Apiculture (NAICS 2022 · 112910) — U.S. Industry Primer

1. Overview

Apiculture is beekeeping run as a commercial enterprise: raising honey bee colonies to sell honey and other hive products, and renting those colonies to farmers for crop pollination. In the North American Industry Classification System (NAICS) — the standard the U.S. government uses to group businesses — code 112910 covers the beekeepers themselves.

By dollar sales it is one of the smallest line items in U.S. agriculture: the 2025 honey crop was worth about $353 million and beekeepers reported roughly $225 million in pollination income.[1] But apiculture sits underneath a far larger economy — the almonds, berries, tree fruit, seed and vegetable crops that need insect pollination to set fruit, worth tens of billions of dollars a year.[2][3] The industry matters less as a honey commodity than as the delivery mechanism for a service the rest of specialty agriculture cannot do without.

For most investors this is a private, operating-business industry, not a stock. There is no meaningful U.S.-listed pure play. Ownership is dominated by family farms, migratory operators and cooperatives. Capital gets in by buying or financing an operation, backing a honey brand or equipment supplier, or venture-funding bee-health technology (Section 4). Public-market exposure is indirect — through the crop and food companies that depend on rented bees, and a few small, mostly foreign or adjacent listed names. The core question is never just how many hives an operator owns; it is whether the operator can keep colonies alive and healthy, place them under profitable pollination contracts, and manage a seasonal, biological cash cycle.

2. What it is and how it's structured

In scope (112910 "Apiculture"): establishments primarily raising bees — producing and gathering honey; selling queen bees, package bees, nucleus ("nuc") colonies, beeswax, royal jelly, propolis, pollen and venom; and providing pollination services, including renting hives to growers.[10] Rearing bumblebees for greenhouse pollination falls here too.

The industry runs four overlapping businesses off the same colonies:

• Pollination — renting colonies to almond, berry, fruit, seed and vegetable growers.
• Honey — bulk, branded, retail and private-label.
• Live bees and genetics — queens, packages, nucleus colonies and replacement bees.
• Bee products — wax, propolis, pollen, royal jelly.

Operations are stationary or migratory. Large commercial operators truck colonies across the country on an annual circuit: winter staging, early-season almond pollination in California, then summer nectar flows in the Northern Plains. Smaller operators sell locally or keep bees as a sideline.

Out of scope (adjacent NAICS codes):

• Honey processing, blending and bottling by a packer that does not keep bees → 311999, All Other Miscellaneous Food Manufacturing.
• Wholesaling honey → 424490, Other Grocery and Related Products Merchant Wholesalers.
• Retailing honey directly (farm stand, e-commerce) as a standalone activity → a retail code such as 445298 / 459510.
• Crop farms that hire bees — almonds (111335, Tree Nut Farming), berries (111334), apples (111331) — are the customers, not part of 112910. A grower that keeps hives mainly to pollinate its own orchard is generally classified with the crop farm, not as an apiculture business.[10]
• Fee-based farm-management or agricultural support work → support-activity codes such as 115116 / 115210.

The distinction matters because the largest honey brands — Sue Bee, Nature Nate's, Local Hive — are packing and marketing businesses that buy from beekeepers; the beekeepers are the 112910 industry.

Ownership mix. Overwhelmingly small, family-owned, cooperative or integrated with farming — federal data give no precise ownership split, and there is essentially no government or foreign-state ownership.[9] The industry is a barbell: a few hundred large commercial migratory operations sit on top of tens of thousands of sideline and hobby beekeepers. By one widely cited industry estimate, about 2% of beekeepers manage roughly 88% of U.S. hives, while 95% manage under 7%.[8] The U.S. Small Business Administration (SBA) size standard for the industry is $3.25 million in average annual receipts[9] — a low bar nearly every operation clears, which itself signals how small the typical business is.

3. How big it is

Our ingested federal business statistics for 112910 contain only the SBA size standard ($3.25 million in average annual receipts).[9] That is a program-eligibility threshold, not a revenue estimate. Standard Census business series — County Business Patterns, the Economic Census, Statistics of U.S. Businesses, Nonemployer Statistics — exclude crop and animal production, so they badly undercount apiculture; most operators are non-employer farm proprietors captured in USDA agricultural data instead. The meaningful figures come from the U.S. Department of Agriculture (USDA).

