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The South Korea honey market reached a volume of about 659.88 tons in 2021. The increasing demand for honey-flavoured snacks and government-led initiatives are expected to majorly drive the market during the forecast period of 2023-2028.
Acacia (Robinia pseudoacacia) honey makes up more than 70% of the total honey manufactured in South Korea . However, in recent years, the overall quantity of honey produced has fallen drastically. The reason is climate change, as it has shortened the acacia flower's blooming season and stunted its growth. This led to the development of a new variety of honey called Hovenia honey.
Compared to the Acacia flower, the Hovenia flower produces more nectar. Hovenia trees have thus been proposed as potential honey plants in South Korea. This has positively affected the demand for Hovenia honey and has aided South Korea's honey market.
The snack food manufacturer Haita-Calbee introduced honey butter potato chips in the year 2015, and ever since honey flavoured snacks have been one of the most preferred food products in the country A frenzied consumer-run resulted from the unexpected success of these salty-sweet, honey-flavoured potato chips and the resulting shortage. Convenience stores fanned out the hordes with firm signs saying, "No Honey Butter Chip left." Honey Butter Yeolpung, or "craze" in Korean , is the term given to the phenomenon. To meet the increased demand, dozens of identical products emerged in the South Korean market.
Celebrity endorsements further surged the demand for the product. This overwhelming demand for the product made the market more competitive, and many brands like Nongshim’s Sumi, Lotte, and Orion also launched honey-flavoured products. Aided by social media, the popularity of honey butter chips affected the honey market positively.
Honey is a by-product of flower nectar and the honeybee’s upper aerodigestive tract, and it is concentrated inside the beehive through dehydration. All he shades of honey are of yellow and amber.
Based on processing, the South Korea market can be segmented into:
By end-use, the South Korea Honey market can be bifurcated into:
On the basis of Distribution Channels, the South Korea market can be divided into:
Honey is a natural product that has long been used for its medicinal properties . Gastrointestinal, cardiovascular, and liver issues can be treated with honey, and those with poor digestion benefit from honey. Additionally, it has been proven how effective honey is in treating coughs. Honey is beneficial for maintaining healthy teeth and gums and is also used to cure insomnia. It provides relief against skin disorders like wounds and burns, anaemia, and respiratory issues. Honey is also an essential ingredient in herbal eye drops, which maintains eyesight and prevents eye ailments like cataracts. Moreover, it regulates insulin secretion, helps in decreasing blood glucose, and improves haemoglobin and lipid profile. These health benefits are one the major factors driving the honey market.
Due to excellent internet penetration and the surge of social media, people are now much more concerned about their health and want to lead a healthy lifestyle by cutting down their sugar intake. This factor has tremendously increased the demand for honey in South Korea. Substituting plant-based sweeteners for natural honey sweeteners will boost the market growth in south Korea during the forecast period. In addition, the honey market's leading competitors have an enormous possibility for expansion due to the increasing disposable income and the rising popularity of honey sweeteners.
Even after the pandemic, there is still a high demand for immunity-boosting items. Due to increased discretionary spending, people are ready to pay for the premium honey of apis cerana or apis mellifera honeybees . In the following forecast period, it is projected that demand for honey will increase in both the food and non-food industries due to its anti-bacterial, anti-inflammatory, and other health-improving capabilities.
In order to strategically restore beekeeping, the South Korean government has developed new policies . The government introduced extensive measures in 2010 to support the beekeeping sector as a life industry for eco-friendly growth. Supporting beekeeping associations, upgrading beekeeping techniques and tools, growing plants and developing new honeybee species were all included in these policies.
In 2019, the Korean government enacted a law called ‘Act on supports for beekeeping sector’ to educate and train professional beekeepers and pollinators, extend research services, develop and use relevant technology, promote international cooperation, and subsidize beekeepers’ projects to meet the increasing demand for honey in South Korea in a sustainable way.
