New York, US, Aug. 24, 2022 (GLOBE NEWSWIRE) -- 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 is estimated to acquire a size of over USD 1,032.73 million by the end of 2028. The report further predicts the market to thrive at a healthy CAGR of over 7.78% during the review timeframe.
Market Synopsis
Dark honey with a variety of physical benefits due to its antibacterial and antioxidant qualities is manuka honey. It is derived from the Myrtaceae family's Leptospermum scoparium, a tiny tree or shrub that is native to eastern Australia and New Zealand. European honey bees Apis mellifera that pollinate the blossom on the manuka bush generate manuka honey from the nectar of the manuka tree. Since it mostly comes from the nectar of a single plant species, it is referred to as monofloral honey.
The market for manuka honey is expanding due to its rich flavor and expanded use as a substitute for table sugar. The market for manuka honey has also grown as a result of the availability of this product through online sales channels. Furthermore, it is easier for customers to order it online due to its availability on e-commerce platforms. Manuka honey differs from other types of honey because of its antibacterial qualities. Manuka honey has a sweet and robust flavor, making it a possible sweetener and substitute for table sugar. Over the forecast period, it is anticipated that as the usage of alternative sweeteners has grown significantly, so will the demand for manuka honey.
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Report Scope:
| Report Attribute | Details |
| 2028 Market Size | USD 1,032.73 Million |
| CAGR | 7.78% (2020–2028) |
| Base Year | 2019 |
| Forecast Period | 2020-2028 |
| Historical Data | 2018 |
| 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 |
| Consumer Preference for Healthy Sweetener |
Market Competitive Landscape:
The prominent contenders in the Mauka honey market are:
- Simply Honey (Australia)
- Barnes Natural (Australia)
- Nature's Gold (Australia)
- New Zealand Honey Co. (New Zealand)
- Haddrell's (New Zealand)
- Comvita Limited (New Zealand)
- Steens Honey (New Zealand)
- Manuka Health New Zealand (New Zealand)
- Berringa (Australia)
- Australia's Manuka (Australia)
- GO Healthy New Zealand Ltd. (New Zealand)
- Mossops Honey (New Zealand)
- Happy Valley Honey (New Zealand)
- 100% Pure NZ Honey (New Zealand)
- Arataki Honey (New Zealand)
Market U.S.P. Covered:
Market Drivers:
Consumer choice for healthy sweeteners is expanding, which is boosting market expansion. Technology developments in the production of honey also contribute to market expansion. Additionally, growing consumer demand for organic goods is anticipated to open up new business prospects for suppliers in the worldwide manuka honey market. The market for manuka honey is rising, but it is being constrained by the widening disparity between supply and demand for honey in the European market. Additionally, honey laundering techniques put the market in a difficult position.
Manuka promotes tissue regeneration, speeds up wound healing, and even lessens pain in burn victims. Moreover, manuka honey enhances dental health. According to studies, manuka honey fights against the bad oral bacteria that cause plaque buildup, gum disease, and tooth decay. Manuka honey is also thought to lessen inflammation linked to acne because of its anti-inflammatory effects. Because of these health advantages of manuka honey and customers' growing awareness of it, the industry is growing.
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Market Restraints:
In Europe, the amount of honey produced appeared to fall off quickly. The European apiculture industry is experiencing an overall decline due to several causes. Beehive productivity is threatened by animal disease outbreaks, intensive farming practices, chemical exposure, habitat degradation, and unfavorable weather conditions. However, the fear of colony failures, insect infestations, and the depletion of floral resources are causing the honeybee population to struggle for survival throughout the world.
The new regulation is anticipated to have a favorable effect on bee health and bee populations in Europe. However, it is unlikely that honey output will rise much. Additionally, large-scale honey production is becoming less financially viable because of rising labor costs and the fact that pollination is given priority over honey production.
COVID 19 Analysis
Since the COVID-19 pandemic drove millions of people to stay at home, food and beverage sales have soared globally. Consumers in the area have a high demand for manuka honey. Due to increased health awareness, customers are spending more money on honey with therapeutic benefits, such as manuka honey, than regular honey. However, the COVID-19 outbreak has negatively impacted the global market for manuka honey by forcing supermarkets and hypermarkets to close in many regions and nations. The main producer of manuka honey is New Zealand. The contagion has significantly impacted the industry and supply chain because it is the main manuka honey producer. During the early stages of COVID-19, the sourcing and delivery of manuka honey were severely hampered by import-export restrictions imposed by various nations and transportation constraints.
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Market Segmentation
By Product Type
The other segment accounted for the top market share.
By Category
the conventional segment reported for the prime market share.
By Distribution Channel
The store-based segment reported a larger market portion.
Regional Insights
The Asia-Pacific region dominated the market for manuka honey. The middle class is expanding in these developed and developing nations, and urbanization is also increasing. This presents various prospects for the leading participants in the manuka honey market. Consumers' rising health consciousness is also anticipated to fuel market expansion. One of the primary factors driving the expansion of manuka honey in Asia-Pacific is the region's rising desire for nutritious cuisine. People's eating habits have changed due to the fast-paced lifestyle and health concerns, fueling the expansion of the manuka honey market in the area. The US is expected to be the main contributor to North America's quickest growth during the predicted period.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
