Manuka Honey Market to Reach $776.4 million, Globally, by 2031 at 5.5% CAGR: Allied Market Research

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Jan 27, 2023, 07:30 ET

PORTLAND, Ore., Jan. 27, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Manuka Honey Market by Type (UMF 5+, UMF 10+, UMF 15+, UMF 20+), by Nature (Organic/Natural, Conventional), by Application (Food and beverages, Cosmetic and personal care, Nutraceutical, Pharmaceutical, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global Manuka Honey industry size was valued at $455.4 million in 2021, and is projected to reach $776.4 million by 2031, growing at a CAGR of 5.5% from 2022 to 2031.

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Prime determinants of growth

The increase in the impact of western culture, rapid urbanization, changes in consumers' perception toward the consumption of alcohol-based food products, and change in consumer preferences in the developing regions drive the global Manuka Honey market growth. However, the rise in innovations in the ice cream industry and the availability of close substitutes restrict market growth. Moreover, the increase in the millennial population present new opportunities for market growth in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a positive impact on the global Manuka Honey market, owing to increasing consumer awareness regarding the health benefits of consuming manuka, honey.
Manuka honey can help relieve coughs and colds and provide relief to the bronchial tubes, which can help relieve the symptoms of covid, which allowed the market to grow during the pandemic.

The UMF 5+ segment will maintain its lead throughout the forecast period.

UMF 5+ had the largest manuka honey market share by type, accounting for more than 35% of the market in 2021, with a CAGR of 5.9%. Furthermore, it is one of the most popular types of manuka honey on the market and is used daily worldwide. It has numerous benefits, including increased natural immunity, allowing you to stay protected every day, and improved healing properties. According to one study, consuming manuka honey regularly may help alleviate irritable bowel syndrome symptoms (IBS). Furthermore, IBS and ulcerative colitis patients may benefit from this honey because it boosts antioxidant levels and reduces inflammation (a type of IBD or irritable bowel disease).

The conventional segment will maintain its lead throughout the forecast period.

By definition, the conventional segment generates the most revenue, accounting for more than 80% of the market in 2021, while the organic manuka honey segment is expected to grow at the fastest rate, with a CAGR of 6.0%. Traditional manuka honey has several advantages, including protein supplies from traditional farming that provide farmers with comfort and convenience. Because of conventional cultivation, it is inexpensive and widely available. This segment is expected to continue to dominate in the coming years.

The food and beverage segment will maintain its lead during the forecast period.

Food and beverages held the largest share by application in 2021, accounting for more than 35% of the market, and are expected to have the largest market share in 2031. This segment is also expected to grow the fastest during the forecast period, at a CAGR of 6.1%. Manuka honey is one of the most popular types of honey on the market due to its solid, silky texture and rich, caramel-like flavor. Furthermore, because manuka honey is very sweet and has a flavor similar to bittersweet caramel, it is commonly used in food and beverage products.

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Europe to remain the market leader in 2031

By region, Europe has the largest share in 2021 and is expected to reach $296.6 million by 2031 at a CAGR of 5.2%, while Asia-Pacific is expected to grow at a CAGR of 6.1%. The dominance of the European region indicates a growing acceptance and preference for healthy products. Businesses are experimenting with new ways to promote their products and the health benefits of manuka honey. Furthermore, the growing urban population and rising disposable income and living standards are expected to contribute to overall growth during the forecast period for the manuka honey market.

Leading Market Players: -

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

The report analyzes these key players of the global ascorbic acid market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://bit.ly/406hga8

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