The US Honey Market would witness market growth of 9.3% CAGR during the forecast period (2020-2026). Honey is a type of sweet, thick liquid produced by honey bees. Bees collect the floral sugar-rich nectar for their nutrition. From the nectar, a sugary secretion that is honey is produced by the process of regurgitation, enzymatic activity, water evaporation, and other metabolic activities.
Honey is produced commercially due to its high demand in the market across the globe. People use honey both as food and medicine from very ancient times. It has a variety of health benefits and medicinal properties. Honey is also used as a flavour enhancer, an emulsifier, a humectant, or a preservative. Honey possesses distinct composition & chemical properties and can be stored for a longer period of time.
The USA is one of the largest importers of honey across the globe. According to the national honey board, there are more than 125,000 beekeepers in the USA. The increasing consumption of honey in this area is directly related to the increased production. The per capita consumption of honey in the USA has reached about 1.82 pounds per year. The honey industries in the USA have a significant contribution to the US economy. In the year 2017, the honey industry-backed around $2.1 billion in value-added to the gross domestic product (GDP).). Honey is also used as an ingredient in manufactured food products in the USA. This, in turn, creates jobs and enhances economic output to the economy. Widespread honey production and consumption also promote national health and contribute to the well-being of its citizens. Honey is a healthful, nutritious, and enjoyable sweetener option for the food consumers of the U.S.
The outbreak of the COVID-19 pandemic has negatively affected honey industries in the USA. Although by the end of December 2020, it was under control, and the lockdown was released. The re-opening of production and processing facilities has been established, and this would resume honey production. The beekeepers and market players are putting their best effort to re-establish the disrupted supply chain. It is expected that the condition of the honey market will improve in the coming days.
Dutch gold Honey is the key market player in the USA. Comvita, a leading global market player announced in January 2018 that it will expand its reach and make retail availability in the US market. Similarly, Barkman Honey LLC is focused on distribution channel expansion in order to increase the market share.
Honey is leveraged with various beneficial properties. Raw honey contains chemicals that are antioxidant since it protects cells from oxidative damage caused by free radicals. Researches have shown that have antiseptic properties and can kill bacterial and fungi. Due to the medicinal properties of honey, it is used to treat digestive issues such as diarrhea and stomach ulcer. Thus, the demand for honey is expected to keep on increasing in the forecast period.
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