Answer to Question #297912 in Marketing for Nova Mae

Question

Give an example of a locally made product that you believe will have a good chance of competing in a regional market

Answer 1

Honey is a locally made product and it has a very good chance of competing in a regional market. The rising demand for this sweetener across several economies due to the increased consumer inclination towards natural sweeteners and healthy sugar alternatives has offered market players an abundance of opportunities to innovate and expand across the globe. Technology and capital needs for the production of honey are relatively low compared to other sectors. The equipment required for the processing of honey that is extractor and homogenization tank, does not have to be very expensive and is often simple to operate. At the same time, the favorable market situation creates room for new entrants in the honey market. The National Honey Board is committed to designing and conducting research that enables the industry to identify opportunities and make informed decisions to increase demand for honey.

Honey naturally contain nutrients and enzymes, which have a variety of health benefits and medical uses. Actually, honey has been used as a folk remedy for many conditions throughout history. It’s even used in some hospitals as a treatment for wounds. Honey has several benefits that can make it stand out in a regional market;

• It’s a good source of antioxidants which help to protect people’s body from cell damage due to free radicals. Antioxidant compounds in honey called polyphenols also play a role in preventing heart disease.
• Raw honey has antibacterial and anti-fungal properties which can kill unwanted bacteria and fungus. It naturally contains hydrogen peroxide, an antiseptic. Its effectiveness as an antibacterial or anti-fungal varies depending on the honey, but it’s clearly more than a folk remedy for these kinds of infections.
• Honey is used in medical settings to treat wounds (specifically Manuka honey) because it’s been found to be an effective germ killer and also aids in tissue regeneration. Studies show that Manuka honey can boost healing time and reduce infection.
• Honey is also used to soothe a sore throat. It also works as a cough suppressant.