Combine first 5 ingredients in a small saucepan. Bring to a boil over medium-high heat, stirring constantly. Boil 15 to 20 minutes or until glaze is thickened and coats the back of a spoon.
Meanwhile, peel carrots, and slice into 1/4" diagonal slices. Place carrot in a large saucepan with water to cover. Bring to a boil. Cover and cook 12 minutes or until tender. Drain well. Add carrot to honey-cranberry mixture; toss well.