Ruskin Felix Consulting LLC prepared a comprehensive strategy formulation report focusing on the manuka honey pricing analysis. The report lays emphasis on the industry characteristics, fluctuations and future scope of the industry. The report analyzes the growth drivers, industry challenges, industry opportunities and business environmental analysis. This report also highlights the financial viability of the of the project by detailing the financial assessment, costing management, absorption costing, cost allocation and pricing and revenue computation. We aimed to help our client create a detailed pricing strategy and policy to ascertain the prices on a national, international and quality based pricing.
The honey is made from the nectar of the manuka tree and is only produced in Australia and New Zealand. The key active ingredient is methylglyoxal. This is an antibacterial organic compound that can be used for both medicine and everyday health benefits. 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.
Manuka honey is making a comeback in the wellness world, and for legitimate reason. It is high in vitamins, nutrients, amino acids, and minerals, all of which aid in skin protection and renewal. It’s utilized in lotions, gels, perfumes, foundations, and mascara, to mention a few applications. Furthermore, it has health benefits such as strengthening the immune system, avoiding oral infections, speeding up the healing process, and stimulating the respiratory system, all of which contribute to the demand. The rich flavor of Manuka honey, as well as its expanded uses as a table sugar substitute, are driving the market forward.
The manuka honey market in North America is expected to grow at the highest CAGR during the forecast period. Rapid growth in the snacking needs of children and the surge in the consumption of nutrient enriched food is fueling the growth of manuka honey market in North America. 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 growth drivers for manuka honey are as follows:
- Increase in number of health-conscious individuals worldwide.
- Antibacterial properties.
- Therapeutic properties.
- Usage in beauty products.
- Rise in e-commerce contributing to manuka honey sales.