Manuka Honey Market Trends and Dynamics By 2030

Byshital varma

The global Manuka honey market size was valued at USD 366.22 million in 2022 and is expected to be worth USD 381.09 million in 2023. The market is projected to reach USD 528.24 million by 2030, recording a CAGR of 4.78% during the forecast period.

Manuka honey is a high-quality honey made from the nectar of the Manuka flowers and trees, and is mainly found in Australia and New Zealand. This type of honey is quite different from other types of honey as it has a key active ingredient called methylglyoxal. This honey has a deeper, richer flavor and has a wide range of antioxidant and phenolic properties, which can help customers boost their immunity. This factor is expected to augment the Manuka honey market growth.

Fortune Business Insights™ displays this information in a report titled, “Manuka Honey Market, 2023-2030.”

LIST OF KEY COMPANIES PROFILED IN THE REPORT

  • COMVITA (New Zealand)
  • Arataki Honey (New Zealand)
  • New Zealand Honey Co., (New Zealand)
  • Steens Honey (New Zealand)
  • HAPPY VALLEY HONEY (New Zealand)
  • Mother Earth Manuka Honey (New Zealand)
  • KIVA Health Food (U.S.)
  • KARE (New Zealand)
  • Manuka Health New Zealand (New Zealand)
  • Mount Somers (New Zealand)

Source Link :

https://www.fortunebusinessinsights.com/manuka-honey-market-108705

 

Segmentation:

High Availability and Affordability of UMF 5+ Honey to Boost Their Consumption

Based on type, the market is segmented into UMF 5+, UMF 10+, UMF 15+, and UMF 20+. The UMF 5+ segment captured the maximum market share in 2022 as this type of honey is widely available and is reasonably priced, and can be used for daily purposes.

Supermarkets/Hypermarkets to be Major Product Distribution Channels Due to Their Vast Presence

Based on distribution channel, the market is divided into supermarkets/hypermarkets, specialty stores, online stores, and convenience stores. The supermarkets/hypermarkets segment held the largest market share as these stores have a vast network and are a popular destination for gourmet and high-quality honey.

With respect to region, the market covers North America, Europe, Asia Pacific, and the Rest of the World.

Report Coverage:

The report analyzes the market in detail and highlights various key areas, such as leading product types, distribution channels, and prominent market players. It also sheds light on the recent industry developments and vital market trends. Apart from the abovementioned factors, the market report covers several factors that have contributed to the market’s growth in recent years.

Drivers and Restraints:

Growing Adoption of Natural Honey in Medical Sector to Boost Market Progress

Honey has been a major ingredient in several medicinal products for centuries as it contains many therapeutic properties. One of the most popular uses of honey is in wound dressing as it has various antibacterial properties as well. These factors have increased the usage of Manuka honey in wound dressing as it quickens the healing time of deep injuries and creates a conducive environment for the wound to heal. These advantages are expected to drive the product adoption in the medical sector.

However, challenges faced by manufacturers in extracting and processing Manuka honey from flowers can impede the market growth.

Regional Insights:

Europe to Dominate Market Due to High Regional Production of Manuka Honey

Europe has captured a dominant part in the Manuka honey market share and is anticipated to maintain its dominance in the global market during the forecast period. The region is one of the biggest producers of Manuka-based products. Moreover, other factors, such as rising spending power of European customers and strong penetration of online channels are expected to fuel the market progress.

Asia Pacific is the second-largest region in the global market as the region has witnessed a major shift in dietary preferences due to growing health and wellness concerns.

Competitive Landscape:

Market Leaders to Focus On Novel Product Launches and Corporate Strategies to Dominate Market

Some of the major companies involved in this market include Arataki Honey, COMVITA, and New Zealand Honey Co., among many others. These companies are increasing their focus on introducing new products in the market to expand their customer base. They are also entering strategic partnerships and mergers to help them increase their market share.

Notable Industry Development:

February 2022: Three Peaks Honey announced its merger with 100% Pure New Zealand Honey, one of the leading Manuka honey companies. The newly merged company would be called “Manuka Collective”, which would boost the production of “high-quality Manuka honey”.