New York, US, March 01, 2023 (GLOBE NEWSWIRE) -- Manuka Honey Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Manuka Honey Market Information By Type, Category, Distribution Channel, And Region - Forecast till 2028"; the market will reach USD 1,032.73 million by 2028 at a 7.78% CAGR.
Market Synopsis
Only New Zealand and Australia produce manuka honey from the tree's nectar. Methylglyoxal is the main substance that makes manuka honey active. This organic antibacterial molecule has both medicinal and general health advantages. The primary drivers of the demand for manuka honey include consumer lifestyle change, growing health concerns, rising healthcare expenditures, and rising adoption of an active and healthy lifestyle. Due to its antimicrobial properties, manuka honey sets itself apart from other forms of honey. The strong flavor of manuka honey makes it a potential sweetener and replacement for table sugar. Therefore, it is projected that the requirement for manuka honey inside the health industry in the next years will increase due to the widespread use of it in practically all health situations as well as the rising consumer desire for honey to attain an energetic and disease-free life.
It is projected that as the popularity of substitute sweeteners has increased throughout the forecast period, so will the interest in manuka honey. Because of its low-fat content, manuka honey is popular in the culinary business. Manuka honey has a remarkable nutrient profile that is rich in nutrients and has an antimicrobial nature that aids in cytokine production. This quality boosts the body's immunity. Manuka honey can be applied topically to treat eczema and acne because of its anti-inflammatory and antioxidant properties. A potential opportunity has emerged for the manuka honey market due to the increased demand for natural and herbal ingredients. A change in consumer behavior and an increase in demand for natural foods and cosmetics are driving the market for manuka honey.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2028 | USD 1,032.73 million |
| CAGR | 7.78% |
| Base Year | 2020 |
| Forecast Period | 2021-2028 |
| Historical Data | 2019 |
| Forecast Units | Value (USD million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Category, Distribution Channel, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Health Benefits Associated with Manuka Honey |
| manuka honey can enhance wound healing |
Market Competitive Landscape:
The notable contenders in the manuka honey market are:
- Comvita Limited (New Zealand),
- New Zealand Honey Co. (New Zealand),
- Haddrell's (New Zealand),
- Richora Honey (New Zealand),
- Taylor Pass Honey Co (New Zealand)
- Midland Apiaries (New Zealand),
- Mossops Honey (New Zealand),
- Happy Valley Honey (New Zealand),
- 100% Pure NZ Honey (New Zealand),
- Arataki Honey (New Zealand),
- Egmont Honey (New Zealand),
- Streamland Honey (New Zealand),
- Steens Honey (New Zealand),
- Manuka Health New Zealand (New Zealand),
- Berringa (Australia),
- Barnes Natural (Australia),
- Nature's Gold (Australia),
- Capilano Honey Ltd. (New Zealand),
- Honey New Zealand (New Zealand),
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Market U.S.P. Covered:
Market Drivers:
Consumer preference for nutrient-dense foods with far less fat and more vitamins and minerals has grown. The explanation is the assurance that good health may be preserved despite the customers' busy schedules. As a result, the consumption of manuka honey benefits from consumer preferences. The demand for manuka honey powders in the food, beverage, and pharmaceutical industries is expanding rapidly, boosting the global market for this product. Due to its disease-preventing characteristics, its growing application drives manuka honey sales in medicines and nutraceuticals. Because of this, it is anticipated that manuka honey's prospective uses will increase its use in various industries, spurring the expansion of the manuka honey market internationally.
There have been encouraging results because manuka honey can reduce neutrophils' acute inflammatory reactions when added to biomaterials. Methylglyoxal, a component of manuka honey that is also significant and beneficial for wound healing, has been the subject of numerous research. Some flavonoids and phenolic compounds in manuka honey may have medicinal properties. The primary drivers of the demand for manuka honey include consumer lifestyle change, growing health issues, rising healthcare expenditures, and growing interest in a healthy and active lifestyle.
Market Restraints:
The honey produced in Europe seems to be falling off quickly. The European apiculture industry has generally been declining for several reasons. The productivity of beehives is threatened by chemical exposure, outbreaks of animal illnesses, intensive agriculture, habitat loss, and unfavorable meteorological circumstances. These elements also contribute to the high market prices of the commodity. Therefore, the expansion of the market for manuka honey over the review period is anticipated to be threatened by the widening disparity between the supplies and demand for honey in Europe.
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COVID 19 Analysis
Due to curfews, travel restrictions, and business closures, COVID-19 has impacted the businesses and industries of numerous nations. The beverage and food industries are among the important ones experiencing considerable disruptions due to this outbreak, including supply chain interruptions and manufacturing unit shutdowns. Asia is the center of the world's food and beverage industry, and it is a major source of raw materials for many sectors of the economy. The closure of numerous factories and plants in these nations has a detrimental impact on the production, delivery times, and sales of numerous items and the worldwide supply chains. Many businesses have already warned of potential delays in product shipments and declines in the additional business of their goods. Additionally, the worldwide travel restrictions enforced by nations in Asia, Europe, and North America stifle commercial partnerships and collaboration opportunities.
Market Segmentation
By distribution channel, the market includes store-based and non-store-based sources. By types, the market includes MGO 514, MGO 83, MGO 263, and MGO 829. By category, the market includes conventional and organic variants.
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Regional Insights
North American demand for manuka honey is anticipated to develop at the greatest CAGR in the forecast period. The market for manuka honey is expanding quickly in North America due to the rise in children's snacking requirements and the consumption of nutrient-rich foods. Manuka honey is utilized to make snack bars according to a company-provided recipe. In North America, the US, followed by Mexico and Canada, is a significant market for manuka honey. The growing consumer emphasis on preserving physical fitness and controlling weight results in an increased demand for natural packaged foods, which fuels the expansion of the manuka honey market. The presence of contemporary retail establishments like supermarkets and hypermarkets in these nations favors the manuka honey business in both the US and Canada.
Modern marketing strategies are being tested by businesses to promote their goods and the health benefits of manuka honey. It is anticipated that the expanding urban population, increased disposable income, and rising standard of life will contribute to overall growth. Over the years, there has been a significant transformation in the Asia-Pacific region's manuka honey sector. India and China are two of the top consumers of manuka honey in the Asia-Pacific region. Consumers' growing awareness of their health benefits the market's expansion. One of the primary factors promoting the rise of manuka honey in the Asian Region is the increased demand for nutritious meals. Eating habits have changed due to hectic lifestyles and wellness concerns, which is good for the region's manuka honey market.
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