Key Takeaways
- Industry is in a post-AD operating environment that will last for years.
- Rising inflation is driving changes to consumer environment.
- Volatility and uncertainty remain.
Anti-Dumping Update
- AD orders published in June 2022.
- Next duty rate review in November 2024.
- Critical Circumstance ruling is being appealed.
Market Updates
- First half 2022 honey imports down nearly 30%, led by Vietnam, Brazil and Argentina.
- India imports are strong behind favorable weather and AD impact on Vietnam supply.
- Gains from Mexico and Uruguay also notable.
- Limited imports from Ukraine are becoming available via adjacent countries.
Additional Updates
- Retail Honey:
- Inflation driving consumer shift to private label.
- YTD retail prices +23% vs PY.
- Logistics:
- Ocean capacity is freeing up, leading to softening of overseas freight rates.
- Port congestion remains high and has spread beyond the West Coast.
Did You Know?
- Sweet Harvest Foods is the First and Only honey company to have the USDA independently verify its supply chain.
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