USDA's National Agricultural Statistics Service (NASS) tracks operations with five or more colonies in its annual Honey report:[1]

In 2025 a sharp price rise more than offset falling volume, lifting the crop's value even as production dropped to its lowest in years.[1] (Note: NASS revised 2024's price down from a preliminary $2.69/lb to $2.41/lb after late sales were counted — annual honey prices firm up as the prior crop finishes selling.[1]) NASS also reported 2025 costs of $54.9 million on feed and $22.2 million on varroa-mite control, prices paid of $22 per queen, $110 per package and $130 per nucleus colony, and about 27,000 apiary workers.[1]

A separate, every-five-years benchmark tells a broader story: the 2022 Census of Agriculture counted roughly 74,000 farms with bee colonies holding a record ~3.8 million colonies, up about 35% from 2017 — a jump driven mostly by new hobby and sideline keepers (and, some analysts argue, by small operators registering colonies for state agricultural tax treatment).[7] The two colony counts diverge because the annual Honey survey excludes operations under five colonies while the Census counts every qualifying farm; both still miss informal hobbyists below reporting thresholds.[7]

State concentration. North Dakota has topped U.S. honey output for more than two decades — a 21-year streak through 2024, extended again in 2025[17][1] — producing 30.8 million pounds worth about $58 million in 2025, roughly as much as the next three states (California, Montana, South Dakota) combined.[1] Output follows summer nectar flows in the Northern Plains; pollination demand then pulls the same colonies west to California each winter.

4. The investable universe

There is no U.S.-listed pure-play apiculture company. Thin margins, biological risk and family ownership have kept the industry private and cooperative. The realistic ways to get exposure:

Closest listed exposures (all indirect, foreign or adjacent)

None should be valued as if its whole business rode on U.S. apiculture — the bee exposure is foreign, adjacent or a sliver of a larger segment.

Major private operators, owners and suppliers

• Adee Honey Farms — family-owned since 1957 and long regarded as the nation's largest beekeeper; ~80,000 colonies, ~$14 million gross revenue, roughly two-thirds from almond pollination, on a major migratory network.[18]
• Sweet Harvest Foods / Nate's Hives — a roll-up that reported 120,000+ colonies, 100+ beekeepers and 10 apiary sites after five acquisitions in three years, claiming the title of America's largest beekeeper as of December 2025 (company-reported, not a federal market-share figure).[20]
• The Wonderful Company / Wonderful Bees — the privately held ag group entered beekeeping by buying Headwaters Farm in 2015, adding ~20,000 hives to secure pollination for its own almond orchards (vertical integration).[21]
• Sioux Honey Association (Sue Bee, Aunt Sue's) — beekeeper-owned cooperative founded 1921; more than 200 independent family beekeepers; the largest U.S. honey-marketing brand.[19]
• Honey packers — Barkman Honey, National Honey Packers, Nature Nate's, Local Hive — buy and bottle domestic and imported honey; downstream of 112910, not beekeepers.
• Beewise Technologies — venture-backed maker of AI/robotic "BeeHome" hives; ~$170 million raised (including a $50 million Series D in 2025).[22]
• Equipment suppliers — family-owned Dadant & Sons and Mann Lake supply hive equipment, extractors, protective gear and feed.[27]

For public-market investors seeking the effect of pollination, the cleaner proxies are the almond, berry and tree-fruit growers and packaged-food firms that depend on rented bees — but verify bee-related revenue is material before assigning an apiculture thesis. For private investors, the direct routes are owning or lending against a commercial beekeeping operation (hives, trucks, pollination contracts, extraction equipment), buying into a cooperative, or venture-funding bee-health technology.

5. How the money works

A commercial beekeeper runs two revenue engines from the same colonies, plus a smaller third:

1. Pollination rentals — the economic anchor. Growers pay a per-colony fee to place hives in orchards during bloom, and a strong colony can earn that fee before it produces any marketable honey. Almonds dominate: California's ~1.3 million bearing acres bloom in February and need roughly two colonies per acre, drawing the majority of all U.S. commercial colonies west each winter. In USDA's most recent Cost of Pollination survey (2024), the almond fee averaged about $181 per colony versus about $66 for all other crops; almond pollination alone generated an estimated $325.8 million — about 81% of U.S. pollination receipts — with total pollination services valued near $400 million across 1.73 million paid acres.[2] Almonds command the premium because they bloom early (forcing beekeepers to wake colonies from dormancy), need many colonies per acre, and yield no salable honey — so the grower, not the honey market, pays for the bees.

