In a medium-sized saucepan, whisk together the ketchup, honey, apple cider vinegar, Worcestershire sauce, and Dijon mustard.
Add the garlic powder, onion powder, smoked paprika, salt, and pepper, and whisk to combine.
Place the saucepan over medium-high heat and bring the mixture to a simmer, stirring frequently.
Reduce the heat to low and let the sauce simmer for 15-20 minutes, or until it has thickened to your desired consistency.
Remove the saucepan from the heat and let the sauce cool to room temperature before using it as a marinade, basting sauce, or dipping sauce.