The honey industry involves the production and sale of honey, as well as other bee-derived products such as beeswax, propolis, and royal jelly. The industry has been growing in recent years due to the increasing demand for natural sweeteners and the health benefits associated with honey. Fortune Business Insights has forecasted the worldwide honey industry to increase at a CAGR of 5.83% from $8.53 billion in 2022 to $12.69 billion by 2029.
Within the honey market, different varieties of honey trade at different prices based on the plant species. Centauri Honey, for example, was named the most expensive honey in the world in 2021, with a price tag of €10000/kg. It is a type of cave honey obtained 2500 meters above sea level from medicinal herbs planted around the cave on which the bees feed. Its rarity, therapeutic properties, and nutritional value justify its premium price. At the same time, there are also varieties, such as clover honey and acacia honey, that are made from plants that can be found anywhere and sell for much more affordable prices.
Although honey is consumed worldwide, there are also some issues pertaining to the production and marketing of honey. In a recent study conducted by the US Food and Drug Administration, researchers found that out of the 144 samples tested, 10% were adulterated with sweeteners. Interestingly, 10% of the samples came from India and Vietnam, the primary sources of imported honey in the US. The problem of such adulterated or fake honey, especially from Asia, is the most common problem in the honey market.