2. Honey. After almonds, colonies chase nectar flows (clover, alfalfa, wildflowers) through spring and summer, producing honey sold mostly in bulk to packers. Unit economics turn on yield per colony and price per pound: in 2025 a honey-producing colony grossed roughly $145 in honey (48 lb × $3.05), versus about $125 in 2024 — plus its pollination fees.[1] Retail, raw and traceable local honey earns a premium; bulk honey is commodity-like.

3. Bees themselves. Selling queens, packages, nucleus colonies (plus wax and pollen) is a real secondary line — about $48 million industry-wide in 2025 — and rises when winter die-offs force other beekeepers to restock.[1]

Cost and margin drivers. The defining cost is colony replacement. Beekeepers lose a large share of colonies each year and must split survivors or buy packages to rebuild — a recurring capital drain that scales with the loss rate (Section 9). Other big costs: supplemental feed (sugar syrup and pollen substitute — $54.9 million industry-wide in 2025), varroa-mite treatments ($22.2 million), seasonal labor, and long-haul trucking for migratory operations.[1] The business is cyclical and biologically volatile: revenue swings with almond acreage and prices, with the domestic honey price (set largely by imports — Section 6), and above all with how many colonies survive winter. Margins are thin, and the gap between a good year and a bad one is usually decided by survival, not price. Two useful cautions on the headline numbers: the grower-reported ~$400 million Cost of Pollination and the beekeeper-reported ~$225 million pollination income come from different surveys and should not be added; and capacity here is best measured by the share of healthy colonies profitably deployed, not by plant utilization.

6. What drives demand

• Pollination-dependent acreage, especially almonds. Demand for rented colonies tracks California almond plantings and the fruit, berry, seed and vegetable crops that need bees. USDA's Animal and Plant Health Inspection Service (APHIS) counts more than 100 crops that rely on pollinators, and about a third of the American diet depends on insect-pollinated plants.[5][3] USDA's Economic Research Service (ERS) puts the pollination contribution to U.S. crop value at well over $15 billion a year (ERS estimates above $18 billion in added crop revenue), while the annual value of U.S. honey-bee products and services captured by beekeepers is only around $700 million — the crop value is created for growers, not earned by beekeepers.[4][3] Almond bloom is the single largest managed-pollination event on earth.
• Colony scarcity. When winter losses run high, fewer colonies chase the same almond bloom, pushing rental fees up — high mortality is bad for beekeepers' costs but supportive of pollination pricing.
• Honey consumption vs. imports. U.S. honey demand keeps rising (the U.S. honey market is estimated at roughly $2.3–2.5 billion, with retail sales near $1.1 billion),[29] but imports have exceeded domestic production every year since 2005 and supplied about 74% of U.S. honey in 2021 — a share that has stayed near three-quarters.[6] This makes the domestic honey price largely a function of world supply and trade policy, not U.S. output, and leaves room for premium, traceable domestic honey while squeezing undifferentiated bulk producers.
• Bee-health demand. Varroa control, mite-resistant genetics, queen quality, hive monitoring, nutrition and disease testing are a growing market of their own, because they address the recurring problem that dominates the economics: keeping colonies alive.

7. Regulation

• Trade / antidumping. The industry's most consequential regulation is trade enforcement. In June 2022 the Commerce Department issued antidumping duty orders on raw honey from Argentina, Brazil, India and Vietnam (duties ranging roughly 5.5% to 83.7%), after the U.S. International Trade Commission (USITC) found those imports were sold below fair value and materially injured U.S. producers.[11] The petition came from the American Honey Producers Association and the Sioux Honey Association. The orders target "honey laundering" (honey transshipped through third countries to dodge earlier duties) and economically motivated adulteration (honey cut with rice or corn syrup).[12] Because imports set the domestic price, these orders directly affect what U.S. beekeepers earn — but they do not eliminate global competition.
• Pesticides — EPA. The Environmental Protection Agency (EPA) regulates the pesticides implicated in bee health under the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) — notably neonicotinoids — through registration reviews, pollinator-risk assessments, label restrictions and Managed Pollinator Protection Plans. EPA also registers varroa treatments; in 2025 it approved Vadescana, a double-stranded RNA (dsRNA) product aimed at varroa control.[13] Tighter pesticide limits can cut colony exposure, but too few effective treatments raises losses and replacement costs.
• Labeling / food safety — FDA & USDA. The Food and Drug Administration (FDA) enforces honey labeling under the Federal Food, Drug, and Cosmetic (FD&C) Act — a product with added sweeteners must be labeled a blend and name the added ingredient, not sold simply as "honey" — and tests for economically motivated adulteration (undeclared corn, cane, rice or beet sweeteners), including a fiscal-year 2025 domestic-and-imported testing assignment.[14] USDA's Agricultural Marketing Service (AMS) maintains voluntary honey grade standards and administers the National Honey Board research-and-promotion "check-off," whose assessment on first handlers, packers and importers is $0.015 per pound, rising to $0.0175 (June 2026) and $0.02 (January 2027).[15] Traceability and testing are commercial assets, not just compliance costs.
• Bee movement — APHIS. APHIS regulates live-bee imports and transit: whole colonies in hive bodies cannot be imported from any country, while queens with attendants and package bees may be imported from Canada and New Zealand under set requirements.[16] These rules protect domestic colonies from invasive pests but constrain genetic diversity and replacement supply.
• State apiary programs. States run inspection, registration and interstate-movement (disease-control) regimes that shape migratory logistics.

