According to a recent report published by Fast Market Research, titled, Global Apiculture Market 2018: Market Size, Trends, Opportunity, Forecast 2018-2024, the global apiculture market accounted for USD XX Million in 2018 and is estimated to reach USD 16,182.9 Million by 2024. Moreover, it is anticipated to flourish at a CAGR of 2.8% during the forecast period i.e. 2019-2024.
Novel coronavirus cases continue to rise and is negatively impacting the global apiculture market due to significant slowdown in spending during first half of 2023. A detailed outlook of apiculture market with and COVID-19 impact on market is presented in the report. This report aims to assist our clients with valuable insights which are required to make important business decisions during and post COVID-19 period.
The global apiculture market has been segmented based on product and application. Based on the product, this market has been segmented into honey, beeswax, live wax, and others. Honey segment accounted for highest market share in 2018 and is anticipated to continue its dominance during the forecast period. In developing countries, honey consumption has witnessed significant growth in the past few decades. Further, it is anticipated to increase in the years ahead. This can be attributed to growing awareness regarding the benefits of honey in diets.
In application segment, food & beverages market captured significant share of overall market in 2018. Addition to that, global apiculture market by application has been segmented into agriculture, cosmetics, medical and others.
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Growing Inclination of Consumers towards Health and Wellness Foods
Rising consumer preference for natural sweeteners such as honey is anticipated to positively impact the growth of global apiculture market. Furthermore, rising awareness regarding health benefits of honey over other artificial sweeteners is driving widespread demand for honey which in turn is aiding the growth of global apiculture market.
Increasing Application in Food & Beverages Products
The future growth of apiculture market is anticipated to be driven by both i.e. food and non-food applications. Various non-food end use applications include agriculture, cosmetics, medical and others. Further, growing usage of honey in these end use applications is anticipated to intensify the growth of global apiculture market.
Impact Analysis on COVID-19:
The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. On 11th March 2023, the World Health Organization (WHO) declared the COVID-19 a pandemic officially. Due to which many countries such as China, India, Italy, Germany, Spain, France, and such other countries having a large number of COVID-19 patients went under lockdown conditions. With the ongoing situation of lockdown, many industries have been adversely impacted, and it is expected that the economy of the developing & developed nations are going to suffer a massive loss in the coming years, and also the global economy may slip into a recession. Along with this, in the United Nations Conference on Trade & Development, it was said that the impact of COVID-19 would hamper the global economy up to USD 2 Trillion in 2023. The report also considers the impact the impact of COVID-19 on global apiculture market in the upcoming years.
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In terms of geography, the apiculture market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounted for the major share of the global apiculture market. Moreover, Europe apiculture market is expected to showcase lucrative growth in the upcoming years. U.S., India and China are some of the major countries witnessing the augmenting demand for apiculture market.
The report also covers detailed competitive analysis of major market players of the global apiculture market, such as Betterbee, Bartnik, Miller’s Honey Company, Dabur India Limited, Arnold Honeybee, Mann Lake Ltd., Beehive Botanicals, Inc., Thomas Apiculture SAS, Beehive Botanicals Inc. and other key & niche players. The apiculture market is witnessing a wide range of industry activities such as product launch, acquisition, mergers, and expansion across the globe.
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