The global honey wine market size is expected to reach USD 760.5 million by 2028 according to a new study by Polaris Market Research. The report “Honey Wine Market Share, Size, Trends, Industry Analysis Report, By Product (Fruits, Spices, Herbs, Others); Distribution Channel (On-Trade, Off-trade); By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The significant major factor contributing to the market growth, like the escalating base of consumers for the consumption of alcoholic drinks coupled with the rising culture of clubbing and social gatherings, may stimulate the demand in the forecasting years. Moreover, increasing per capita expenditure with urban demographics may lead to lucrative market growth.
Based on product, fruit booze is the leading segment in the global industry because of the availability of various flavors as well as it facilitates several health benefits. Whereas the spice booze segment is anticipated to rise with the rapid CAGR, owing to increasing innovation and advancements in booze production.
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With a spike in urban population over the past decade, the demand for honey booze is witnessing a significant rise with an increasing number of lounges and bars coupled with the rising awareness regarding its health benefits, such as increasing blood flow and lowering cholesterol.
According to the United Nations Department of Economic and Social Affairs, in 2018, it is estimated that around 55% of the overall world’s population lives in an urban area and is likely to rise to 68% by 2050.
Also, it is projected the most urbanized region comprises North America, Europe, Latin America, the Caribbean, and the Oceanic. With the rising rate of urbanization, consumers are shifting their interest towards healthy products that can promote health benefits and well-being among consumers; thereby, the adoption of booze is increasing worldwide.
Industry participants such as BeeCraft Mead Company, B. Nektar Meadery, Brothers Drake Meadery, Humble Bee Wines, Etowah Meadery, Kuhnhenn Brewing Co LLC, Moonshine Meadery, Schramm’s Mead, Martin Brothers Winery, Real Beer Media, Inc, Rosewood Estates Winery, Redstone Meadery, and Wild Blossom Meadery and Winery are some of the key players operating in the global industry.
Growth marketing policies by the existing industry players may further contribute to the market growth. For instance, In June 2021, the Antelope Ridge Mead introduced its new dry and sweet honey wines. They launch several flavors like black currant and an orange blossom honey current and crush berry, blackberry, and raspberry.
Similarly, in April 2021, the local start-up in honey mead – Buzz Club, is willing to demonstrate that native New Zealand honey can be used in distinct ways and is usually contains low-sugar, carbonated, and include 5.5% alcohol.
Polaris Market research has segmented the honey wine market report on the basis of product, distribution channel, and region:
Honey Wine, Product Outlook (Revenue – USD Million, 2016 – 2028)
Honey Wine, Distribution Channel Outlook (Revenue – USD Million, 2016 – 2028)
Honey Wine, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa