Sweet Harvest Foods Q1 2022 Honey Market Report

Global Market Key Take Aways

• Demand for honey is increasing
• US imports of honey are increasing as the US honey harvest can not supply all the honey demand
• Prices for honey are higher; and will likely keep going up
• Weather is impacting crop harvest in many locations, which means there is less honey available
• Anti-dumping is opening up other origins for consideration:
  • There may be some shortage in the meantime as everyone will be looking to replace highest cost honey with slightly lower cost honey
  • There is a finite amount of honey harvested and available each year
• Consumers are facing rising costs everywhere
  • Supply chain disruptions and increasing commodity costs are being seen across other agricultural products due to COVID
  • Inflation is at a level not seen since 1982!

Anti-Dumping Update

• The anti-dumping lawsuit is proceeding as anticipated. On November 18th, 2021 the U.S. Department of Commerce (DOC) issued their Preliminary Findings in the raw honey anti- dumping case. Currently, the schedule for the DOC & ITC final determinations are set for April and May 2022 (respectively).
• A link to the decision is available here for reference

Global Honey Markets Remain “Volatile” at the Beginning of 2022

• Vietnam remains quiet as the industry looks to understand their fate in the US after the stiff tariffs they received. Overall crop is progressing but expected to be lower due to anti-dumping.
• North America is quiet right now, honey supply is expected to be lower than previous years due to weather conditions affecting volume; demand remains high.
• South America honey season is underway, demand remains strong from US, Europe, and Japan; price gaps are starting to appear due to anti-dumping duties.
• India honey season is underway; current weather conditions are conducive to honey production; demand is expected to be high due to anti-dumping duties lower than anticipated.
• Organic Honey season is starting; demand remains high and price differences exist between the different origins; anti dumping may spur US interest in Mexico as an origin.

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