In a medium-sized saucepan, combine the tomato ketchup, apple cider vinegar, brown sugar, Worcestershire sauce, yellow mustard, honey, smoked paprika, garlic powder, onion powder, and cayenne pepper.

Whisk the ingredients together until they are well combined and the brown sugar has dissolved completely.

Place the saucepan on medium heat and bring the mixture to a gentle simmer. Reduce the heat to low, cover the pan, and let it simmer for 15 minutes, stirring occasionally.

After 15 minutes, remove the lid and continue simmering the sauce for an additional 10 minutes to allow the flavors to meld and the sauce to thicken slightly.

Taste the sauce and adjust the seasonings according to your preference. Add more cayenne pepper for a spicier kick or more honey for added sweetness.

Once you're satisfied with the flavor, remove the saucepan from the heat and let the sauce cool to room temperature.