The global honey wine market was valued at USD 390.7 million in 2020 and is expected to grow at a CAGR of 10.5% during the forecast period. The frequent upsurge in the business operations by introducing new products and the increasing urban population are the few projecting factors likely to stimulate market growth in the upcoming scenario.
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For instance, in 2020, in Nashik, India, the co-founders of Cerena Meads commence a Meadery that is the natural advancement for their beekeeping interest and attraction with fermentation. In addition, the Meadery has collaborated with the breweries in Karnataka and Maharashtra to create melding malt and mead, presenting them as India’s foremost payment (the term for those using grapes in the preparation of mead).
Similarly, in May 2021, Moonshine, which had been a significant player in the meadery market, has retained its products to around 200 stores and restaurants in different cities of Maharashtra and Goa. All these factors and initiatives taken by the key players further boost the preference for the honey wine market across the globe. Honey booze is a term generally known as a mead that is an alcoholic drink manufactured by fermenting products, usually with water and occasionally with grains, spices, fruits, and hops. Honey wine consists of an alcoholic range between 3.5% ABV to 20% ABV.
The significant characteristic of honey booze is the beverage’s fermented sugar is majorly derived from the product. This mead is adopted by several cultures such as Asia, Africa, and Europe, which, in turn, leads to the increasing market for the product worldwide.
The growing number of meaderies, mainly in the developed regions, is expected to accelerate the market. Penetration of the honey booze is budding at a significant pace due to the growing number of lounges and bars, which spur the market sales of the product by the evaluated period.
Besides, fruit honey booze is gaining a vast consumer base of various age groups, particularly youth. This is because the young population mainly prefers a range of flavors, such as apple, blueberry, grapes, and many others, in such drinks. As per the United Nations Department of Economic and Social Affairs, in 2019, about 1.2 billion youths aged between 15 to 24 years were estimated and expected to grow by 7% to 1.3 billion youths in 2030.
The increasing market demand for the product due to rising health awareness also positively influences the market demand for the product globally. Historically, it is supposed that honey wine aids as a healing tonic. Nowadays, especially fruits and spices, honey booze are considered preferred for its benefits and taste. It helps to cure various health issues such as it makes sleep more refreshing, significant for diabetic patients, cinnamon enhances the sensitivity of insulin, as well as ingredients like apples, cranberries, blueberries, which act as flavonoids, and antioxidants that boost the heart health also. Therefore, these advantages of honey booze may propagate honey wine market growth all over the world.
The market is primarily segmented on the basis of product, distribution channel, and region.
By Distribution Channel
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The fruit honey wine segment witnesses a leading share in the global market in 2020. Availability of distinct flavors such as grapes, blackcurrant, maple, mulberries, apple, and many others is gaining immense popularity among many people. In addition, health benefits offered by the honey wine, like an increasing flow of blood and dropping cholesterol levels, may act as a catalyzing factor that spurs the segment's growth.
On the contrary, the spices segment shows lucrative growth by the end of 2028. Constant supplementary innovation products may bring an upsurge in the market as spice honey wine has the property of antimicrobial and antioxidants, which easily metabolize in an individual's body and prevents the chances of cancer. Therefore, the revolution and introduction of new products may fuel the segment's growth.
The off-trade distribution channel segment is expected to show great revenue in the global market. In contrast to other channels, low wine prices are available in this channel are projected as a foremost factor for extreme sales over off-trade distribution channels. Moreover, the rising market demand and consumption of sparkling wine positively influence the growth of the segment across the globe.
Whereas the on-trade distribution channel is likely to show the fastest growing rate of the segment in the forecasting years due to the high consumption rate of the product, mainly in the developed region. So, therefore, growing numbers of bars and hotels may witness the market growth of the on-trade distribution channel in the near future.
Geographically, Europe is the major contributor to the global market due to the growing fame and penetration of the wines in this region. Countries such as U.K., Italy, and France are the major contributors. Besides, the European Union is considered as the second-largest cultivator of honey subsequent China.
As per the European Parliament, nearly 600,000 beekeepers and 17 million beehives cultivate almost 250,000 tonnes of honey annually. On average, in 2016, the region also imported one kilo of honey within the EU with a cost of USD 2.5, while the same volume of honey exported to outside of the EU usually cost USD 6.3. Accordingly, the acceptance of honey wine from the European region is frequently budding rapidly, boosting the region's growth.
Moreover, Asia-pacific is likely to show a rising growth rate in the global market by 2028. The market demand for honey wine in the region is projected to surge over the forecast period due to escalating penetration of the honey wine and the extensive presence of manufacturing companies, and the mounting alcoholic beverage base of the consumers.
Thus, numerous people are now known for accepting honey wine, so the market is acquiring considerable prominence in the region. According to the Agriculture & Processed Food Products Export Development Authority (APEDA), India has exported 59,536.75 MT of natural honey, worth around USD 88.65 million around the world during 2019-20, which may propel the market growth in this region.
Some of the major global market players include B. Nektar Meadery, BeeCraft Mead Company, Brothers Drake Meadery, Etowah Meadery, Humble Bee Wines, Kuhnhenn Brewing Co LLC, Martin Brothers Winery, Moonshine Meadery, Real Beer Media, Inc, Redstone Meadery, Rosewood Estates Winery, Schramm's Mead, and Wild Blossom Meadery and Winery.
Market size value in 2020
USD 390.7 million
Revenue forecast in 2028
USD 760.5 million
10.5% from 2021 - 2028
2016 - 2019
2021 - 2028
Revenue in USD million/billion and CAGR from 2021 to 2028
By Product, By Distribution Channel, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
B. Nektar Meadery, BeeCraft Mead Company, Brothers Drake Meadery, Etowah Meadery, Humble Bee Wines, Kuhnhenn Brewing Co LLC, Martin Brothers Winery, Moonshine Meadery, Real Beer Media, Inc, Redstone Meadery, Rosewood Estates Winery, Schramm's Mead, and Wild Blossom Meadery and Winery.