Sweet Harvest Foods Q1 2023 Market Update

Key Take-Aways

• Port conditions are back to pre-pandemic levels.
• Inflationary and recessionary concerns are still present.

Market Updates

• Select honey prices are coming down off their anti-dumping highs, partly due to easing of supply chain issues.
• US beekeepers moving from almond pollination to citrus crops in FL and CA.
• Indian beekeepers are increasing certification of organic honey.
• Industry showing some honey demand softness from European end-users.

Anti-Dumping Update

• Critical Circumstances appeal has been filed by SHF and other honey packers. Expect decision on retroactive duties in late-2023.
• Period of Review 1 (POR1) concludes in May 2023, with revised duty rates issued around January 2025.

Additional Updates

• Logistics:
  • Port conditions at pre-pandemic levels.
  • Economic indicators:
    • Concerns ramping up over possible recession.
    • Inflation continues to be high.
    • Two American Banks collapsed in March 2023
  • Foodservice 2023 projections:
    • While supply chain challenges ease, a labor shortage continues.
    • After two years of growth, foodservice is expected to be flat for ‘23 and ‘24, mainly due to inflation. Growth is projected at 0.1% each year.

To view the report as a print-friendly PDF, click here.