Malaysia: Honey Market 2024

Honey Market Size in Malaysia

The Malaysian honey market contracted to $X in 2022, with a decrease of -11.9% against the previous year. Overall, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +8.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +20.4% against 2020 indices. Honey consumption peaked at $X in 2021, and then reduced in the following year.

Honey Production in Malaysia

In value terms, honey production stood at $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with a decrease of 99.9% against the previous year. Honey production peaked in 2022 and is expected to retain growth in years to come.

Honey Exports

Exports from Malaysia

Honey exports from Malaysia expanded markedly to X tons in 2022, with an increase of 5.2% on the previous year. Overall, exports, however, saw a abrupt slump. The growth pace was the most rapid in 2020 when exports increased by 43%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, honey exports rose significantly to $X in 2022. Over the period under review, exports, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2014 with an increase of 40% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Singapore (X tons), Australia (X tons) and Brunei Darussalam (X tons) were the main destinations of honey exports from Malaysia, with a combined 62% share of total exports. China, Hong Kong SAR, Taiwan (Chinese), Solomon Islands, Algeria, the United Arab Emirates, Yemen, Libya, Somalia and Maldives lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the biggest increases were recorded for Solomon Islands (with a CAGR of +87.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Australia ($X) and Brunei Darussalam ($X) constituted the largest markets for honey exported from Malaysia worldwide, together comprising 65% of total exports. China, the United Arab Emirates, Somalia, Hong Kong SAR, Solomon Islands, Taiwan (Chinese), Algeria, Yemen, Libya and Maldives lagged somewhat behind, together comprising a further 26%.

Among the main countries of destination, Solomon Islands, with a CAGR of +113.8%, recorded the highest rates of growth with regard to 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 average honey export price stood at $X per ton in 2022, approximately equating the previous year. Over the period under review, export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, honey export price increased by +130.3% against 2015 indices. The growth pace was the most rapid in 2016 when the average export price increased by 44%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Somalia ($X per ton), while the average price for exports to Libya ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Solomon Islands (+14.2%), while the prices for the other major destinations experienced more modest paces of growth.

Honey Imports

Imports into Malaysia

In 2022, the amount of honey imported into Malaysia reduced to X tons, falling by -8.8% against 2021 figures. The total import volume increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 25%. As a result, imports attained the peak of X tons, and then fell in the following year.

In value terms, honey imports reduced to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 37% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), Taiwan (Chinese) (X tons) and Thailand (X tons) were the main suppliers of honey imports to Malaysia, with a combined 68% share of total imports. Australia, Indonesia, New Zealand, Argentina and the United States lagged somewhat behind, together comprising a further 20%.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +26.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest honey suppliers to Malaysia were New Zealand ($X), China ($X) and Taiwan (Chinese) ($X), together accounting for 58% of total imports. Australia, Thailand, Indonesia, Argentina and the United States lagged somewhat behind, together accounting for a further 29%.

Argentina, with a CAGR of +31.6%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average honey import price amounted to $X per ton, waning by -4% against the previous year. In general, the import price recorded a mild decrease. The most prominent rate of growth was recorded in 2015 when the average import price increased by 18% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was New Zealand ($X per ton), while the price for China ($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 (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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