In 2022, the Indian honey market had a value of INR 23.3 billion. Looking ahead, experts believe that the market will grow at a compound annual growth rate (CAGR) of 8.4% from 2023 to 2028, reaching INR 38.8 billion. Padgilwar Corporation, the leading agricultural product manufacturer in India, help Indian farmers in many ways – one is by providing information about the trends in farming and related sectors that can help in boosting farmers’ income. Honey bee farming is one sector that can bring huge profits to farmers. In this blog, let us analyze the industry trends, shares, size, growth and opportunity in the Indian honey market in the next five years.

Honey and its importance

Honey is a sweet, thick, and golden liquid that bees make from flower nectar in their honey sacs. Its demand in the Indian honey market is due to several reasons. It has several compounds, such as antioxidants, vitamins, and minerals like niacin, thiamine, pantothenic acid, and riboflavin in abundance. These impart honey its antibacterial, anti-microbial, and anti-inflammatory properties. It is one of those food products that have several health benefits, such as strengthening the immune system, improving memory and concentration, and aiding in maintaining healthy cholesterol levels. In India, honey is also utilized as a natural sweetener in fermented drinks, wine, and other beverages.

Trends in the Indian honey market

One of the primary factors affecting the Indian honey market is the rising prevalence of chronic medical conditions like diabetes, heart disease, and cancer. Additionally, the rising demand for goods that improve health and immunity is providing manufacturers with profitable expansion opportunities. The country's honey sales are rising as a result of the expanding use of honey in natural remedies. In addition, due to honey's antiviral, antifungal, and antibacterial properties, it is increasingly used in the formulation of medications for the treatment of cough and acute throat infections, which is boosting market growth. Leading players are also concentrating on releasing various product variants, which is accelerating market growth. The Government of India (GoI) is also starting a number of mentoring services and training programs to educate farmers on the most recent beekeeping methods. Furthermore, the development of organized distribution channels like supermarkets, hypermarkets, convenience stores, and general stores as well as the booming e-commerce industry are encouraging market growth. Furthermore, it is anticipated that rising investments by key players in research and development (R&D) activities to enhance extraction processes will further propel the market.

Important Market Segmentation

Let us have a look at each sub-segment of the Indian honey market. The market can be divided into categories based on flavor, seasonality, and distribution method.

 

Flavored-based market: Multiflora Honey, Eucalyptus Honey, Ajwain Honey, Sidr Honey, and others.

As multiflora honey has antibacterial and anti-inflammatory properties that treat skin issues, reduce swelling, and heal wounds and burns, it represents the most well-liked flavor in India.

Season-based market: Autumn and spring season; winter season; and summer and monsoon season.

The market is dominated by the autumn and spring seasons because they encourage honeybees to increase egg laying.

Distribution channel-based market: Business to Consumer and Business to Business.

The largest distribution channel today is business-to-consumer (B2C), which makes a variety of goods easily accessible at reasonable prices.

State-based market: Maharashtra, Tamil Nadu, Karnataka, Punjab, Rajasthan and others.

Due to the concentration of manufacturing facilities in Maharashtra, it has a clear advantage in the market.

Due to the existence of numerous manufacturers, the Indian honey market is very fragmented. The top companies are as follows:

  • Dabur
  • Patanjali
  • Apis India
  • Emami Limited
  • Hitkary Pharmacy Private Limited
  • Reliance Retail Limited
  • Shree Baidyanath Ayurved Bhawan Pvt Ltd
  • Kejriwal Bee care India Pvt Ltd
  • Bharat Honey
  • Under The Mango Tree

Conclusion

Thus, this blog post gives a brief on the Indian honey market focusing on the trends and market segmentation. You can use the given information and accordingly plan to start honey bee farming for additional income.

Padgilwar Corporation in Pune manufactures farming and agricultural equipment to facilitate small farmers of India in accomplishing their tasks easily and in less time. Besides, we also keep regularly updating you with new business opportunities and market trends through our blog posts.

To know more, stay tuned with us.