In a saucepan, combine the tomato paste, apple cider vinegar, and water. Stir well to achieve a smooth consistency.
Add the brown sugar, honey or molasses, and Worcestershire sauce. Stir to combine.
Season with garlic powder, onion powder, smoked paprika, salt, and black pepper. If you like a bit of heat, add a pinch of cayenne pepper.
Bring the mixture to a simmer over medium heat, then reduce the heat to low.