Lee S. Rosen – Level of Competition in the Beekeeping Business
Lee S. Rosen Miami – While the Beekeeping industry accounts for less than 1.0% of revenue for the animal farming sector, its trends do not stray far from the sector’s overall performance. Domestic and global weather conditions, import competition and the incidence of disease have defined revenue and production volumes during the five years to 2015.
Lee S. Rosen – Meanwhile, reduced domestic production left the remaining demand to be filled by imported honey. The value of imports grew at an average annual rate of 15.0% over the five years to 2013 to total $496.9 million, replacing domestic product with lower-priced foreign honey; imports currently satisfy an estimated 63.9% of domestic demand.
Still, aside from bees’ use in honey production, they also serve another market, pollination for agricultural crops. Reduced bee colony numbers have led the prices paid by farmers for pollination to skyrocket. As a result, a number of players have entered the industry to cash in on this growing market; enterprises have grown an annualized 3.3% to 5,001 in the five years to 2013.
Lee S. Rosen – Over the five years to 2018, more affordable imports will continue to replace domestic products; as a result, imports are expected to grow. However, US beekeepers will likely market their products for new activities in the near future. “Honey and bees are already used in medicine developments and for pollination services to crop farmers”. These markets are expected to expand and very competitive over the next five years, keeping the US Beekeeping industry afloat.