Analyzing the honey production in the US, we observe a decrease from 81.0 thousand metric tons in 2014 to 65.0 thousand metric tons in 2023. The year-on-year variation for 2023 stands at -1.52%. The last 5-year CAGR (Compound Annual Growth Rate) reflects an average annual decline of -1.47%. Looking ahead to the forecasts from 2024 to 2028, we see a continued decline with a forecasted 5-year CAGR of -1.1% and an overall -5.39% growth rate by 2028.
Future trends to watch for:
- Environmental factors affecting bee populations
- Impact of agricultural practices and pesticides
- Market demand for honey and its substitutes
- Changes in global trade policies related to honey import/export
