Asia-Pacific: Honey Market 2024

Honey Market Size in Asia-Pacific

In 2022, the Asia-Pacific honey market decreased by -5.1% to $X, falling for the second year in a row after two years of growth. The total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -11.7% against 2020 indices. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Honey Production in Asia-Pacific

In value terms, honey production amounted to $X in 2022 estimated in export price. The total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.4% against 2020 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 56% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Honey Exports

Exports in Asia-Pacific

Honey exports expanded sharply to X tons in 2022, picking up by 9.8% against 2021. Total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +61.0% against 2016 indices. The growth pace was the most rapid in 2013 with an increase of 20%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in years to come.

In value terms, honey exports surged to $X in 2022. Total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +8.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +59.1% against 2019 indices. The pace of growth appeared the most rapid in 2013 when exports increased by 25%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

In 2022, China (X tons) represented the key exporter of honey, constituting 45% of total exports. India (X tons) held a 25% share (based on physical terms) of total exports, which put it in second place, followed by Vietnam (17%) and New Zealand (4.5%). Thailand (X tons) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by India (with a CAGR of +13.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest honey supplying countries in Asia-Pacific were New Zealand ($X), China ($X) and India ($X), together accounting for 83% of total exports.

In terms of the main exporting countries, India, with a CAGR of +14.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, increasing by 10% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The level of export peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+7.5%), while the other leaders experienced more modest paces of growth.

Honey Imports

Imports in Asia-Pacific

After three years of growth, overseas purchases of honey decreased by -5.3% to X tons in 2022. The total import volume increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 12%. The volume of import peaked at X tons in 2021, and then fell in the following year.

In value terms, honey imports reduced slightly to $X in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +21.1% against 2018 indices. The pace of growth was the most pronounced in 2014 when imports increased by 16% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then reduced slightly in the following year.

Imports by Country

Japan prevails in imports structure, resulting at X tons, which was approx. 53% of total imports in 2022. Australia (X tons) ranks second in terms of the total imports with an 8.8% share, followed by Indonesia (7.5%). Taiwan (Chinese) (X tons), Malaysia (X tons), China (X tons), Hong Kong SAR (X tons), Singapore (X tons), Thailand (X tons) and Nepal (X tons) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to honey imports into Japan stood at +2.5%. At the same time, Nepal (+23.2%), Indonesia (+11.3%), Australia (+6.3%), Taiwan (Chinese) (+5.5%), Singapore (+3.0%), Malaysia (+2.5%) and China (+1.0%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +23.2% from 2012-2022. By contrast, Hong Kong SAR (-1.8%) and Thailand (-7.6%) illustrated a downward trend over the same period. Indonesia (+4.1 p.p.) and Australia (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while Hong Kong SAR and Thailand saw its share reduced by -2.1% and -5.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported honey in Asia-Pacific, comprising 40% of total imports. The second position in the ranking was held by China ($X), with a 17% share of total imports. It was followed by Australia, with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan amounted to +4.8%. In the other countries, the average annual rates were as follows: China (+10.5% per year) and Australia (+21.4% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, increasing by 2.9% against the previous year. Over the last decade, it increased at an average annual rate of +3.3%. The pace of growth was the most pronounced in 2017 when the import price increased by 11%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Nepal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+14.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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