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

Whisk the ingredients together until smooth.

Add smoked paprika, garlic powder, onion powder, black pepper, salt, and cayenne pepper to the mixture.

Stir well to combine all ingredients.

Bring the mixture to a simmer over medium heat, stirring occasionally.

Once simmering, reduce heat to low and let cook for 15-20 minutes, stirring frequently.

Remove from heat and let cool before using or storing.