Honey Market Overview in South Africa
In value terms, honey production reduced to $ in 2018 estimated in export prices. Overall, production showed a pronounced descent. The growth pace was the most rapid in 2008 with an increase of % y-o-y. Over the period under review, production reached the peak level at $ in 2010; however, from 2011 to 2018, production failed to regain the momentum.
The value of the honey market in South Africa rose significantly to $ in 2018, with an increase of % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated prominent growth from 2007 to 2018: its value increased at an average annual rate of +% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, consumption increased by +% against 2012 indices. The most prominent rate of growth was recorded in 2010 when the market value increased by % year-to-year. Over the period under review, the market attained the maximum level in 2018 and is expected to retain growth in the near future.