Floral nectar demand soars due to health benefits and growing use in cosmetics, FMI report finds. The report covers revenue, volume, company rankings, competitive landscape, growth factors, trends, and pricing analysis.
NEWARK, Del., Nov. 14, 2023 /PRNewswire/ -- The floral nectar market will be valued at US$ 4,606.5 million in 2024. In 2023, the market registered a valuation of US$ 3,332.3 million. The market is expected to progress steadily over the forecast period from 2024 to 2034, with a CAGR of 4.8%. By 2034, the value of the market is forecast to jump to US$ 7,350.8 million.
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The large-scale demand for natural products leads manufacturers to turn to natural ingredients. Floral nectar is one of the natural ingredients that is beneficial due to consumer demand. Floral nectar has quickly outgrown the initial application of being used in beekeeping and is finding acceptance in several industries.
Food & beverage and cosmetics are two prominent industries where floral nectar is growing in application. Use as a sweetener and the product's perceived health benefits are two factors helping floral nectar gain a foothold in the food sector. Cosmetics consumers are moving away from chemicals and other harmful effects in favor of natural ingredients. Floral nectar is increasingly used as a natural ingredient in cosmetics, winning over consumers.
There are several other alternatives available for flavors and sweeteners, which may act as a hindrance to the market. The availability of floral nectar is seasonal, which limits its farming. Moreover, in regions where there is a shortage of flowers, there is difficulty in the supply of floral nectar.
Floral Nectar Market Overview:
Attributes | Overview Details |
Value-based CAGR (2024 to 2034) | 4.8 % |
Revenue Forecast (2024 to 2034) | US$ 7,350.8 million |
Floral Nectar Market Drivers |
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Floral Nectar Market Restraints |
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Floral Nectar Market Growth Opportunity |
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Top Companies in Floral Nector Industry |
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"The process of removing nectar from flowers has the potential to be time-consuming and costly. Technology has developed, however, that has streamlined the extraction and processing of nectar. Thus, there is savings in cost and time. Market players can take up the opportunity technology provides to step up production and expand," says Sneha Varghese (Senior Consultant, Consumer Products & Goods).
Key Takeaways from the Floral Nectar Market
- The floral nectar market is anticipated to be US$ 4,606.5 million in 2024.
- Jasmine is the flower whose nectar is the most popular. For 2024, jasmine is expected to have a market share of 13.7% by flower type/source.
- Floral nectar most commonly finds application in skincare products. For 2024, skincare is anticipated to hold 42.6% of the market share by application.
- China is one of the fastest-growing countries in the market. For the 2024 to 2034 forecast period, the market in China is pegged at a healthy 7.6% CAGR.
- Japan and Singapore are the other promising Asian nations for the market. For the forecast period, the CAGR for Japan and Singapore is slated to be 6.1% and 4.7% respectively.
- Australia has potential for the market. For the forecast period, the CAGR for Australia is anticipated to be an average of 4.4%.
Understand global, regional, and country-level parameters with growth opportunities, historical data (2019-2023), and forecasts (2024-2034). Buy this report today!
Competition Analysis of the Floral Nectar Market
Digital marketing campaigns are shared among the market players. New applications for floral nectar are being discovered rapidly. Expanding into untapped markets is a frequent goal of the market competitors. Some prominent companies in the market are Beenature, Croda International, SILAB, and Uncle Harry's Natural Products.
Recent Developments in the Floral Nectar Market
- In August 2023, a study published in Nature Communications put forward the capability of floral nectar to fight cancer cells.
- In March 2023, an organically concentrated honey company was launched called Bumble Bloom Honey. The company produces honey in a range of flavors based on floral nectar.
- In January 2023, a study in the journal Science made the case for the inclusion of floral nectar in pesticides to prevent harm from coming to bees.
About the Author:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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