INR 33,128 Billion Indian Apiculture Market by 2024 - Analyzed by Type, End-user and Geography – IMARCGroup.com
According to the latest report by IMARC Group, titled “Indian Apiculture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Indian apiculture market reached a value of INR 16,818 Million in 2018. Apiculture, also known as beekeeping, is the study and practice of cultivating bees on a commercial scale to produce products such as honey, propolis, royal jelly and beeswax. Apiculture involves mass breeding of bees in apiaries where beehives are set up and placed in areas with a high concentration of flowering plants. Apis Indica, or Indian bee, is the most commonly reared and domesticated bee species in India due to its high yield of honey every year. Honey, produced by bees using the nectar or sugary secretions of plants, serves as a vital ingredient in various food dishes, and cosmetics and pharmaceutical products. Apart from this, the beeswax obtained from beehives is used in the manufacturing of candles and polishes for footwear and furniture.
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Market Trends:
The growing ayurvedic industry in India is one of the key factors driving the market growth. Ayurveda is the ancient Indian medicinal system which prescribes extensive usage of honey owing to its medicinal properties. Rising awareness among the masses regarding the benefits of honey has shifted their preference to Ayurveda as a more natural alternative science of healing. People are now widely incorporating honey in their daily diet to ensure maintaining a healthy immune system. Additionally, honey is a known remedy for the treatment of various respiratory, skin and vision issues without any side-effects, which is also augmenting the consumption of honey in the country. Consequently, manufacturers in the food and beverage industry are launching varied products with honey as the key ingredient. Furthermore, owing to the medicinal benefits of honey and beeswax, industries such as pharmaceutical, and beauty and personal well-being are extensively utilizing them in the manufacturing of their products, thus contributing significantly to the market growth. On account of the aforementioned factors, the Indian apiculture market size is expected to reach a value of INR 33,128 Million by 2024, expanding at a CAGR of nearly 12% by 2024.
Market Summary:
- On the basis of the product type, the market has been bifurcated into honey and beeswax. Amongst these, honey represents the most popular segment.
- Based on the application, the market has been categorized into direct consumption, food and beverages, pharmaceuticals, cosmetics and others. Among these, direct consumption dominates the market.
- On the geographical front, South India holds the leading position in the market. Other major regions include North India, East India and West India.
- The competitive landscape of the market has also been analyzed in the report with the detailed profiles of some of the key players including Dabur, Baidyanath, Patanjali Ayurveda, Khadi and Himalaya.
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