Manuka Honey Export Update 2025

New Zealand’s Mānuka honey exports reached NZD $450m FOB in 2025, surpassing the previous peak of NZD $446m in 2020 and rising 16% year on year. It is a strong headline result for the category, but the shape of that growth matters.

This rebound has been volume-led rather than price-led. Export volumes increased from around 9,500 tonnes in 2020 to 11,500 tonnes in 2025, while average FOB value declined from roughly NZD $47/kg to NZD $39/kg over the same period. This suggests the industry is selling more product, but at a lower average realised return.

The market mix has also shifted materially. North America is now the clear lead market, growing from NZD $74m in 2020 to NZD $140m in 2025, helping offset a sharp decline in Greater China, which fell from NZD $96m to NZD $59m. The result is encouraging for the sector, but it also points to a different growth profile than before: stronger dependence on North America, weaker China performance, and ongoing pressure to defend value as well as volume.