Add the ketchup, brown sugar, apple cider vinegar, honey, Worcestershire sauce, and mustard to a medium saucepan.
Whisk until smooth and well combined.
Add the smoked paprika, garlic powder, onion powder, black pepper, cayenne pepper, and salt.
Place the saucepan over medium heat.
Bring the mixture to a gentle simmer while stirring frequently.
Reduce the heat to low.
Cook for 15 to 20 minutes, stirring occasionally, until the sauce thickens slightly.
Taste and adjust seasoning as needed.
Remove from the heat and allow the sauce to cool.
Transfer to a clean jar or airtight container.
Refrigerate until ready to use.