Peru: Honey Market 2024

Honey Market Size in Peru

The Peruvian honey market totaled $X in 2022, increasing by 2.1% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. 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 Peru

In value terms, honey production expanded modestly to $X in 2022 estimated in export price. Overall, production, however, recorded a mild downturn. The growth pace was the most rapid in 2016 with an increase of 77%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Honey Exports

Exports from Peru

Honey exports from Peru fell to X tons in 2022, dropping by -7.9% against the year before. In general, exports recorded a pronounced reduction. The pace of growth was the most pronounced in 2016 when exports increased by 202% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, honey exports declined to $X in 2022. Over the period under review, exports continue to indicate a noticeable reduction. The growth pace was the most rapid in 2016 when exports increased by 145% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for honey exports from Peru, accounting for a 85% share of total exports. Moreover, honey exports to the United States exceeded the volume sent to the second major destination, Kuwait (X kg), ninefold.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at -2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (-1.4% per year) and Italy (-1.3% per year).

In value terms, the United States ($X) remains the key foreign market for honey exports from Peru, comprising 87% of total exports. The second position in the ranking was held by Kuwait ($X), with a 4.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States totaled -3.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (-6.8% per year) and Italy (-2.9% per year).

Export Prices by Country

The average honey export price stood at $X per ton in 2022, remaining stable against the previous year. Over the period under review, the export price recorded a slight descent. The most prominent rate of growth was recorded in 2020 an increase of 40%. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Kuwait ($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 the United States (-1.2%), while the prices for the other major destinations experienced a decline.

Honey Imports

Imports into Peru

In 2022, supplies from abroad of honey decreased by -0.4% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +8.4% 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 +3.8% against 2016 indices. The pace of growth was the most pronounced in 2014 when imports increased by 89% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, honey imports dropped modestly to $X in 2022. Over the period under review, total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by +0.1% against 2016 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 76% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of honey to Peru, accounting for a 41% share of total imports. Moreover, honey imports from Spain exceeded the figures recorded by the second-largest supplier, Turkey (X kg), twofold. Chile (X kg) ranked third in terms of total imports with a 0.4% share.

From 2012 to 2022, the average annual growth rate of volume from Spain stood at +16.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (0.0% per year) and Chile (-23.9% per year).

In value terms, Spain ($X), Turkey ($X) and Italy ($X) constituted the largest honey suppliers to Peru, with a combined 62% share of total imports.

Among the main suppliers, Spain, with a CAGR of +16.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average honey import price stood at $X per ton in 2022, leveling off at the previous year. In general, the import price, however, continues to indicate a slight slump. The pace of growth appeared the most rapid in 2013 when the average import price increased by 8.3%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Chile ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+25.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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