Mānuka Honey Company Comvita Is Buying Specialist Honey Retailer HoneyWorld Singapore As It Eyes Growth In One Of Asia’s Premium Markets

Mānuka honey company Comvita is buying specialist honey retailer HoneyWorld Singapore as it eyes growth in one of Asia’s premium markets. New Zealand’s largest producer and marketer of honey and bee-related products has acquired Honey World the largest mānuka honey retailer in Singapore and its consumer brands for NZ$10.4m. Comvita says the purchase will take its share of the mānuka honey market in Singapore to about 50% from 10% to 15%. The deal comes only days after Comvita announced it had signed a significant long-term partnership with Ole Supermarkets, one of China’s largest premium retail chains. Comvita CEO David Banfield says Comvita sees huge opportunity in a global honey market worth NZ$14b with less than 1% household penetration. HoneyWorld, was founded in 1997 and operates 18 outlets in Singapore and has forecast revenue of more than NZ$15m next year.