In an interaction with AgroSpectrum India Namrata Khanna, Director, India Honey Alliance (IHA) shared her vision for a ‘Sweet Revolution’ along with the infrastructural and regulatory challenges plaguing the Indian honey market at large. Edited excerpts.
What are the factors driving the Indian honey market given that its size is expected to reach Rs 38 billion by 2027, according to a report by the International Market Analysis Research and Consulting Group (IMARC)?
Demand for honey has been growing with consumers becoming more health conscious and including honey in their daily diet. This demand witnessed a sizeable jump during the COVID pandemic as honey is known for its immunity boosting properties. In fact, the market touched a high in 2020, with a total valuation of Rs 19.2 billion and is expected to grow at a CAGR of 10 per cent to reach Rs 30.6 billion by 2026. All this can be attributed to the therapeutic properties that honey carries.
The pandemic ensured people made a beeline for wellness products. Today, the industry is propelled by the Food & Beverage segment, personal care and cosmetic industry due to its proven use in reducing oxidative stress and inflammation, as a natural humectant, and as a healthy alternative to sugar. Many leading FMCG players are launching not just different flavours of honey, such as tulsi, ajwain, ashwagandha, eucalyptus and jamun, but also newer formats like honey-based syrups, which have been driving market growth. The rising applications of honey in home remedies due to its antibacterial and antiseptic qualities that help in healing wounds and burns, also influence the growth of the honey market.
Moreover, the recommendation by the Ministry of AYUSH for honey as a home remedy for preventive care only helped in propelling the overall demand.
Further, scientific endorsement of the medicinal properties of honey and its growing usage as a premium ingredient in nutraceuticals are also creating a favourable market outlook. The demand is also getting escalated owing to the easy product availability through e-commerce platforms and extensive R&D activities to improve its uses and quality. Besides, the Government of India is introducing various training programmes and mentoring services to create awareness amongst farmers about the latest beekeeping practices.
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