For two of Australia's richest men, the newest business catchphrase appears to be "show me the honey".

Billionaires Andrew Forrest and Kerry Stokes already have competing business interests in beef and resources, but now they are putting their money behind the humble bee and a growing international appreciation for the high quality of Australian honey.

Mr Forrest's Minderoo Group plans to start exporting premium WA honey under its Harvest Road brand to China, as well as other Asian countries, and the Middle East within a month.

With a stake worth about $29 million, Mr Stokes, via his company Wroxby Pty Ltd, is by far the biggest shareholder in the ASX-listed Capilano Honey, which dominates the domestic market but is also keen to tap into international demand.

WA honey set to rival Manuka

The honey industry is on the rise, industry figures show. ( Flickr: Randy OHC )

Long-time industry players believe the decision by the businessmen to shift into honey is a sign of an industry on the rise.

For third-generation Oldbury beekeeper Stephen Davies, who will supply Harvest Road, Minderoo's decision to export high-quality honey gives him even more confidence in the international potential for the WA product.

He already sells his honey overseas but believes the growing recognition of the high purity and health benefits of some WA varieties, like jarrah, shows they can compete with New Zealand's successful manuka honey, which is renowned for its antibacterial properties.

"Manuka is now a billion-dollar industry. I think WA can exceed that," he said.

"This is a huge thing for our industry."

WA the 'last bee-keeping oasis'

For Minderoo's investment manager John Hartman the move into honey is about meeting a demand for premium Australian products and taking advantage of the international supply chains established by his Harvey Beef brand, which is sold into more than 40 countries.

Speaking from his Beijing office, Mr Hartman said the company was focusing on monofloral varieties of honey, such as jarrah and redgum, which were gaining increasing recognition for their health benefits.

"The jarrah honey industry is at the really early stages of understanding the medicinal benefits it might hold," he said.

"Western Australia has a reputation, certainly throughout Australia, for having some of the best quality honey because of their quarantine restrictions.

"Research suggests that bees in Western Australia are some of the healthiest bees in the world."

Mr Davies even goes as far as describing WA as the "last bee-keeping oasis left on the whole planet".

He said strict quarantine laws meant its bees were unaffected by pests and diseases, leaving honey untainted by antibiotics or pesticides.

Mr Davies has also put his money and faith in the industry's future, investing $2.5 million in a new manufacturing facility for his business which produces about 200 tonnes of honey a year.