Apiculture Market to Expand with a CAGR of 2.8% by 2024 Owing to Increasing Adoption of Agricultural Automation Technology
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.
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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.
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.
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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