In a saucepan, combine ketchup, apple cider vinegar, brown sugar, and honey.

Whisk together until the mixture is smooth.

Add Worcestershire sauce, smoked paprika, garlic powder, onion powder, black pepper, salt, and cayenne pepper.

Stir well to combine all ingredients.

Bring the mixture to a simmer over medium heat, then reduce heat to low.

Let it cook for about 20 minutes, stirring occasionally, until thickened.

Remove from heat and let cool before using.