Egypt Honey Market Promising Growth Opportunities over 2020– 2027
Honey is a prominent staple in
various diets and cuisines around the world. It is also recognized globally as
one of the most important sources of nutrition. The key components of honey
comprise of water, carbohydrates, nitrogenous substances, and minerals. The
multitude of benefits offered by honey have enabled its rapid penetration into
different other sectors and applications easily. Also, honey is gaining
popularity among the growing health conscious consumer base as it is a natural
source of many nutrients. Furthermore, it is also being extensively used in the
cosmetic industry for its skin enhancement properties. With Egypt being one of
the first countries in beekeeping field, the market for honey is very well
established in the country.
The Egypt Honey Market is foreseen to earn revenues worth USD 26.4 million, while growing at a CAGR of 5.10 percent approximately in
the course of the forecast period from 2017 to 2023. High investment in
research and development by the manufacturers in the production processes and
the discovery of innovative flavors is anticipated to uplift the growth of the
honey market in Egypt. Manufacturers are also increasingly focusing on
extraction of honey from various flowers to provide uniquely flavored honey to
their consumers. Consumer’s inclination towards honey with different flavors is
creating product differentiation in the market successfully.Novel and original
flavors such as neem, lychee, jamun, tulsi, sunflower, coffee, ginger, garlic
and forest honey are opening up a wider user base for the market. There are
several beekeepers with small businesses in Egypt who are significantly
invested in the development of the market. As a result of this, established
market players are engaging in strategies which involve combining smaller
players by the process of mergers and acquisitions into fold so as to grow
their market presence and to gain access to pioneering technologies and
discoveries.
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The role of innovative packaging in
the upliftment of the revenue generation capacity of the market is
significantly noticeable. Immense growth opportunities for honey have been
noticed in the pharmaceuticals sector and personal care products sector, which
is increasing the consumption of honey in this region. The escalating
trend for health conciousness has effectively swayed consumers to substitute
artificial sweeteners with natural sweeteners such as honey. Thus, the
escalating demand for natural sweeteners from various manufacturing plants is
creating a favourable market scenario for the Egypt
Honey Market
One of the important areas
contributing to the expansion of the market is the use of convenient and
flexible packaging by manufacturers to draw consumers towards their diverse
product offerings. Flexible packaging designs that comprise of pouring spouts,
tubes, and microwavable pouches create ease in consuming and disposing of the
products with better convenience and portability. Furthermore, improving cost
effectiveness of the honey products in Egypt will spur growth of the market
considerably in the duration of the forecast period.
Segmental Analysis
The segmentation of the honey market
in Egypt is carried out on the basis of type, packaging and application. On the
basis of the type, the market consists of citrus honey, clover honey,
wildflower honey, cotton honey, and others. Among the segments, clover honey
has the foremost market share with 44.58 percent followed by citrus honey in
terms of value. Moreover, in terms of volume, clover honey is foreseen to
develop at a CAGR of 4.16 percent due to the incidence of a large clover farms
in this region. The application based segmentation of the market is segmented
into personal care products, pharmaceuticals, food & beverages, and others.
Among them, the food & beverages segment is anticipated to control the key
share of the market of 54.17 percent in terms of volume in the year 2018.
Though, in terms of volume and value, application of honey in personal care
products is rising at a rapid rate throughout the forecast period. On the basis
of the packaging, the market is segmented into the tube, bottle, jar, tub, and
others. Among these segments, the bottle segment is perceived to be leading the
market in the year of 2018. Furthermore, it is estimated to be the fastest
developing segment, at a CAGR of 5.38 percent through the forecast period from
2017 to 2023.
Competitive Analysis
The well-known companies are
following certain strategies to sustain their consumer base and contend with
the new players entering in the honey market. The major players in the honey
market in Egypt are concentrating on new product launches and on introducing
their products in convenient packages to capture a large consumer base.
Additionally, they are making efforts to bring in cost-effective products to
market. Elnada Bee, Mudga Agriculture
& Food Products suppliers, Ahla Honey, Dabur Egypt Ltd., Imtenan,
Mahmoud Gomaa Abd El Galil Co, Honey World, and EL Rashidi EL Mizan
Confectionery, among others are a few of the noteworthy competitors
profiled in the Egypt honey market.
NOTE: Our Team of Researchers are
Studying Covid19 and its Impact on Various Industry Verticals and wherever
required we will be considering Covid19 Footprints for Better Analysis of
Market and Industries. Cordially get in Touch for More Details.
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