A sustainable niche market: How does honey behave?

The global honey market has witnessed constant growth over recent decades, especially in Asian regions. In recent years, the increase in export flows of this product throughout the world has raised the issue of the lack of international import standards and regulations, making trade susceptible to variables that are not only economic, but also social or political. The objective of this study is therefore to explore, using the econometric methodology of gravity models, what the determinants of the international honey trade are, both economic and socio-cultural, and to verify whether a niche market, such as the one being examined, is influenced by these covariates, in a similar manner to the main commodities of the agri-food sector, or if honey displays a unique behavior. The results show that honey market behavior is not statistically different from that of the main agri-food products already studied and that the cultural distance, introduced as a covariate, does not have a significant influence.