South-Eastern Asia: Honey Market 2024

Honey Market Size in South-Eastern Asia

After four years of growth, the Southeast Asian honey market decreased by -2.6% to $X in 2022. The total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +2.8% 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 +46.8% against 2017 indices. Over the period under review, the market reached the maximum level at $X in 2021, and then declined slightly in the following year.

Honey Production in South-Eastern Asia

In value terms, honey production shrank to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 18% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Honey Exports

Exports in South-Eastern Asia

In 2022, after two years of growth, there was decline in shipments abroad of honey, when their volume decreased by -3.3% to X tons. Total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +7.9% 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 +40.4% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of 44% against the previous year. The volume of export peaked at X tons in 2021, and then fell in the following year.

In value terms, honey exports reduced to $X in 2022. Total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 +41.7% against 2019 indices. The pace of growth appeared the most rapid in 2014 with an increase of 45%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Vietnam (X tons) was the largest exporter of honey, mixing up 80% of total exports. It was distantly followed by Thailand (X tons), making up a 15% share of total exports. Myanmar (X tons) took a relatively small share of total exports.

Vietnam was also the fastest-growing in terms of the honey exports, with a CAGR of +10.6% from 2012 to 2022. At the same time, Myanmar (+9.4%) and Thailand (+2.1%) displayed positive paces of growth. From 2012 to 2022, the share of Vietnam increased by +17 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest honey supplier in South-Eastern Asia, comprising 73% of total exports. The second position in the ranking was taken by Thailand ($X), with a 20% share of total exports.

In Vietnam, honey exports expanded at an average annual rate of +4.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (+3.1% per year) and Myanmar (+1.7% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, waning by -7.1% against the previous year. Overall, the export price saw a noticeable setback. The pace of growth appeared the most rapid in 2021 when the export price increased by 23% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+1.1%), while the other leaders experienced a decline in the export price figures.

Honey Imports

Imports in South-Eastern Asia

In 2022, purchases abroad of honey decreased by -2.3% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, posted slight growth. The most prominent rate of growth was recorded in 2014 with an increase of 37% against the previous year. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, honey imports contracted to $X in 2022. Total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.5% 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 +55.5% against 2016 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 30% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then fell slightly in the following year.

Imports by Country

In 2022, Indonesia (X tons) represented the key importer of honey, mixing up 38% of total imports. It was distantly followed by Malaysia (X tons), Singapore (X tons) and Thailand (X tons), together creating a 55% share of total imports. The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +11.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Singapore ($X) and Malaysia ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 88% of total imports.

Among the main importing countries, Indonesia, with a CAGR of +13.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, surging by 1.8% against the previous year. Over the last decade, it increased at an average annual rate of +2.5%. The growth pace was the most rapid in 2016 an increase of 46%. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the import prices failed to regain momentum.

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 Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+2.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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