Asia Pacific Manuka Honey Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Nature (Organic and Conventional), Type [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)], and Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Stores, and Others)
The manuka honey market in Asia Pacific is expected to grow US$ 451.93 million by 2028 from US$ 293.49 million in 2020. The market is estimated to grow at a CAGR of 5.5% from 2020 to 2028. The improvement in quality of life, rise in disposable income, need to enhance physical appearance, positive effects of personal care on self-esteem and social interaction, and gradual consumer shift toward luxury and premium self-grooming products are a few factors that are contributing to the manuka market growth. Manuka honey, sourced from the Manuka plant in Australia and New Zealand, goes beyond the regular table honey. Its anti-inflammatory and antibacterial properties make it best suitable ingredient for several skin-related products. Manuka’s properties and active ingredients such as methylglyoxal make it potent for the treatment of acne and as an effective moisturizer. Consumers are becoming label-conscious and seeking products made from natural ingredients. Clean label cosmetic products made from plant extracts without synthetic ingredients are gaining considerable traction in the market. Thus, personal care and beauty product manufacturers are using manuka honey in cosmetic formulations. As per the World Health Organization (WHO), the world’s geriatric population (60 years and above) would reach up to 2 billion by 2050 from 900 million in 2015. This factor is likely to boost the demand for antiaging or anti-wrinkle creams in the coming years. Further, the increasing introduction of natural cosmetics and growing reach of online retail platforms are expected to benefit the manuka honey market in the coming years.
The COVID-19 pandemic has affected economies and industries in various Asia Pacific countries due to lockdowns, travel bans, and business shutdowns imposed by governments. Food & beverages is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and production plant shutdown because of the pandemic, which is leading to the disruption of supply chain as well as the disturbance of manufacturing operations, delivery schedules, and goods sales. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. All these factors are anticipated to hamper the performances of the food & beverages, personal care, and animal feed industries, thus restraining the growth of various markets related to these industries. Further, the shortfall in production, along with limitations on transportation facilities, is also affecting the manuka honey market growth.
The manuka honey market, by distribution channel, is segmented into conventionalSupermarkets/Hypermarkets, Convenience Stores, Online Stores and Others; supermarkets/hypermarkets segment led the manuka honey market based on distribution channel in 2019. Supermarkets/hypermarkets are self-service shops that offer various categories of products and are considered an effective channel for the distribution and sales of manuka honey products. These stores display products of different brands at one place, with affordable prices compared to other distribution channels. This assists buyers in the selection of suitable products in less time. Besides, factors such as hassle-free transactions, bulk purchasing, better services, and pleasant customer experience encourage buyers to shop from supermarkets/hypermarkets. The bulk delivery of products to these places minimizes the cost of operation for manufacturers, resulting in a high profit margin. The sales of manuka honey in supermarkets/hypermarkets are increasing owing to the increasing footfall at these places. High footfall, especially involving people from the middle class category, 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.
The Asia Pacific manuka honey market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Asia Pacific manuka honey market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the Asia Pacific manuka honey market. 100% Pure New Zealand Honey, Arataki Honey, Comvita, Manuka Health, Oha Honey, Midlands Holdings, Capilano Honey Ltd, Streamland, Three Peaks Manuka Honey, and Wedderspoon Organic are among the leading companies in the Asia Pacific manuka honey market.
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