This paper examines the dynamics, competitiveness, specialization, and structural changes in India's honey exports from 2003 to 2022 utilizing trade data under HS code 04090000. This paper analyzes Indian honey export under different indices, including the revealed comparative advantage (RCA), revealed symmetric comparative advantage (RSCA), comparative export performance (CEP), trade balance index (TBI), and Grubel–Lloyd index (GLI). A detailed analysis reveals significant export growth, with a compound annual growth rate (CAGR) of 11.72% over the past decade, driven primarily by the US market, which accounted for 80% of India's honey exports in 2022. However, high export instability was noted in the US market, while GCC and SAARC countries exhibited more stable demand. The research also assesses market loyalty using Markov chain analysis, highlighting the US as the most stable export destination. Structural changes in India's honey export markets were identified, with the Gulf countries and Africa emerging as key markets following the European Union's 2010 ban on Indian honey. Despite competitive pressure from major honey‐exporting nations like New Zealand and Argentina, India's strong comparative advantage and specialized export focus position it favorably in the global market. The paper tries to highlight the need for strategic diversification of export markets and expansion of honey production to sustain India's growth in the honey export sector.