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. 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.
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.
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