(MENAFN- GetNews) Manuka Honey Market Global Research Report by Specialty Food Type (Organic, Gluten-Free, GMO-Free, HFCS-Free and others), Application (Direct consumption/Culinary purpose and others), Distribution Channel (Specialty stores, Hypermarkets and Supermarkets, Convenience stores, E-commerce and others) and Region Forecast to 2023
Market Overview:
Manuka honey has a wide range of applications in the food, medicinal and cosmetic industry which is likely to drive growth during the forecast period. These drivers have been identified by Market Research Future in its report on the global manuka honey market during the forecast period of 2017 to 2023. The properties of honey can often vary based on the type and method of harvesting. Manuka honey is one such honey, with unique characteristics and benefits such as anti-inflammatory, and anti-bacterial properties. Its most common use, however, is as a healthy substitute for sugar. Its various unique properties are one of the primary drivers for demand and as a result market growth. Growing awareness and health consciousness among the global population are expected to motivate growth for this market. Moreover, the products use across various applications have encouraged consumers to keep the product stocked thus facilitating market growth. Development of methods to add manuka honey to cosmetic products to harness its anti-inflammatory properties for treatment of skin problems such as acne will contribute to the growth of the global manuka honey market.
Manuka honey is produced from the nectar of the manuka tree and is manufactured only in New Zealand and Australia. Due to the anti-bacterial properties of manuka honey, they are used majorly for medicinal purpose. The strong flavor and sweetness of manuka honey make them a potential sweetener and table sugar replacer. The common practice of usage of unconventional sweeteners is increasing the popularity of manuka honey globally. Manuka honey is known to contain low fat and hence is gaining its significance amongst the health-conscious consumers.
Fluctuating weather conditions have a direct effect on honey production which could hamper the market as manuka honey is only produced in New Zealand and some parts of Australia. Moreover, this affects the final price of the product making it expensive. However, with recent supportive government schemes to plant over a million seedlings across New Zealand, the production of honey is likely to increase production in the coming years and provide opportunities for further growth.
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Key Players Trend:
Eminent market players that have been featured in the competitive anaylisis included in MRFR's global manuka honey market are Wedderspoon, Cammels Honey, Watson & Son Ltd., Comvita Limited, API Health and Manuka Health.
Latest Industry News:
Forestry New Zealand, more commonly known as Te Uru Rakau is collaborating with Manuka Farming New Zealand (MFNZ) to plant over 1.8 million manuka plant seedling across the country. MNZF will conduct site assessments to determine the eligibility of landowners for free manuka seedlings. MFNZ will also provide landowners who meet all criteria with a Plantation Establishment Plan.
Comvita has pulled out of acquisition talks with an unidentified third party as they have not been able to agree upon a price for the takeover. Falling stocks of the brand due to the fluctuating conditions which impact quality honey production prompted the company to look for buyers, however with this deal falling through it remains to be seen if Comvita will look for new proposals to acquire the company.
Manuka Health New Zealand has been voted as the "Most Trusted Honey Brand" In Australia according to Reader Digests "Trusted Brands" survey. This result follows a 30% increase in business growth for Manuka Health in the region which has been described as one of the company's key international markets.
Market Segmentation:
The Global Manuka Honey Market has been segmented by Specialty Food Type, Application, Distribution Channel and Region.
By specialty food type, the market has been divided into Organic, Gluten-Free, HFCS-Free GMO-Free and others. HFCS-free type is expected to grow at the highest CAGR and have the dominating market share due to a widespread awareness of corn syrups adverse effects.
By application, the market has been segmented into direct consumption/culinary purposes, medicinal purposes, bakery & confectionary, personal care products and others. Direct consumption has proven to be the most widely used application for the product as consumers can use it various ways such as for adding to food or home remedies.
By distribution channel, the market has been categorized into hypermarkets & supermarkets, convenience stores, specialty stores, e-commerce, and others. The honey's nativity to New Zealand has driven online sales of the product making e-commerce the largest segment in the total market.
By region, the global market has been segregated to include North America, Europe, the Asia Pacific (APAC) and the Rest of the World (RoW).
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Regional Analysis:
The Asia Pacific controls the largest share in the total market, due to the inclusion of New Zealand, which is the primary producer of manuka honey. Additionally, it's entry into various markets in this region have been met with success as the APACs emerging economies have been becoming more aware of the benefits of consuming manuka honey. Adoption and demand for health products have further driven the demand for manuka honey in this region. Moreover, New Zealand's attempts to increase production of manuka honey by planting more manuka seedlings is likely to create further opportunities for growth during the forecast period.
Europe follows the APAC region with regards to market share due to the high demand for manuka honey in this region. Major importers of manuka honey in this region include U.K., Germany and France due to its frequent use as a healthy sugar substitute.
The U.S in North America is also a large importer of manuka honey due to its various effects in personal care, health and as a substitute for refined sugar. Overall global demand for the product is set to rise significantly in the coming years as awareness grows.
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