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So what if you can't afford eggs anymore? Luxury honey is a steal.
Manuka honey, an expensive, especially viscous honey produced predominantly in New Zealand, experienced a pandemic bubble that has now burst in spectacular fashion, according to Bloomberg, leaving the market in a sticky oversupply situation... oh, bother.
Honeytrap
At this point, you've probably become numb to stories about pandemic darlings whose COVID-19-induced highs have come crashing down -- your Pelotons, your Carvanas. It's plain to see why these companies became super valuable during lockdowns and subsequently fell out of favor. In manuka honey's case, its antibacterial and anti-inflammatory properties led consumers to lap it up, and suppliers bulked up in response.
Pre-pandemic, manuka sold for around 100 times more than regular honey. After peaking in 2021, however, its price tag has oozed back down:
- According to Bloomberg manuka honey's price peaked at NZ$64 per kilo, whereas a kilo last season cost NZ$13 -- that's a whopping 80% decrease.
- Just as we're seeing a trend toward premiumization in the liquor market, the only manuka suppliers still treading water are those selling the most mind-bogglingly expensive products. To give you some flavor, one 230g jar of top-of-the-line manuka goes for £1,390 at Harrods in London. Maybe the worker bees should consider unionizing.
This might sting a little: While the pandemic had an ultimately deflating effect on manuka honey, a new vaccine might just help American bees. The US Department of Agriculture approved the first-ever vaccine for honeybees early in January, inoculating them against the highly contagious and sadly incurable foulbrood disease, hopefully boosting bee population numbers. Somebody better let Nicolas Cage know...
