Honey Market Prediction
Imports are still a challenge when it comes to honey prices (and honey quality), so we checked in with our reporters this month on their prices, the demand for their honey and what they intend to do this season because of all this.
It’s about a 50:50 split on the demand side. About half expect it to increase, the rest to stay the same. That’s over all. Regionally, it’s way different in a couple of places. Region two has only 20% thinking demand will increase, and 80% staying ﬂ at, while Region 3 is just the opposite, with 77% aiming for an in-crease. The rest are about the same as the overall picture.
Honey prices aren’t volatile in most places either. Overall, only 35% plan to increase prices this season, and 65% are going to stay the same. And that picture is pretty much the same everywhere. But for those who are raising prices, cost of production was by far the most common reason. But the simple fact that demand was increasing, especially in Regions 3 and 6, led reporters in those regions to take advantage of that and price increases will be seen more there. Interestingly, we offered another reason for raising prices, Because I Can, and 11% of the reporters will raise their prices because they can without hurting business.
So what about production plans next season? Overall, fully 60% plan some level of production in-crease to accommodate demand and need for increased income, even if prices stay ﬂ at, with Regions 3 and 5 leading the way for increases, and Regions 1, 2 and 9 avoiding that risk the greatest.