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 market for honey in Egypt 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.
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.
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 2021.
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 2021 to 2027.
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This MRFR report offers a descriptive analysis of the honey market in Egypt. It includes growth analysis of the market in recent years along with an assessment of current market trends and revenue forecast for the next five years, until 2023. Key macro and micro-economic factors that are likely to influence the honey market in Egypt during the forecast period are also discussed in the report.
As a part of the research, different types of honey (clover honey, citrus honey, cotton honey, wildflower honey) that are available in Egypt are also profiled in the report along with their market valuation. Revenue assessment has been made on the basis of various application areas of the product such as food & beverages, personal care products, and pharmaceuticals. Bottle, jar, tube and tub are among the primary honey packaging solutions mentioned in the report.
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