Market Research Future has published a cooked research report on the Global Manuka Honey Market, 2021–2028. The global manuka honey market is projected to exhibit a CAGR of 7.78% during the forecast period of 2021 to 2028.
Market Research Future has recognized the following companies as the key players in the global manuka honey market: 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), Simply Honey (Australia), Barnes Natural (Australia), Nature’s Gold (Australia), New Zealand Honey Co. (New Zealand), Haddrell's (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), OHA Honey (New Zealand), ApiHealth NZ Ltd. (New Zealand), Wedderspoon (New Zealand), Cammells Honey (New Zealand), Capilano Honey Ltd. (New Zealand), Honey New Zealand (New Zealand), Richora Honey (New Zealand), Midland Apiaries (New Zealand), and Taylor Pass Honey Co (New Zealand).
The global manuka honey market is projected to be valued at USD 1,032.73 million by 2028, recording a CAGR of 7.78% during the forecast period. Health benefits associated with manuka honey are majorly driving the growth of the market. Growing preference for healthy sweeteners among consumers is further supporting the market growth. Also, advancements in honey production technology boost market growth. Moreover, rising consumer preference for organic products is expected to create new opportunities for the vendors active in the global market. However, the growing gap between demand & supply of honey in the Europe market is restricting the growth of the manuka honey market. Also, honey laundering practices impose a challenging situation for the market.
The global manuka honey market has been segmented based on the product type, category, distribution channel, and region.
Based on product type the global manuka honey market has been segmented into MGO 83, MGO 263, MGO 514, MGO 829, and others. MGO, methylglyoxal, is a manuka honey grading system. It is a precise and reliable test that simply and directly reflects the MGO content of the honey. The higher the MGO content, the higher is the grade of honey. MGO 83 contains at least 83 mg/kg MGO, along with the other quality makers. The MGO 83 segment accounted for a market share of 20.29% of the global market in 2020.
Based on category, the global manuka honey market has been segmented into conventional and organic. Organic manuka honey is quite rare because it is difficult to know where the honeybee pollinates and whether it comes into contact with any pesticides. It is difficult to verify that manuka honey is truly organic or conventional. The growing health consciousness among the consumers, especially during the COVID-19 pandemic, has fueled the demand for organic manuka honey across the globe.
Based on distribution channel, the global manuka honey market has been segmented into store-based and non-store-based. In terms of value, the store-based segment accounted for the largest market share in 2020. Consumers prefer store-based channels as they provide a one-stop shopping experience. Store-based distribution channels include supermarkets/hypermarkets, convenience stores, and others. Supermarkets /hypermarkets account for the majority of sales of manuka honey. Convenience stores include retail outlets that contribute significantly to the distribution of manuka honey by offering high-quality products and private-label options.
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On the basis of region, the global manuka honey market has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, Asia-Pacific accounted for a 68.84% market proportion in the global market. The market in the region is projected to expand at a CAGR of 7.68% during the forecast period. The APAC market encompasses several developing and developed economies, such as Australia, India, Japan, China, and South Korea. These developed and developing countries are experiencing growing middle-class population along with growing urbanization, which provides several opportunities for the major players in the manuka honey market. Australia is the main market of Manuka honey which is made from the nectar of the manuka tree in the Asia-Pacific region. The manuka honey industry in Asia-Pacific countries has undergone tremendous changes over the years. China and India are among the top manuka honey consuming countries in Asia-Pacific. Increased health awareness among consumers is also expected to drive the market growth. The growing demand for healthy foods is one of the main reasons for the growth of manuka honey in Asia-Pacific. Europe accounted market share of 16.97% of the global market in terms of value in 2020. The UK and Germany were the key contributors to the growth of the European market in 2020. The market in Germany is projected to register the highest growth rate of 8.52% during the forecast period 2021 to 2028. The European countries includes several developed economies, such as France, Germany, Italy, and the United Kingdom. The manuka honey market in Europe is growing owing to the presence of established players such as Manuka Health, Comvita, Capilano Honey Ltd, and Oha Honey, in the region. With the growing health awareness among consumers, the demand for manuka honey in the region is expected to increase during the projected timeframe. North America holds a market share of 10.13% of the global market in 2020. The North America region is made up of developed economies such as the United States, Canada, and Mexico. Comvita, Wederspoon Organic, Oha Honey, and Manuka Health, are some of the major market players present in the North American manuka honey market. These companies are constantly working on innovating and developing new manuka honey products with improved taste and quality to attract new consumers and expand the consumer base in the region. Rapid growth in children's snack needs and surge in consumption of nutrient-enriched foods is bolstering the growth of market in North America. Manuka honey is used to make snacks whose recipes are provided by companies. The market in the Rest of the World consists of South America and the Middle East & Africa. The market in the rest of the world accounted for a 4.06% market share in 2020 and is projected to register a growth rate of 6.92% during the forecast period. South America accounted for a 57.13% share of the manuka honey market in the rest of the world in 2020. The growing awareness of the benefits of Manuka honey is expected to drive demand for various products based on this honey, including medicines, cosmetics, food and beverages.
Key Findings of the Study: