The honey market in Malaysia experienced significant fluctuations over the past decade. In 2023, the market stood at 1.0 Thousand Metric Tons, maintaining the same volume for five consecutive years since 2019. Reviewing the trend from 2014 to 2023, the market faced dramatic shifts, with a peak of 3.0 Thousand Metric Tons in 2016 but then a considerable decline starting in 2017.
Year-on-year variations highlighted substantial volatility, such as a 200% increase in 2016 followed by a 66.67% decrease in 2017, stabilizing to 0% change between 2018 and 2023. The average yearly variation (CAGR) for the last five years leading up to 2023 was 0%, indicating a period of stagnation during that time frame.
The forecast for 2024 to 2028 suggests a continuous decline with an anticipated Compound Annual Growth Rate (CAGR) of -5.66%, leading to a projected market size of 0.68 Thousand Metric Tons by 2028, marking a 25.27% drop over five years.
Future trends to watch include potential impacts from changes in consumer health trends, and environmental factors affecting bee populations. Strategic market adaptations in response to these factors will be crucial for stakeholders in the honey market.