Consumers are becoming increasingly aware of the advantages of manuka honey because of its high nutritional value. Consumers across the world are increasingly health-conscious and opting for high-nutrition and natural goods. This has led to honey's growing preference for table sugar. Manuka honey is also known for its low-fat content, which enhances its demand. Honey's growing uses are another factor adding to demand growth. In addition, the booming food industry across the globe and the use of manuka honey by cosmetic manufacturers in various herbal and natural skincare products result in increased demand for manuka honey worldwide.
Manuka honey is most common across the globe because of the associated skin and health benefits. Furthermore, manuka honey is commonly used in the pharmaceutical industry because of the numerous related therapeutic properties such as antibacterial, anti-inflammatory, antioxidant, and others. In addition, increasing automation by major manuka honey manufacturers in the manuka honey production process contributes to higher demand is another aspect projected to proliferate the growth of the global manuka honey industry.
However, the high prices associated with manuka honey and regional development are key factors that constrain market growth. In addition, some side effects associated with manuka honey, such as high blood pressure, an allergic reaction, and others, are a vital factor projected to curb global demand growth.
The global Manuka Honey Market size 2020, according to MRFR, is poised to reach USD 890.4 billion in 2018, maturing at a 6.3% CAGR over the review period (2019 to 2024).
The global manuka honey market has been segmented based on category, distribution channel, type, and region.
Based on the type, the global market has been segmented into UMF 10+/MGO 263 mg/kg (ppm), UMF 5+/MGO 83 mg/kg (ppm), UMF 20+/MGO 829 mg/kg (ppm), UMF 15+/MGO 514 mg/kg (ppm),and others.
Based on the category, the global market has been bifurcated into conventional and organic.
Based on the distribution channel, the global market has been bifurcated into store-based and non-store-based. The store-based is further segmented as convenience stores, hypermarkets supermarkets, and others.
Based on application, the global market has been segmented as fruits vegetables, turfs ornamentals, cereals grains, oilseeds pulses, and others.
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The global demand for manuka honey has been analyzed in four central regions — North America, Europe, Asia-Pacific, and the rest of the world.
During the forecast period, the Asia-Pacific demand for manuka honey is predicted to dominate. The region's increasing honey uses, the involvement of a large number of producers, and consolidated production in the area have resulted in increased demand for business growth. Strong demand for a balanced diet and high acceptance of herbal cosmetic products is projected to fuel consumption growth in countries such as India, Japan, China, and others.
During the forecast period, North America is expected to see the highest rise, with the US being the main contributor. Owing to increasing exports and imports of manuka honey and high consumption of confectionery and bakery products in developing countries such as Canada and the US in this area, the demand in North America is expected to see significant growth on the global level.
The True Honey Co (New Zealand), Capilano Honey Ltd (Australia), Oha Honey (New Zealand), Wedderspoon (US), Mossops (New Zealand), Cammells Honey (New Zealand), Nature's Way Products, LLC. (US), New Zealand Honey Co (New Zealand), Manuka Health New Zealand (New Zealand), Egmont Honey (New Zealand), Arataki Honey (New Zealand), Comvita Limited (New Zealand), Apihealth NZ Ltd. (New Zealand), and Manuka Honey USA LLC (US) are some of the key players in the global manuka honey market.