SWEET HARVEST FOODS Q3 2026 HONEY MARKET REPORT

KEY TAKE-AWAY

• Tariffs, geopolitical activity and high ocean and overland freight rates are fueling volatility in the honey markets and increasing costs.

TARIFF AND ANTI-DUMPING NEWS

• In July 2026, Section 301 tariffs were implemented covering honey from most major origins (10%-12.5%) with an additional 25% tariff on conventional honey from Brazil.
• In August 2026, 50% tariffs were imposed on goods from Canada, including honey.
• A legal challenge regarding anti-dumping rates assessed against Vietnam honey remains underway, with oral arguments scheduled for late October 2026 and a decision in 2027.
• The US Department of Commerce issued preliminary anti-dumping rates for Period of Review 3, with final rates expected in March 2027.

HONEY SUPPLY UPDATE

• Variable weather patterns due in part to the 2026 El Nino phenomenon are expected to cause lower honey production in the US.
• After lower yields in 2025, Ukrainian beekeepers are expecting higher output in 2026, despite some indication of drought conditions.
• Beekeepers in Vietnam are expected to increase colonies in 2027 given strengthening demand from US packers and importers.

INDUSTRY NEWS

• US honey imports were flat through September compared to 2025, with gains from Argentina, Vietnam, Canada and Mexico offsetting reductions from India, Brazil and Ukraine.
• The EU and Mexico approved the Modernized Global Agreement, which lowers the duty rate on honey exported from Mexico to the EU to 0%.
• Ocean freight rates have nearly tripled since May 2026, and diesel fuel prices in the US reached an all-time high in September 2026.
• The assessment rate for honey packers and importers to fund the National Honey Board is increasing to $0.02/lb starting January 2027.

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