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Market Sizing: How much (in $) of honey do humans consume in the world annually?

Anonymous A

Dear Preplounge Community,

How would you approach the following problem?

How much (in US$) of honey do humans consume in the world annually?

Looking forward to your ideas.

(edited)

ric replied on 02/05/2017

I would split the population of 7b in people who have access and who do not have access to honey.

Then for the ones that have access I would split them into the ones who eat honey as it is (e.g. spread on toasts), the ones who prefer adding it to other types of food (e.g. milk, youghurt), the ones who use honey for cooking (e.g. baking cakes) and finally the ones who eat honey on food they buy (e.g cakes, cereal). I would calculate for each segment the average consumed per day and then the yearly consumption.

Then assuming an average cost per kg I would calculate the total cost. I have done the calculation and found roughly $42b.

Does it make sense or does anyone have a better way? Please share.

Ric

(edited)

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