Honey Wine Market Share, Size, Trends, Industry Analysis Report, By Nature (Organic, Conventional); By Product; By Variety; By Application; By Distribution Channel; By Region, And Segment Forecasts, 2023-2032
- Published Date:May-2023
- Pages: 120
- Format: PDF
- Report ID: PM2026
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global honey wine market was valued at USD 438.71 million in 2022 and is expected to grow at a CAGR of 8.9% during the forecast period. Mead, also known as honey wine, is produced by fermenting honey and is in high demand worldwide due to its nutritional content and antimicrobial properties. Fermentation combines love with fruits, water, spices, hops, and grains, resulting in a nutrient-rich beverage. Mead is abundant in essential components such as minerals, vitamins, proteins, sugar, and other vital nutrients.
Know more about this report: Request for sample pages
The honey wine is propelled by several key factors, including increased personal disposable income and the proliferation of food and beverage outlets, such as restaurants and hotels, particularly in developing economies. Additionally, changing lifestyles and a shift towards Westernization, as well as the ongoing research and development efforts by major companies in developing economies, are contributing to the growth of this market. Furthermore, heightened awareness among consumers about honey wine's benefits and changing dietary habits are serving as growth drivers. Distribution channels are being improved to bolster market growth further; social media consumption is rising, brand awareness is increasing, private-label brands are gaining traction, and urban lifestyles are becoming more popular.
The demand for honey wine is expected to increase due to the availability of diverse flavors, including spices, fruits, herbs, and chocolate. This product is known for its healing properties and is utilized in various physical treatments. Several studies have suggested that the probiotic effects of honey wine can help prevent chronic diseases like allergies, heart disease, gastrointestinal disorders, and cancer.
Over the last few years, honey wine consumption has increased rapidly, owing to the emergence of numerous meaderies, particularly in developed countries. The growing number of lounges and bars is also expected to drive product sales in the coming years. Furthermore, the increasing urban population and rising disposable income levels of consumers will likely positively impact product demand.
The coronavirus outbreak disrupted the global honey wine supply chain and distribution channels, which led to the closure and restrictions of bars, restaurants, and hotels worldwide. For example, the National Restaurant Association reported declining restaurant industry sales to $799 billion in 2021, down $65 billion from pre-pandemic levels in 2019. However, during lockdowns, honey wine sales increased through online channels as consumers enjoyed wine at home for a wider range of occasions.
One of the major challenges to the growth of the market is the health effects associated with overconsumption. Furthermore, the availability of product substitutes, the high cost of premium products, and supply chain disruptions due to the pandemic will restrict the growth potential of the market. Additionally, the high price of research and development activities and the drastic decline in the bee population over the last few decades will also hinder the growth rate of the honey wine market.
For Specific Research Requirements, Request for a Sample Report
Industry Dynamics
Growth Drivers
Consumers are increasingly interested in unique and high-quality products, including honey wine. Craft and artisanal mead producers have capitalized on this trend by creating various products with unique flavors and ingredients.
Many consumers are seeking out natural and organic products in response to concerns about the environment and their health. Honey wine is made from natural ingredients and can be produced using sustainable practices, making it an attractive choice for environmentally conscious consumers. They are increasingly interested in supporting local businesses and buying products produced in their region. It has led to a rise in small-scale mead producers and meaderies focusing on using local ingredients and showcasing regional flavors.
Honey wine is becoming more widely available through various distribution channels, including specialty stores, online retailers, and larger retail outlets. It has helped to increase consumer awareness and accessibility of mead products. It is a versatile beverage used in various cocktails and cuisine. As a result, bartenders and chefs are increasingly using mead as a unique ingredient in their creations to increased demand for the product.
Report Segmentation
The market is primarily segmented based on nature, product, by variety, by application, by distribution channel, and region.
|
By Nature |
By Product |
By Variety |
By Application |
By Distribution Channel |
By Region |
|
|
|
|
|
|
Know more about this report: Request for sample pages
The fruit segment held the largest revenue share in 2022
In 2022, the fruit segment held the largest revenue share. The availability of diverse flavors, including grapes, blackcurrant, maple, mulberries, and apples, among others, is gaining immense popularity among consumers. The rising awareness about the health benefits of fruit honey wine, such as its potential to lower cholesterol and increase blood flow, is also driving demand for this product segment.
