Honey is a glutinous food substance which is majorly manufactured by bees and some related insects. The variety of honey created by honey bees is the best-known, because of its universal commercial production and human consumption. Moreover, in the near future, the Egyptian honey market is anticipated to rise at a significant pace. Honey performed as an antioxidant and serves relief from a cough and is, hence, used as a natural remedy for mild allergies. It is also appropriate in the cosmetics industry for its skin beneficial properties. In addition, innovations in processing technology to increase the production of honey are anticipated to operate product requirement in various industries. Honeybee losses, fluctuation in prices of honey and restraints impact analysis are the major restraints which hinder the market while, the market is having some key drivers also which drive the market in the Egypt more significantly in the forecasted period such as health benefits associated with honey, developments in honey harvesting technology, growing demand for Monofloral honey and drivers impact analysis.
According to the report analysis, ‘Egypt Honey Market Research Report – Forecast to 2023’ states that some of the major key players are recently functioning in this market more actively for acquiring the huge market share by doing more development in the product for dominating the growing demand of the potential buyers includes Ahla Honey (Egypt), Elnada Bee (Egypt), Mudga Agriculture & Food Products suppliers (Egypt), Imtenan (Egypt), Mahmoud GomaaAbd El Galil Co (Egypt), Honey World (Egypt), Dabur Egypt Ltd. (Egypt)and EL Rashidi EL Mizan Confectionery (Egypt). The key players of this market are attaining the opportunities which registered them to achieve highest share which includes high inclination towards natural sweeteners, R&D investments and innovative packaging. For instance, the major players are facing some challenges also such as illegal honey laundering for leading the fastest growth in the forecasted period.
As customers are becoming more health conscious, the requirement for natural sweeteners is growing, leading to lucrative growth opportunities for market players in the food and beverages market. Moreover, the requirement for Monofloral honey is growing in Egypt because of its distinctive flavor. Producers are investing heavily in the research & development programs to generate innovative flavors such as neem, jamun, lychee, coffee, tulsi, sunflower, garlic, ginger and forest honey which is driving factor market growth. Moreover, advanced and innovative packaging also plays a crucial role in rising sales.
On the regional basis, the Egyptian honey market has been divided into Western Egypt and Eastern Egypt. The Western Egypt sector is anticipated to remain prominent in the near future of 2018 to 2023. The regional market is forecasted to reach USD 23.4 million at a CAGR of 5.21% during the period 2018-2023. Western Egypt is anticipated to register for the huge market share of 88.4% in 2018. The Eastern Egypt sector is also forecasted to witness substantial growth in the near future. It is expected that in the near future the market of honey in Egypt will grow more actively with the extensive support of new entrants financially over the decades.
To know more, click on the link below:
Ankur Gupta, Head Marketing & Communications