According to our latest market study on “Manuka Honey Market Forecast to 2028 – COVID-19 Impact and Global Analysis – Nature (Organic, Conventional); Type (UMF 5+/MGO 83 mg/kg (ppm), UMF 10+/MGO 263 mg/kg (ppm), UMF 15+/MGO 514 mg/kg (ppm), UMF 20+/MGO 829 mg/kg (ppm)); and Distribution Channel (Supermarkets/ Hypermarkets, Convenience Stores, Online Stores, Others ),” the market was valued at US$ 741.69 million in 2019 and is projected to reach US$ 1,238.15 million by 2028; it is expected to grow at a CAGR of 5.9% from 2020 to 2028.The report highlights key factors driving the market growth and prominent players along with their developments in the market.
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Manuka honey is a monofloral honey produced from the nectar of the manuka tree, Leptospermum. It has antiviral, anti-inflammatory and antioxidant benefits. Moreover, it has traditionally been used for wound healing, soothing sore throats, preventing tooth decay and improving digestive issues. Moreover, increasing demand for plant-based food provides a huge market opportunity for the key players operating in the manuka honey market. However, rising demand for fresh food is projected to boost the overall growth of the Manuka honey market in the forecast period.
Researchers and pharmacists worldwide are working to discover the potentials of manuka honey in pharmaceutical formulations due to the improved functionalities and applicability of manuka honey. The importance of organic products has been understood in the wake of alarming health issues coupled with rising consciousness about organic certifications and preference for high-quality products. The antibacterial properties of manuka honey make it a perfect component for medicines. Moreover, it is used as a natural ointment for all kinds of injuries and has been recognized as a go-to virus fighter in an age of resistance to traditional antibiotics. Manuka honey medicinal products are available in the form of tubes, tablets, capsules, soft gels, and gummies, among others. These medicinal products can treat various health-related issues, such as prevention from acne, sinus, sore throat, and treatment of a broad spectrum of surgical and chronic wounds. Other advantages of manuka honey include clearing infections, clearing up blemishes on skin, helping heal cuts and scrapes, easing stomach aches, boosting the immune system, providing energy, and improving digestion. The manuka honey is possibly the most stimulating medical-grade products used in hospitals to skin infections and heal wounds, mainly those non-responsive to standard treatments such as bacteria that are resilient to antibiotics. Rising antibiotic resistance is currently one of the world’s most prevailing human health issues. Consumer’s changing lifestyle, rising health concerns, increasing healthcare costs, and growing preference for a fit and active lifestyle are the key factors driving the demand for the manuka honey. Therefore, the robust application of manuka honey in almost all health conditions coupled with increasing consumer preference for honey to achieve an active and disease-free life, is anticipated to propel the demand for manuka honey in the medical industry in the coming years.
Manuka Honey Market: Competitive Landscape and Key Developments
The players operating in the manuka honey market include Arataki Honey, Capilano Honey Ltd., COMVITA, Kirksbees Honey, Manuka Health, Midland Holdings, and Oha Honey. The key companies implement the mergers and acquisitions, and research and development strategies to expand customer base and gain significant share in the global market, which also allows them to maintain their brand name globally..
Impact of COVID-19 Pandemic on Manuka Honey Market
The COVID-19 pandemic has negatively impacted various industries due to lockdowns, travel bans, the shutdown of manufacturing units, and supply shortages. The food and beverage industry faced operational difficulties caused by disruption of supply chains, labor shortage, and shortage in raw material supply. Moreover, the prices of Manuka Honey got significantly dropped as there was a decline in demand from various industries, such as food and beverage and personal care. This factor also affected the profitability of the market players and the farmers engaged in cultivating Manuka Honey. Thus, the COVID-19 pandemic substantially affected the global Manuka Honey market’s growth. However, as the governments of various countries introduced relaxation in the restrictions and rising vaccination rates, the food and beverage industry is recovering from its losses. The demand for Manuka Honey is projected to grow over the forecast period.
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Based on type, the manuka honey market has been segmented into UMF 5+/MGO 83 mg/kg (ppm), UMF 10+/MGO 263 mg/kg (ppm), UMF 15+/MGO 514 mg/kg (ppm), and UMF 20+/MGO 829 mg/kg (ppm). The UMF 15+/MGO 514 mg/kg (ppm) segment accounted for a larger market share in 2019, and the UMF 20+/MGO 829 mg/kg (ppm) segment is expected to register the highest CAGR in the market during the forecast period. UMF 15+/MGO 514 mg/kg (ppm) manuka honey contains minimum of 514 mg/kg MGO (methylglyoxal) levels. It is a premium pure manuka honey that offers top-range effectiveness. The high UMF level of manuka concentration provides UMF 15+/MGO 514 mg/kg (ppm) manuka honey an herbaceous flavour and dark colour. The manufacturers are offering UMF 15+/MGO 514 mg/kg (ppm) manuka honey, which is entirely unpasteurized and non-GMO. Also, they avoid excess heat-treating, which can damage the UMF levels and the quality of honey. The availability of unpasteurized and non-GMO UMF 15+/MGO 514 mg/kg (ppm) manuka honey with zero additives or preservatives is increasing the popularity of UMF 15+/MGO 514 mg/kg (ppm) manuka honey among the consumers, thereby driving the segment growth.
Distribution Channel Insights
Based on distribution channel, the manuka honey market has been segmented into supermarkets/hypermarkets, convenience stores, online stores, and others. The supermarkets/hypermarkets segment accounted for the largest market share in 2019, and the online segment is expected to register the highest CAGR in the market during the forecast period. The sales of manuka honey in supermarkets/hypermarkets are increasing owing to the increasing footfall at these places, especially from the middle-class buyers. High footfall in supermarkets/hypermarkets makes it easy for the manufacturers to target their customer base. Also, the wide availability of manuka honey products from various brands has encouraged customers to buy manuka honeys from supermarkets/hypermarkets.
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