Key Take-Aways
- Honey import and consumption volumes appear to be returning to pre-pandemic levels.
- Inflationary factors are driving shifts across the industry.
- Supply-chain bottlenecks are showing signs of easing.
- FDA sampling found 10% of imported honey was adulterated.
Anti-Dumping Update
- Critical Circumstances appeal has been filed by SHF and other honey packers. Expect decision on retroactive duties in mid-2023.
Market Update
- YTD honey imports are down 25% vs. ‘21, but are in-line with pre-pandemic levels.
- Notable import gains seen by Mexico and Uruguay.
- Reduced US honey crop expected due to weather
Additional Updates
- Logistics:
- Ocean capacity is freeing up, leading to softening of overseas freight rates.
- Backup at Long Beach, CA port has been cleared.
- Rail delays due to port yard congestion.
- Railroad strike averted with Senate and House imposed labor contract.
- Retail Honey:
- Retail volumes falling below 2020 levels while sales dollars reach an all-time high.
- YTD retail prices +20-25% vs. 2021. FDA sampled imported honey during 2021-2022 and found 10% to be adulterated, vs. 13% in Canada and 14% in Europe.
To view the report as a print-friendly PDF, click here.
Read MORE
