1.JPG)
The Global Manuka Honey Market Size is valued at USD 483.31 Mn in 2023 and is predicted to reach USD 729.63 Mn by the year 2031 at an 5.43% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the report:
- Continued efforts to educate consumers about the unique properties and potential health benefits of Manuka honey present an opportunity for market growth.
- Consumers' growing interest in natural and health-promoting products has driven the demand for Manuka honey.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- The limited geographical origin can lead to supply constraints and challenges in meeting the growing global demand.
Manuka honey is also referred to as monofloral honey. Due to its predominant origin in the nectar of just one plant species and production in New Zealand and Australia. The manuka honey market is expanding due to its distinctive qualities and several health advantages.
Uses for manuka honey include skin care and wound healing, addressing stomach issues, infection prevention, increasing immunity and improving oral health, antioxidant and anti-inflammatory properties, reducing cold and sore throat symptoms, skincare and cosmetic uses. With the increasing understanding of health advantages, demand for natural and organic goods is rising. Increasing interest in complementary medicine is some of the key drivers of the manuka honey market.
However, some of the negative effects of manuka honey include skin sensitivity to sunlight and a little burning sensation when applied topically. Some people may also react allergically to strong scents or odours. Due to these unwanted effects, consumers may switch to more wholesome options, which could slow the market's expansion.
Recent Developments:
- In November 2023, Hexcel announced its cutting-edge lightweight material solutions, such as the HexPly M79 prepregs made of intermediate and high modulus fibers. The company will also display components made by customers utilizing Hexcel materials, which are high-performance superyachts and windships.
- In September 2023, DuPont and Point Blank Enterprises announced a partnership that will see North American state and local police agencies offered body armor constructed with Kevlar EXOTM aramid fiber.
- In March 2021, Comvita released its limited-edition Special Reserve UMF 25+ Manuka Honey. The rarest honey in the world gives individuals a moment of delectable delight while also bringing them closer to nature.
Competitive Landscape:
Some of the major key players in the Manuka Honey Market are:
- Manukora Limited
- Comvita Limited
- Arataki Honey Ltd.
- Egmont Honey
- Manuka Pharm
- Manuka Doctor
- Airbone Honey Ltd.
- Wedderspoon Organic.
- Steens Honey
- Happy Valley Honey
- WildCape Manuka Honey.
- Midlands Apiaries Ltd.
- New Zealand Honey Co.
- Three Peaks Manuka Honey
- Manuka Lab
Market Segmentation:
The manuka honey market is segmented based on type, nature, and application. The market is segmented based on type: UMF 5+, UMF 10+, UMF 15+, and UMF 20+. Based on nature, the market is segmented into organic/natural and conventional. Based on application, the market is segmented into nutraceutical, pharmaceutical, food & beverages, cosmetic and personal care.
Based On Type, The UMF 5+ Segment Is A Major Contributor To The Manuka Honey Market
The UMF 5+ category is expected to hold a major share of the global Manuka Honey Market. Additionally, it is one of the most popular varieties of manuka honey and is used daily worldwide. It offers many benefits, including stronger healing abilities and improved natural immunity so you can stay safe daily. An investigation found that frequent manuka honey consumption could lessen IBS symptoms (IBS). Additionally, this honey may help those with IBS and ulcerative colitis since it raises antioxidant levels and lowers inflammation (a type of IBD or irritable bowel disease).
The Organic Segment Witnessed Growth At A Rapid Rate
The organic segment is anticipated to dominate the manuka honey market during the forecast period. Manuka honey is produced using an organic farming method, which forgoes synthetic fertilizers, pesticides, or growth regulators on agricultural land. Organic manuka honey strengthens the immune system by improving resistance to common illnesses and promoting moderate burns, wounds, and sore throats. With the expansion of the manuka honey crop area and the support from processing businesses, the percentage of organic manuka honey production has increased. The increased preference for organic and healthful produce is the main driver pushing growers to choose organic agriculture. Customers' rising demand for organic manuka honey has driven businesses and producers to promote organic production, resulting in segment growth.
The North American Manuka Honey Market Holds A Significant Regional Revenue Share
The North American manuka honey market is expected to register the highest market share in revenue shortly. The market in this region is expanding due to the high demand for different snacks among children and adults and the rising consumption of foods fortified with nutrients. Snack bars of days frequently contain manuka and honey. Additionally, consumers are increasingly concentrating on maintaining their health and controlling their weight, which has resulted in a rise in the demand for natural foods.
The existence of several supermarkets in the United States and Canada will contribute to the expansion of the manuka honey market in these countries. Besides, the region with the biggest revenue share in the market for manuka honey is expected to be Asia Pacific. Major regional players would have a wide range of alternatives because of the region's rapid urbanization and rising middle-class population. Due to significant shifts in the demand for manuka honey, India and China are expected to contribute the most to global growth. Due to rising health consciousness among consumers, there is a high demand for healthy food, which will help these countries flourish. In addition, people's eating habits have changed due to a busy lifestyle and an increase in health problems, which has helped the manuka honey market in the Asia Pacific region grow even more.
Manuka Honey Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 483.31 Mn |
|
Revenue forecast in 2031 |
USD 729.63 Mn |
|
Growth rate CAGR |
CAGR of 5.43% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
Type, Nature, Application |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Manukora Limited, Comvita Limited, Arataki Honey Ltd., Egmont Honey, Manuka Pharm, Manuka Doctor, Airbone Honey Ltd., Wedderspoon Organic., Steens Honey, Happy Valley Honey, WildCape Manuka Honey., Midlands Apiaries Ltd., New Zealand Honey Co., Three Peaks Manuka Honey., and Manuka Lab. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Corporate
Office :
Office No.5170, 5th Floor Marvel Fuego, Magarpatta Rd, Pune, 411028
info@insightaceanalytic.com