8. Competitive dynamics and consolidation

Competition splits by product. In pollination, a few hundred large migratory operations compete on the ability to deliver strong, healthy colonies to California on schedule; the scarce input is live bees, so operators that overwinter best have pricing power. In honey, domestic beekeepers compete less with each other than with cheap imported honey, which is why the trade cases matter so much.

The most defensible assets are healthy, genetically reliable colonies; experienced beekeepers; almond and specialty-crop contracts; efficient migratory routes; access to forage and wintering ground; extraction and packing capacity; and trusted, traceable domestic brands.

Consolidation is real and becoming visible. It is top-heavy at the colony level (a small number of operators control most hives),[8] and it is now moving through acquisitions: Sweet Harvest Foods built a 120,000-colony network through five buyouts,[20] while The Wonderful Company integrated backward into beekeeping to secure a critical input.[21] Marketing is consolidated on the packer/co-op side — Sioux Honey aggregates 200-plus family beekeepers into a national brand,[19] and a handful of packers control most branded shelf space. The newest competitive vector is technology — sensor-equipped and robotic hives (Beewise) and data-driven mite management — aimed squarely at the colony-loss cost that dominates the economics. Even so, regional forage, local relationships and family ownership should keep a large private middle market intact; full concentration is unlikely.

9. Risks

• Colony mortality — the defining risk. Losses have reached crisis levels. A national survey led by Auburn University with the Apiary Inspectors of America and partners estimated that 55.6% of managed U.S. colonies died between April 2024 and April 2025 — the worst on record, up from 37.7% the prior year — and a Project Apis m. survey of commercial beekeepers found average losses near 62%, with over one million colonies lost.[28] NASS separately identified varroa mites as the leading colony stressor in every quarter of 2024 and reported 148,410 colonies lost with Colony Collapse Disorder (CCD) symptoms in Q1 2025, up 110% year over year (these surveys use different methods and are not directly comparable).[30] The prime suspect is the varroa destructor mite and the viruses it spreads, compounded by pesticide exposure, poor forage and weather. High mortality raises replacement costs, threatens the ability to fill almond contracts, and can push marginal operators out of business.
• Import price pressure. With roughly three-quarters of supply imported, a flood of low-priced (and sometimes adulterated) foreign honey can cap or collapse the domestic price regardless of U.S. output.[6]
• Almond concentration. So much revenue rides on one crop in one state that a weak almond market, a California drought or a poor bloom hits the whole pollination economy.
• Input and labor costs. Feed, mite treatments, fuel and seasonal labor squeeze already-thin margins, and seasonal borrowing plus heavy replacement needs can create liquidity stress.
• Regulatory / trade reversal. Expiry or weakening of the antidumping orders, or pesticide rule changes that cut either bee protection or grower yields, could move prices sharply.
• Climate and forage loss. Land-use change and drought reduce the nectar and pollen colonies need to build strength before almonds.
• Substitution (longer term). Bumblebees, native pollinators, greenhouse pollination technology, improved crop genetics and bee-free sweeteners could erode demand in selected applications — but none is a near-term replacement for commercial honey-bee pollination in major U.S. crops.

10. How to invest and the outlook

Public-market routes (indirect). There is no clean listed apiculture stock. The tradable exposures are (a) small, mostly foreign or adjacent names — Comvita (NZX: CVT, the most direct listed honey exposure), Floridienne / Biobest (Euronext Brussels: FLOB, bumblebee pollination), the crop-protection majors Corteva (NYSE: CTVA) and FMC (NYSE: FMC), and the speculative micro-cap Bee Vectoring Technologies (CSE: BEE / OTCQB: BEVVF); and (b) far larger and cleaner, the downstream crop and food companies — almond, berry and tree-fruit growers/processors and packaged-food firms — whose output depends on rented bees.[24][25][26][23] Treat honey itself as a globally traded, import-set commodity, not a domestic growth story, and confirm bee-related revenue is material before assigning an apiculture thesis.

