Bee propolis extract is a resinous mixture produced by honey bees that contains antibacterial, anti-inflammatory and healing properties. It is commonly used in supplements, creams and lotions to boost immunity and promote overall wellness. The growing awareness about the medicinal benefits of bee propolis extract along with the shift in consumer preference towards natural alternatives is driving significant growth in the market. It serves as an excellent alternative to conventional antibiotics and anti-inflammatory drugs due to its natural composition.
The global Bee Propolis Extract Market is estimated to be valued at US$ 766.43 Bn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the global bee propolis extract market is the growing popularity of organic and natural personal care products. Consumers are increasingly looking for natural ingredients that are grown without chemicals and are gentle on the skin. Bee propolis extract fits well with this trend since it offers anti-aging and wound healing benefits due to presence of antioxidants. It is being widely used in natural serums, creams and lotions. Manufacturers are focusing on incorporating bee propolis extract into various organic skin and hair care products to cater to the rising demand from health conscious consumers. The market for organic personal care is expected to exhibit significant growth over the forecast period which will create numerous opportunities for bee propolis extract producers and suppliers.
Porter’s Analysis
Threat of new entrants: The bee propolis extract market faces moderate threat of new entrants due to capital investment required in setting up production facilities. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes in the market. Bargaining power of suppliers: Suppliers have high bargaining power due to scarce availability of natural bee propolis extract. Threat of new substitutes: Threat from substitutes is low as bee propolis extract has various health benefits and it is considered as superfood. Competitive rivalry: The competitive rivalry is high among existing players owing to presence of many domestic and international players operating in the market.
Key Takeaways
The Global Bee Propolis Extract Market Growth is expected to witness high over the forecast period of 2024-2031.
Regional analysis: Europe region currently dominates the bee propolis extract market owing to high consumption of health supplements and products with natural ingredients in countries like Germany, France, Italy etc. Asia Pacific is expected to witness fastest growth during the forecast period with China, Japan and India being major consumers.
Key players operating in the bee propolis extract market are BASF SE (Germany), Dow (U.S.), CLARIANT (Switzerland), Nippon Paint Holdings Co., Ltd.(Japan), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), Huntsman International LLC. (U.S.), MarvelVinyls (India), The VersaFlex Companies (U.S.), Axalta Coating Systems, LLC (U.S.), Pidilite Industries Ltd. (India), Valspar (U.S.), Rhino Linings Corporation. (U.S.), Nukote Coating Systems, Intl. (U.S.), Jotun (Norway), RODDA PAINT, CO. (U.S.), Constro Chem India Pvt. Ltd. (India), ELMET (U.S.), Aalberts Surface Technologies GmbH.(Netherlands).
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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