Cuba: Honey Market 2024

Honey Market Size in Cuba

In 2021, after two years of decline, there was significant growth in the Cuban honey market, when its value increased by 49% to $X. In general, consumption recorded a significant increase. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Honey Production in Cuba

In value terms, honey production surged to $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 59% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Honey Exports

Exports from Cuba

For the third consecutive year, Cuba recorded growth in shipments abroad of honey, which increased by 6.7% to X tons in 2021. Over the period under review, total exports indicated modest growth from 2012 to 2021: its volume increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +103.0% against 2018 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 57%. The exports peaked in 2021 and are likely to see steady growth in years to come.

In value terms, honey exports skyrocketed to $X in 2021. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 51%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Germany (X tons) was the main destination for honey exports from Cuba, accounting for a 53% share of total exports. Moreover, honey exports to Germany exceeded the volume sent to the second major destination, Portugal (X tons), threefold. Spain (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Germany amounted to -1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (+27.0% per year) and Spain (+38.5% per year).

In value terms, Germany ($X) remains the key foreign market for honey exports from Cuba, comprising 55% of total exports. The second position in the ranking was taken by Spain ($X), with a 16% share of total exports. It was followed by Portugal, with a 16% share.

From 2012 to 2021, the average annual growth rate of value to Germany amounted to -3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+36.2% per year) and Portugal (+27.5% per year).

Export Prices by Country

The average honey export price stood at $X per ton in 2021, rising by 21% against the previous year. In general, the export price, however, recorded a mild shrinkage. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, the countries with the highest prices were Austria ($X per ton) and Switzerland ($X per ton), while the average price for exports to Portugal ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+2.7%), while the prices for the other major destinations experienced mixed trend patterns.

Honey Imports

Imports into Cuba

In 2021, supplies from abroad of honey decreased by -16.5% to X kg, falling for the fourth year in a row after two years of growth. In general, imports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 195% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, honey imports fell to $X in 2021. Overall, imports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2016 when imports increased by 274%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Canada (X kg) constituted the largest supplier of honey to Cuba, accounting for a 81% share of total imports. Moreover, honey imports from Canada exceeded the figures recorded by the second-largest supplier, Switzerland (X kg), fivefold.

From 2012 to 2021, the average annual growth rate of volume from Canada stood at +9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-25.0% per year) and Spain (-40.9% per year).

In value terms, Canada ($X) constituted the largest supplier of honey to Cuba, comprising 70% of total imports. The second position in the ranking was taken by Switzerland ($X), with a 27% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Canada totaled +14.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-21.1% per year) and Spain (-38.7% per year).

Import Prices by Country

In 2021, the average honey import price amounted to $X per ton, increasing by 6.8% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.8%. The most prominent rate of growth was recorded in 2016 when the average import price increased by 27%. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Switzerland ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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