Beekeeping in New Zealand - Industry Market Research Report

The sweet spot: As honey production levels bee-come sustainable, revenue gets a positive buzz on

The end of the manuka honey gold rush has left New Zealand's beekeepers swimming in a sea of honey. Before 2019, the Beekeeping industry underwent over a decade of rapid growth. Soaring demand for manuka honey pushed up prices, causing industry participation to surge as new operators sought to earn riches by producing ‘liquid gold'. However, the industry's fortunes have changed in recent years. Rapid expansion has recently led to production outpacing demand growth, causing honey prices and profit margins to plummet. Falling honey prices have caused industry revenue to decline at an annualised 1.2% over the five years through 2022-23 to $572.6 million, including a 5.9% decline in 2022-23. Industry operators primarily raise bees and collect the honey they produce. Beekeepers also collect and sell beeswax, royal jelly and other bee products, and provide pollination services to agricultural businesses. Companies that purchase raw inputs from beekeepers to produce honey products are excluded from the industry. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.