The Manuka Honey Market was estimated at a market value of USD 890.4 billion by 2019, and expand at a CAGR of 6.3% for the forecast period of 2019 to 2024.
Due to manuka honey’s low-fat content, greater preference for honey over table sugar, and rising acceptance of natural and high nutritional products among health-conscious individuals, the global market is growing. Furthermore, due to the increased use of honey, the demand for manuka honey is growing rapidly. Furthermore, the manuka honey business is designed to cater to a wide range of end-users. As a result, worldwide market demand is increasing, and new possibilities are emerging to increase market value.
As a result of the widespread use of alternative sweeteners, the manuka honey whole foods industry is growing in popularity around the globe. Manuka honey is becoming increasingly popular among health-conscious customers due to its low-fat content. Furthermore, manuka honey has a high nutritional content and provides additional advantages to its consumers, which is driving the demand for manuka honey around the globe. Because of manuka honey’s low fat content, greater preference for honey over table sugar, and rising acceptance of natural and high nutritional products among health-conscious individuals, the global market is growing. Furthermore, due to the increased use of honey, the demand for manuka honey is growing rapidly.
However, due to the high pricing associated with regional production and manuka honey, the worldwide market may be constrained.
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The worldwide market has been segmented into UMF 20+/MGO 829 mg/kg (ppm), UMF 10+/MGO 263 mg/kg (ppm), UMF 5+/MGO 83 mg/kg (ppm), UMF 15+/MGO 514 mg/kg (ppm), and others based on type segmentation.
The worldwide manuka honey market is divided into organic and conventional categories based on the category sector.
The worldwide manuka honey market has been divided into non-store-based and store-based segments based on distribution channel segmentation. Convenience shops, hypermarkets and supermarkets, and others are sub-segmented within the store-based segment.
The worldwide manuka honey market has been divided based on fruits and vegetables, oilseeds & pulses, cereals & grains, turfs & ornamentals, and others, according to application segmentation.
Europe, South America, Asia-Pacific, North America, and other areas of the world are some of the top-performing regions for the worldwide market.
During the projection period, the Asia-Pacific region is expected to have the highest market growth of all the regions. Because of the increasing applications of honey, increased concentrated production, and a large number of manufacturers in the region, the demand for manuka honey is increasing in this region. Furthermore, people’s lifestyles are fast changing, impacted by the region’s rising economy, leading to the adoption of a healthy diet and, as a result, the market expansion of manuka honey in the region.
From 2017 to 2023, the North American manuka honey industry is projected to emerge as a promising market with a spectacular CAGR. High per capita income and the presence of a well-established sports sector are among the factors driving market expansion in the area. Manuka honey exports in industrialized nations are increasing at a steady rate. Latin American countries provide big players with significant expansion prospects.
The European market for manuka honey is the second largest in the world. In Europe, favorable directions have stabilized the consumption volume of manuka honey, which had been steadily declining in recent years. The area is also the leading exporter of the product, with many brands gaining substantial traction in key worldwide markets. Producers have been able to economize on their whole sales expansion as a result of increased sales.
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Key players leading the global manuka honey market are Watson & Son Ltd (New Zealand), Comvita Limited (New Zealand), Manuka Health (New Zealand), Wedderspoon (New Zealand), API Health (New Zealand), Mossops Honey (New Zealand), and Cammells Honey (New Zealand) among others.
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