Key Takeaways:
- India has instituted MEP on all honey shipped.
- USDA report shows US honey production increased in 2023.
- New shipping surcharges and increased time probable due to Red Sea area turbulence.
Anti-Dumping Update:
- Sweet Harvest Foods continues to lead the industry challenge to the Critical Circumstances ruling on Vietnam. Current schedule estimates a decision in Q1 or Q2 of 2025.
Additional Updates:
- Logistics:
- Turbulence in the Red Sea has led to additional freight surcharges and time to shipments as carriers look to avoid this area by sailing around the southern tip of Africa.
Hot Honey is Trending!
- Datassentials reports hot honey ranks in the 100th percentile for future growth potential in the food industry. And that it’s currently found on 5.6% of menus (+111% since 2019).
- What is it? Honey infused with hot chilies, also known as spicy honey.
- How is it used? As an alternative to traditional honey and often used similar applications.
- Where can you use it? As drizzle for pizza or dipping sauce for fried chicken.
Honey Market Updates:
- The Indian government instituted a Minimum Export Price (MEP) in March 2024, on all honey shipped out of India, effectively creating a price floor for honey.
- MEP is in effect until December 31, 2024 or until further orders are issued.
- The USDA released its 2023 Honey Production Report. Overall US honey production was up 11%, and overall available honey being held by honey producers was up 90%.
- The EU released new regulations designed to combat unclear origins of honey. Honey will now require COO clearly labeled on the packaging.
- Nielsen released their 2023 category review and according to the FMCG (Fast Moving Consumer Goods) retail channel, honey sales exceeded $1 billion in 2023, showing strong dollar sales growth for the second consecutive year.
To view the report as a print-friendly PDF, click here.
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