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.
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 honey market in Egypt.
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.
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.
Complete Report Details @ https://www.marketresearchfuture.com/reports/egypt-honey-market-6239
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