
Honey Spreads Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Pure Honey Spread
5.1.2 Nut Honey Spread
5.1.3 Mixed Honey Spread
5.1.4 Others
5.2 By Distribution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Convenience Stores
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 Spain
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Unilever Plc
6.3.2 The Kraft Heinz Company
6.3.3 the JM Smucker Co.
6.3.4 Sioux Honey Association
6.3.5 Ferrero International S.A.
6.3.6 Conagra Brands Inc
6.3.7 Hive & Wellness Australia Pty Ltd.
6.3.8 Comvita Limited
6.3.9 Honey-Butter Products Co., Inc.
6.3.10 Alberta Honey Producers Cooperative Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
9. DISCLAIMER
Honey Spreads Industry Segmentation
Honey spread is a type of food spread containing honey as a key ingredient and can be used in different food products such as bread slices, waffles, pancakes, and muffins. The global honey spread market (henceforth referred to as the market studied) is segmented by product type, distribution channel, and geography. By product type, the market is segmented into pure honey spread, nut honey spread, mixed honey spread, and others. Based on the distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online retail stores, and other distribution channels. It provides an analysis of emerging and established economies across the world, comprising North America, Europe, South America, Asia-Pacific, the Middle East, and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
| By Product Type | |
| Pure Honey Spread | |
| Nut Honey Spread | |
| Mixed Honey Spread | |
| Others |
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Convenience Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
| By Geography | |||||||||
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Honey Spreads Market Research FAQs
What is the current Honey Spreads Market size?
The Honey Spreads Market is projected to register a CAGR of 6.21% during the forecast period (2024-2029)
Who are the key players in Honey Spreads Market?
unilever plc , The Kraft Heinz Company, Conagra Brands, Inc., J M Smucker Company and Ferrero International S.A. are the major companies operating in the Honey Spreads Market.
Which is the fastest growing region in Honey Spreads Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Honey Spreads Market?
In 2024, the North America accounts for the largest market share in Honey Spreads Market.
What years does this Honey Spreads Market cover?
The report covers the Honey Spreads Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Honey Spreads Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Honey Spreads Industry Report
Statistics for the 2024 Honey Spreads market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Honey Spreads analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
