Bee propolis extract is a resinous material collected by honey bees from tree bark and leaf buds. It is used in supplements, creams and lotions due to its antibacterial, anti-inflammatory and antioxidant properties.
The global Bee Propolis Extract Market is estimated to be valued at US$ 665.3 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand for natural supplements is expected to drive the market growth during the forecast period. Many consumers are switching towards natural remedies to boost their immunity and overall wellness. They see bee propolis extract as a safer alternative to conventional medicines and supplements. Wide range of health benefits and multifunctional usage of bee propolis extract in food, cosmetic and pharmaceutical industries are some major factors augmenting the demand for bee propolis extract across the globe.
SWOT Analysis
Strength: Bee propolis extract has potential health benefits such as anti-inflammatory, antimicrobial and antioxidant properties. It helps boost the immune system.
Weakness: The supply of raw materials depends on the beekeeping industry which is susceptible to various factors like climate change.
Opportunity: Increasing consumer awareness about health benefits of natural products is driving the demand for bee propolis extract. The market is expected to witness growth in both developed and developing regions.
Threats: Stringent regulations regarding the quality and labeling of bee products. Presence of substitute products targeting the same health benefits.
Key Takeaways
The Global Bee Propolis Extract Market Size is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period, due to increasing health consciousness among consumers.
Regional analysis:
North America is expected to dominate the global bee propolis extract market over the forecast period. The increasing vegan population and their shift towards natural products are fueling market growth in the region. Asia Pacific is estimated to be the fastest growing market, majorly driven by rising health awareness and increasing per capita expenditure on healthcare in countries like China and India.
Key players:
Key players operating in the bee propolis extract market are Comvita, Bee Health, Natural Life, Manuka Health New Zealand, Zhifengtang, Wangs, Bricaas, Baoshengyuan, Zhonghong Biological, Baoshengyuan. Players are focused on new product launches and expansion strategies to strengthen their distribution network and market presence globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it