Private routes (direct). This is where apiculture is genuinely investable: owning or financing a commercial beekeeping operation (the assets are colonies, queens, trucks, extraction gear and, above all, pollination contracts); backing regional roll-ups; investing in queen genetics and replacement-bee supply; funding varroa control, diagnostics and hive-monitoring technology (Beewise the marquee private raise); acquiring honey brands, extraction facilities or traceability platforms; or providing equipment finance and seasonal working capital.[22] Diligence should center on one number — the operator's overwinter survival rate — because colony replacement, not honey price, usually decides the year; then contract quality, customer concentration, feed and treatment costs, truck and equipment condition, and how many colonies are owned versus sourced from other beekeepers.

Near-term drivers (forward-looking). The tension to watch is scarcity versus mortality. Catastrophic 2024–25 losses[28] tighten the supply of colonies available for the 2026 almond bloom, which tends to support pollination fees for the beekeepers who survive — but the same losses raise everyone's replacement costs and can wipe out operators who cannot restock. 2025 already showed the pattern: honey volume fell sharply, yet higher prices lifted the crop's value, while pollination stayed a large, concentrated revenue pool.[1] Honey prices will remain hostage to imports and to whether the antidumping orders hold.[11] Longer term, the industry's direction depends on whether varroa-resistant stock and hive technology can bend the colony-loss curve: if they do, the economics improve markedly; if they don't, pollination gets steadily more expensive and more concentrated among the few operators who can keep bees alive. Either way, demand for the pollination service is structurally secure — the high-value crops are not going away.