The report provides an in-depth research of the following prominent players in the South Korea honey market, giving a detailed understanding about the competitive landscape, capacity, and recent developments including mergers, acquisitions, and investments, capacity expansion, and plant turnarounds:
The EMR report provides a detailed assessment of the market on the basis of the Porter's five forces model, combined with a SWOT analysis.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Processing||
|Breakup by End Use||
|Breakup by Distribution Channels||
|Trade Data Analysis||
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Industry Opportunities and Challenges
8 South Korea Honey Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Honey Historical Market (2018-2022)
8.3 South Korea Honey Market Forecast (2023-2028)
8.4 South Korea Honey Market by Processing
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
8.5 South Korea Honey Market by End Use
8.5.1 Food and Beverage
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
8.5.2 Personal Care and Cosmetics
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
8.6 South Korea Honey Market by Distribution Channels
8.6.1 Business to Business
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
8.6.2 Business to Consumer
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
18.104.22.168 Breakup by Type
22.214.171.124.1 Hypermarkets and Supermarkets
126.96.36.199.2 Convenience Stores
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Value Chain Analysis
11 Trade Data Analysis (0409)
11.1 Major Exporting Countries
11.1.1 By Value
11.1.2 By Volume
11.2 Major Importing Countries
11.2.1 By Value
11.2.2 By Volume
12 Price Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Jeju Honey SG.
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
13.2.2 Kkotsaem Foods Co., Ltd.
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
13.2.3 Costco Wholesale Corporation
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
13.2.4 Honey House
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
14 Industry Events and Developments
List of Key Figures and Tables
1. South Korea Honey Market: Key Industry Highlights, 2017 and 2021
2. South Korea Honey Historical Market: Breakup by Processing (USD Million), 2018-2022
3. South Korea Honey Market Forecast: Breakup by Processing (USD Million), 2023-2028
4. South Korea Honey Historical Market: Breakup by End Use (USD Million), 2018-2022
5. South Korea Honey Market Forecast: Breakup by End Use (USD Million), 2023-2028
6. South Korea Honey Historical Market: Breakup by Distribution Channels (USD Million), 2018-2022
7. South Korea Honey Market Forecast: Breakup by Distribution Channels (USD Million), 2023-2028
8. Major Importing Countries by Value
9. Major Exporting Countries by Value
10. Major Importing Countries by Volume
11. Major Exporting Countries by Volume
12. South Korea Honey Market Structure
In 2021, the South Korea honey market attained a volume of 659.88 tons MMT.
Increasing demand of natural sweeteners, consumer awareness, innovative products, health benefits, increasing disposable income, and eco-friendly packaging are the major industry drivers.
Increasing demand of honey in various industries, sustainable beekeeping, and government initiatives are the key industrial trends.
The dominant type of honey in the industry are alfalfa, buckwheat, wildflower, clover, and acacia among others.
The leading distribution channels in the market are Business to Business and business-to-consumer. The Business-to-consumer type is further segregated into supermarkets/hypermarkets, convenience stores, and online stores, among others.
The major players in the industry are Jeju Honey SG., Kkotsaem Foods Co., Ltd., Costco Wholesale Corporation, and Honey House, among others.
South Korea natural honey is expected to cost between US$ 4.56 and US$ 3.12 per pound or between US$ 10.06 and US$ 6.88 per kilogramme in 2022. The cost in South Korean currency is KRW 11176.47 per kilogramme.
The South Korea honey market attained a volume of 659.88 tons MMT in 2021, driven by the rising honey-flavoured products. Aided by the development of the Hovenia honey market is expected to witness further growth in the forecast period of 2023-2028.
EMR’s report gives a comprehensive and detailed research on the market, covering all the aspects of the market. Based on processing, the honey industry can be segmented into conventional and unconventional. On the basis of distribution channels, the market can be divided into Business to Business and business-to-consumer. The Business-to-consumer type is further segregated into supermarkets/hypermarkets, convenience stores, and online stores, among others. The key players in the above market include Jeju Honey SG., Kkotsaem Foods Co., Ltd., Costco Wholesale Corporation, and Honey House, among others.
EMR reports are prepared with the assistance of advanced analytical tools and the expertise of their highly accomplished team. The report provides our clients with market insights which are precise, actionable, and help them strengthen their position in the competitive market.
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