Comprehensive Report on Global Apiculture Market by Knowledge Sourcing Intelligence
The global apiculture is projected to grow at a CAGR of 3.12%, to reach a market size of US$10.074 billion by 2023, from US$8.378 billion in 2017. Apiculture is the care and management of honey bees for the production of honey and wax. The apiculture market is primarily driven by the growing consumption of bee products such as Honey and propolis across industries that include cosmetics, food and beverage, pharmaceutical and etc. The industry is growing at a decent pace owing to a number of investments taking place in the beekeeping sector. Significant return on investment (ROI) and less requirements for land and labor are the key factors that are attracting a number of investors in this field. Rising awareness among consumers regarding the benefits of honey intake is playing an important role in the increasing production of honey in many countries. According to Agriculture and Agri-Food Canada, the total honey production in Canada has increased from 76,468 thousand pounds in 2013 to 92,108 thousand pounds in 2017.
By Industry, the global apiculture market is segmented as pharmaceutical, agriculture, cosmetics, food and beverages, and others. The food and beverage segment is estimated to hold a substantial share in the market owing to the high usage of honey in the segment. The pharmaceutical and cosmetics segment is anticipated to witness multiple growth opportunities owing to the rising investment in the industries and changing trend towards usage of natural and organic products. The agricultural segment is also expected to witness growth owing to the high investment in the segment and increasing usage of bees for pollination in production.
By geography, the global apiculture market is segmented as North America, South America, Europe, Middle East and Africa, Asia Pacific. The growing disposable income in Asia Pacific, more specifically in China and India, is driving the demand for honey in the region, which is supporting the domestic honey production as well. Simultaneously, the recent legalization of urban beekeeping in different parts of the United States is projected to supplement the growth of the market in the country while the Europe apiculture market is expected to witness moderate growth during the forecast period.we are providing market research of apiculture market with respect to all factors like industry , region , forcast , drivers in our complete report.
Furthermore, there is a growing effort on improving the health of the bees in order to maintain the production. Moreover, Los Angeles along with New York, San Francisco, and Washington has recently legalized urban beekeeping recently which is anticipated the supplement the growth of apiculture market in the United States.