The global honey powder market size is expected to reach USD 1.56 billion by 2025, according to a new report by Radiant Insights, Inc. It is projected to expand at a CAGR of 4.1% during the forecast period. Rising demand for low-calorie food ingredients with long shelf life is anticipated to drive the market.
The bakery segment accounted for the largest market share in 2018, owing to honey powder being a natural sweetener and available at low cost. Moreover, honey is naturally a low-calorie food ingredient and contains many vitamins and minerals. This makes it a great substitute for white sugar. Increasing consumer preference for low-calorie foods to combat diseases like obesity, diabetes, and heart ailments is likely to boost the product demand.
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Beauty products segment is anticipated to witness the fastest growth in terms of application of honey powder in near future. Honey in its raw form acts a natural skin cleanser and softener leaving the skin fresh and glowing. These properties are retained in honey powder used in the formulation of soaps, facial masks, and body lotions. Major manufacturers are focusing on various other benefits of honey that can boost the overall production and consumption of the product.
North America held the major market share in terms of revenue in 2018, due to increasing consumer preference for low calorie products. The region accounted for more than half of the global consumption of honey powder. The population in North America is increasingly becoming health conscious and shifting its preference to low-calorie food ingredients to curb obesity and heart ailments. Honey powder being a low-cost alternative to white sugar, has increased the regional demand. Asia Pacific, on the other hand, is expected to expand at a CAGR of 5.9% over the forecast period, due to growing awareness about the benefits of honey. Moreover, many developing countries like China and India are major producers of honey. Increase in production of honey is expected to augment the regional growth over the forecast period.
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Further key findings from the report suggest:
• In terms of revenue,beauty products application segment is projected to ascend at a CAGR of 5.0% over the forecast years
• Bakery application held the leading market share in 2018, due to increasing use of honey powder in making cakes and pastries
• United States is one of the major consumers of honey powder in the world and the region is projected to hold a significant market share in the forthcoming years
• United States, Germany, and Japan were the major importers of the product. New Zealand, Argentina, China, and India topped the list of exporters in the global honey powder market
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