Moreover, fruit honey wine is known for its excellent antioxidant and antimicrobial properties, which can help lower cholesterol levels and reduce cancer risk. The spices type is projected to be the fastest-growing segment during the upcoming years, primarily due to continued product invention. For example, in April 2019, Gosnells Beverages introduced a honey wine with a spice finish, known as the Vintage mead, which has contributed to the growth of this segment.
The online retailers are expected to witness the highest market share during forecast period
The online retailer distribution channel segment is projected to generate the highest market share during forecast period. Compared to other channels, the availability of low wine prices in this segment is expected to be a significant factor driving sales. Furthermore, the increasing market demand and consumption of sparkling wine positively impact this segment's growth across the world.
On the other hand, the hotels/restaurants/bars distribution channel is expected to exhibit the fastest growth rate in the coming years due to the high consumption rate of the product, particularly in developed regions. Therefore, the growing number of bars and hotels will likely contribute to the growth of the on-trade distribution channel shortly.
Europe is expected to dominate the market during forecast period
Europe is expected to dominate the market during the forecast period due to widespread popularity and consumption of wine in the region, with major contributions from countries such as the UK, Italy, and France. The European Union is the second-largest honey producer after China, with nearly 600,000 beekeepers and 17 million beehives producing almost 250,000 tonnes of honey annually. The growing acceptance of honey wine in Europe fuels the region's growth.
Meanwhile, the Asia-Pacific region is projected to witness a significant growth rate in the global market by 2022. The region's demand for honey wine is expected to surge due to the increasing availability of honey wine, numerous manufacturing companies, and the growing consumer base for alcoholic beverages. The Agriculture & Processed Food Products Export Development Authority (APEDA) has reported that India's export of 59,536.75 MT of natural honey worth approximately USD 88.65 million in 2021-22 may contribute to the growth of the market in this region.
Competitive Insight
The major global market players include Winery Kuhnhenn Brewing Co LLC, Etowah Meadery, Moonshine Meadery, Redstone Meadery, Brothers Drake Meadery, Martin Brothers Winery, B. Nektar Meadery, BeeCraft Mead Company, Humble Bee Wines, Rosewood Estates Winery, Real Beer Media Inc, Bee Wild Blossom Meadery, and Schramm's Mead.
Recent Developments
- In June 2021, Antelope Ridge Mead announced the launch of their new dry and sweet honey wines, featuring a variety of flavors such as black currant, orange blossom honey, crush berry, blackberry, and raspberry.
- In April 2019, Gosnells Beverages Ltd released a new product called vintages mead, a type of honey wine. To cater to the diverse preferences of consumers, a spice finish was incorporated into this vintage mead.
- In 2020, 2 Towns Ciderhouse, a brewery in the US that specializes in producing alcoholic cider, declared that it had acquired Nectar Creek Meadery. As a result of this acquisition, some of Nectar Creek's mead will be made at the 2 Towns' facility.
Honey Wine Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 475.91 million |
|
Revenue forecast in 2032 |
USD 1,023.41 million |
|
CAGR |
8.9% from 2023 - 2032 |
|
Base year |
2022 |
|
Historical data |
2019 - 2022 |
|
Forecast period |
2023 - 2032 |
|
Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2030 |
|
Segments covered |
By Nature, By Product, By Variety, By Application, By Distribution Channel, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key companies |
Winery Kuhnhenn Brewing Co LLC, Etowah Meadery, Moonshine Meadery, Redstone Meadery, Brothers Drake Meadery, Martin Brothers Winery, B. Nektar Meadery, BeeCraft Mead Company, Humble Bee Wines, Rosewood Estates Winery, Real Beer Media Inc, Bee Wild Blossom Meadery, and Schramm's Mead |
FAQ's
The global honey wine market was valued at USD 438.71 million in 2022 and is expected
the top market players are Winery Kuhnhenn Brewing Co LLC, Etowah Meadery, Moonshine Meadery, Redstone Meadery, Brothers Drake Meadery, Martin Brothers Winery, B. Nektar Meadery, BeeCraft Mead Company
Europe region contribute notably towards the global Honey Wine Market
expected to grow at a CAGR of 8.9% during the forecast period.
The Honey Wine Market report covering key segments are nature, product, by variety, by application, by distribution channel, and region.
© 2024 Polaris Market Research and Consulting. All rights reserved