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Sources

1. USDA National Agricultural Statistics Service (NASS), Honey (released March 13, 2026) — U.S. and state production, colonies, yield, price, value; pollination and other income; feed and varroa expenditures; queen/package/nuc prices; apiary workers; 2024 revised and 2025 figures. https://esmis.nal.usda.gov/sites/default/release-files/795818/hony0326.pdf
2. USDA Economic Research Service (ERS), Pollination Services Valued at $400 Million on 1.7 Million Acres / Cost of Pollination (2024–2025) — almond fee ~$181/colony, $325.8M and ~81% share, ~$400M on 1.73M acres. https://ers.usda.gov/data-products/charts-of-note/112782
3. National Honey Board, Honey Industry Facts — pollination value to U.S. agriculture; ~one-third of diet. https://honey.com/newsroom/presskit/honey-industry-facts
4. USDA ERS, Honey Bees on the Move: From Pollination to Honey Production and Back (2021); ERS pollinator-value estimates (>$18B added crop revenue; ~$700M annual value of U.S. honey-bee products and services). https://www.ers.usda.gov/publications/101475
5. USDA Animal and Plant Health Inspection Service (APHIS), National Honey Bee Surveys — >100 pollinator-dependent crops. https://direct.aphis.usda.gov/plant-pests-diseases/honey-bee-surveys
6. USDA ERS, Honey Imports Continue to Rise, Offsetting Declining U.S. Production — imports > domestic since 2005; ~74% of supply (2021). https://www.ers.usda.gov/data-products/charts-of-note/104135
7. USDA NASS, 2022 Census of Agriculture honey bee colonies (~74,000 farms; record ~3.8M colonies); Bee Culture analysis of the reporting debate. https://beeculture.com/usda-nass-2022-ag-census-sparks-debate-over-honey-bee-population-reporting/
8. Chloe Sorvino, "Inside A Billionaire Bee Colony," Forbes (2023) — ~2% of beekeepers manage ~88% of hives. https://www.forbes.com/sites/chloesorvino/2023/05/21/inside-a-billionaire-bee-colony/
9. U.S. Small Business Administration, Table of Size Standards (effective March 17, 2023) — NAICS 112910, $3.25 million. https://www.sba.gov/document/support-table-size-standards
10. U.S. Census Bureau, 2022 NAICS — 112910 Apiculture (definition and scope). https://www.census.gov/naics/?details=112910&year=2022
11. Federal Register, Raw Honey From Argentina, Brazil, India, and the Socialist Republic of Vietnam: Antidumping Duty Orders (June 10, 2022); U.S. International Trade Commission final injury determination (2022). https://www.federalregister.gov/documents/2022/06/10/2022-12498/raw-honey-from-argentina-brazil-india-and-the-socialist-republic-of-vietnam-antidumping-duty-orders
12. Food Business News, "Higher honey prices expected in wake of anti-dumping findings" (2022) — honey laundering and adulteration context. https://www.foodbusinessnews.net/articles/26679-higher-honey-prices-expected-in-wake-of-anti-dumping-findings
13. U.S. Environmental Protection Agency (EPA), Pesticide Products Approved for Use Against Varroa Mites (2025 — Vadescana dsRNA approval) and pollinator protection under FIFRA. https://www.epa.gov/pollinator-protection/epa-registered-pesticide-products-approved-use-against-varroa-mites-bee-hives
14. U.S. Food and Drug Administration (FDA), Guidance for Industry: Proper Labeling of Honey and Honey Products (2018); FY25 Sample Collection and Analysis … for Economically Motivated Adulteration. https://www.fda.gov/regulatory-information/search-fda-guidance-documents/guidance-industry-proper-labeling-honey-and-honey-products
15. USDA Agricultural Marketing Service / Federal Register, Honey Packers and Importers; Increased Assessment Rate — check-off $0.015/lb rising to $0.0175 (June 2026) and $0.02 (January 2027). https://www.federalregister.gov/documents/2026/03/09/2026-04567/honey-packers-and-importers-increased-assessment-rate
16. USDA APHIS, Importing or Transiting Live Bees (2025) — whole-colony import ban; queens/packages from Canada and New Zealand. https://www.aphis.usda.gov/print/pdf/node/3356
17. DRG News, "For 21st straight year, North Dakota tops U.S. states in honey production" (2025). https://drgnews.com/2025/03/24/for-21st-straight-year-north-dakota-tops-u-s-states-in-honey-production/
18. Adee Honey Farms, Our Story; Agweek/Forbes coverage — largest U.S. beekeeper (~80,000 colonies; ~$14M revenue; ~two-thirds almond pollination). https://www.adeehoneyfarms.com/pages/our-story
19. Sioux Honey Association Cooperative, Our Story / FAQs — beekeeper-owned co-op, 200+ members, founded 1921. https://siouxhoney.com/our-honey/faqs/
20. Sweet Harvest Foods, Nate's Hives Becomes America's Largest Beekeeper with 120,000 Colonies (2025) — company-reported scale. https://sweetharvestfoods.com/nates-hives-becomes-largest-us-beekeeper-with-120000-colonies/
21. The Wonderful Company, Paramount Farming Enters Beekeeping Industry with Acquisition of Headwaters Farm (2015) — ~20,000 hives for almond pollination. https://www.wonderful.com/press/paramount-farming-enters-beekeeping-industry--1727/
22. The Robot Report, "Beewise brings in $50M to expand access to its robotic BeeHome" (2025) — ~$170M raised to date. https://www.therobotreport.com/beewise-brings-50m-expands-access-robotic-beehome/
23. Bee Vectoring Technologies — company overview (CSE: BEE / OTCQB: BEVVF); EPA-approved bee-vectored biological (2019). https://www.beevt.com/about/bee-vectoring-technology
24. Comvita Limited (NZX: CVT), Investor Centre. https://comvita.co.nz/pages/investor-centre
25. Biobest / Floridienne (Euronext Brussels: FLOB), Investor Relations. https://www.biobest.com/en-ES/investor-relations
26. Corteva, 2025 Form 10-K (NYSE: CTVA); FMC Corporation, About FMC (NYSE: FMC). https://www.sec.gov/Archives/edgar/data/1755672/000175567226000004/ctva-20251231.htm
27. Dadant & Sons, About Us; Mann Lake, About Us — hive-equipment suppliers. https://www.dadant.com/catalog/about-us
28. Auburn University College of Agriculture, "U.S. Beekeeping Survey reveals highest honey bee colony losses during 2024–2025" (2025); Project Apis m., 2025 Colony Loss Information. https://agriculture.auburn.edu/feature/u-s-beekeeping-survey-reveals-highest-honeybee-colony-losses-during-2024-2025/
29. IMARC Group, United States Honey Market (2024); National Honey Board / Nielsen Category Review — U.S. honey market ~$2.3–2.5B; retail ~$1.1B. https://honey.com/market-research/nielsen-category-review-2024
30. USDA NASS, Honey Bee Colonies (August 2025) — varroa as leading stressor; CCD-symptom colony losses (Q1 2025 up 110% YoY). https://www.nass.usda.gov/Publications/Todays_Reports/reports/hcny0825.pdf