Following a decade of growth, with large increases in export revenue from honey between 2019 and 2021, the export revenue from honey declined in 2022 and is forecast to continue declining in 2023 with gradual growth expected thereafter. This recent decline can be attributed to deteriorating consumers' purchasing power leading to a preference for cheaper alternatives to premium honey.
The industry includes many small independent beekeepers operating in specific geographic locations, although consolidation activity is expected to intensify as small beekeeping operators look to exit the industry due to increased competition and lower profit margins.
Export Revenue
The Apiculture industry generated $401 million as revenue from honey exports for the year ending March 2023. Export revenue from honey exports is declining and is forecast to continue declining in 2023 but will gradually increase from 2024.
GDP Trend
The Beekeeping industry's contribution to GDP has slumped in recent years after a period of rapid growth.
2. IBISWorld, “Beekeeping in New Zealand,” Industry Report (New Zealand: IBISWorld (access is by subscription only), March 2022), https://www.ibisworld.com/