Global Bee Propolis Extract Market Is Estimated To Witness High Growth Owing To Increasing Consumer Awareness Regarding the Health Benefits of Bee Propolis and Growing Demand for Natural and Organic Products
The global bee propolis extract market is estimated to be valued at US$ 665.3 million in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bee propolis extract is a natural substance collected by honey bees from trees and plants. It is rich in antioxidants, flavonoids, and other bioactive compounds that offer numerous health benefits. The extract is widely used in the pharmaceutical, food and beverage, and cosmetic industries. It is known for its antimicrobial, anti-inflammatory, and immune-boosting properties. Bee propolis extract is used in various products such as dietary supplements, skin creams, and mouthwashes. The market is driven by the growing consumer awareness regarding the health benefits of bee propolis and the increasing demand for natural and organic products.
Market Dynamics:
The bee propolis extract market is driven by two key factors. Firstly, the increasing consumer awareness regarding the health benefits of bee propolis is driving the demand for bee propolis extract products. Consumers are becoming more conscious about their health and are opting for natural and organic products. The medicinal properties of bee propolis extract, such as its antimicrobial, anti-inflammatory, and immune-boosting properties, are attracting consumers towards its use.
Secondly, the growing demand for natural and organic products is fueling the growth of the bee propolis extract market. Consumers are now more inclined towards products that are free from chemicals and additives. Bee propolis extract is a natural substance collected from trees and plants, making it a preferred choice for consumers seeking natural and organic products.
Overall
SWOT Analysis:
Strength: The bee propolis extract market is projected to witness high growth with a CAGR of 4.5% over the forecast period, indicating a strong market demand. The market is driven by the increasing consumer awareness about the health benefits of bee propolis extract, such as its antioxidant and antimicrobial properties. This has led to a rise in the use of bee propolis extract in various industries, including healthcare and personal care.
Weakness: One weakness of the bee propolis extract market is the limited availability of raw materials, as bee propolis extract is derived from beehives. This can lead to fluctuations in supply and affect the overall market growth. Additionally, the extraction process of bee propolis extract can be labor-intensive, resulting in higher production costs for manufacturers.
Opportunity: There are two key opportunities in the bee propolis extract market. Firstly, the increasing trend towards natural and organic products provides an opportunity for manufacturers to promote bee propolis extract as a natural ingredient in various applications, such as dietary supplements and cosmetics. Secondly, the growing demand for functional food and beverages presents an opportunity for the inclusion of bee propolis extract in this sector, offering potential health benefits to consumers.
Threats: Two threats to the bee propolis extract market include the presence of substitute products and the regulatory challenges associated with its production and distribution. Substitutes such as honey and other natural extracts may hinder market growth. Additionally, regulations regarding quality control, labeling requirements, and import restrictions in some regions can pose challenges for market players.
Key Takeaways:
The global Bee Propolis Extract Market Forecast is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period. This growth is driven by increasing consumer awareness about the health benefits of bee propolis extract. North America is anticipated to be the fastest-growing and dominating region in the market, with the United States being a key market due to the rising demand for natural and functional products. Key players operating in the bee propolis extract market include Comvita, Bee Health, Natural Life, Manuka Health New Zealand, Zhifengtang, Wang's, Bricaas, Baoshengyuan, Zhonghong Biological, and Baoshengyuan. These players are actively involved in product innovation, partnerships, and expansion strategies to strengthen their market position.
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