BUSINESS: Research + Stats The Honey Industry Is Buzzing Worldwide By Staff Friday, March 31, 2023 1:52 PM Honey consumption continues to grow as Americans look for alternative sweeteners. According to Fact.MR worldwide consumption of honey is expected to grow by 5.4 percent CAGR (compound annual growth rate) by 2033. This will bring the total value of honey to from $9.7 billion to $16.4 billion during the same period. In the U.S., this number is expected to reach 6 percent CAGR. Experts believe consumer tastes are shifting away from traditional sweeteners to natural and organic sweeteners. This has caused the demand for honey to surge in recent years. The rise in diabetes and obesity has also helped drive the consumption of honey as people look for a safer and more healthy alternative to sugar. A rise in vegetarianism and veganism has also played a significant role in the growth of the honey market. A better understanding of the benefits of honey and honey-products are expected to increase shipments over the next decade. However, experts warn that adulterated honey and an increase in the use of maple syrup and stevia as sugar alternatives may have an impact on market growth.Israel is also expected to drive market growth worldwide. The country has been dubbed as one of the most innovative bee and honey solutions producers in the world. For example, Israel-based Beewise has been working on creating robotic beehive equipment to help strengthen bee colony safety by creating a climate controlled and solar-powered housing solution for bees. Honey demand has grown in the Asia Pacific region as disposable income in the area becomes more prevalent. India, China, Japan and Korea have all been named as prime markets for growth over the next 10 years.