Apiculture Market is Anticipated to Reach to USD 8,182.9 Million By the End of 2024.
According to a recent report published by Fast. MR, 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.
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.
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.