Eastern Asia: Honey Market 2024

Honey Market Size in Eastern Asia

In 2022, the East Asian honey market decreased by -1.5% to $X, falling for the second consecutive year after two years of growth. The total consumption indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% 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 -4.1% 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 lower figure.

Honey Production in Eastern Asia

In value terms, honey production totaled $X in 2022 estimated in export price. In general, production, however, saw pronounced growth. The most prominent rate of growth was recorded in 2016 with an increase of 83%. 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 Eastern Asia

In 2022, overseas shipments of honey increased by 6.2% to X tons, rising for the third year in a row after two years of decline. The total export volume increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when exports increased by 17% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, honey exports stood at $X in 2022. The total export value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2013 when exports increased by 15%. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, China (X tons) represented the largest exporter of honey in Eastern Asia, achieving 99% of total export.

China was also the fastest-growing in terms of the honey exports, with a CAGR of +3.5% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest honey supplier in Eastern Asia.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +2.6%.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, almost unchanged from the previous year. In general, the export price saw a mild decline. The most prominent rate of growth was recorded in 2016 an increase of 24%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to -0.9% per year.

Honey Imports

Imports in Eastern Asia

In 2022, supplies from abroad of honey decreased by -0.4% to X tons, falling for the second consecutive year after two years of growth. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2016 when imports increased by 25%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, honey imports fell to $X in 2022. Total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when imports increased by 21% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then dropped in the following year.

Imports by Country

Japan prevails in imports structure, finishing at X tons, which was approx. 79% of total imports in 2022. Taiwan (Chinese) (X tons) ranks second in terms of the total imports with a 6.5% share, followed by China (6.3%) and Hong Kong SAR (5.7%). South Korea (X tons) held a little 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, South Korea (+5.9%), Taiwan (Chinese) (+5.5%) and China (+1.0%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +5.9% from 2012-2022. By contrast, Hong Kong SAR (-1.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Taiwan (Chinese) and Japan increased by +1.7 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported honey in Eastern Asia, comprising 59% of total imports. The second position in the ranking was taken by China ($X), with a 25% share of total imports. It was followed by Hong Kong SAR, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value in Japan stood at +4.8%. In the other countries, the average annual rates were as follows: China (+10.5% per year) and Hong Kong SAR (-3.3% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, shrinking by -11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.0%. The pace of growth appeared the most rapid in 2017 when the import price increased by 16%. The level of import peaked at $X per ton in 2021, and then fell in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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