The Bee Propolis Extract Market Is Estimated To Witness High Growth...

The Bee Propolis Extract Market Is Estimated To Witness High Growth Owing To Rising Awareness About Health Benefits Of Bee Propolis Extracts

Posted 2023-11-23 11:31:48

The 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 Overview:
Bee propolis is a resinous mixture that honey bees collect from tree buds, sap flows, or other botanical sources. It is used as a sealant for unwanted open spaces in the beehive. Bee propolis extract contains over 300 substances including phenolic acids and their esters, aromatic aldehydes, alcohols and ketones, terpenes, amino acids, betalains, and caffeic acid which offer health benefits. It is widely used in supplements, cosmetics, foods etc. due to its antioxidant, antifungal, antibiotic and anti-inflammatory properties.

Market Dynamics:
One of the key drivers of the bee propolis extract market growth is the rising awareness among consumers about numerous health benefits of bee propolis extract. Bee propolis extract possesses strong antioxidant and anti-inflammatory properties that help fight various health conditions such as cancer, heart diseases, fungus infections etc. Additionally, growing adoption of natural ingredients driven supplements and cosmetic products is also contributing to the market growth. Change in lifestyle and increasing health conscious consumer base is driving the demand for dietary supplements containing bee propolis extract. Furthermore, expanding application in food industry as a natural preservative is expected to offer lucrative growth opportunities for market players over the forecast period.

SWOT Analysis

Strength:
- Bee propolis extract contains strong antibacterial, anti-inflammatory, and antioxidant properties that help boost immunity. It supports overall health and wellness.
- The market has witnessed increasing demand for natural and herbal products owing to growing health consciousness among consumers.
- Manufacturers are focusing on innovative product formulations and flavors to cater to changing consumer preferences.

Weakness:
- Raw material availability fluctuates depending on climate conditions and harvesting seasons which impacts stable supply.
- Higher costs are involved in research and development of herbal ingredients and their complex extraction process.

Opportunity:
- Rising adoption of propolis extract as a key ingredient in various food and beverage products presents lucrative scope. It is utilized in functional drinks, supplements etc.
- Emerging countries in Asia Pacific and Middle East regions offer untapped growth potential owing to increasing disposable incomes and health expenditure.

Threats:
- Stiff competition from alternate herbal ingredients limits the market share of bee propolis extract.
- Stringent regulatory framework pertaining to herbal product approvals and certifications raises compliance costs.

Key Takeaways

The Global Bee Propolis Extract Market Demand is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period, due to increasing demand for herbal immunoboosters amid the ongoing pandemic. The market size for 2023 is estimated at US$ 665.3 Mn.

Regional analysis
Asia Pacific is currently the fastest growing regional market for bee propolis extract accounting for over 35% of the global demand in 2022. China and India have emerged as major consumers driven by rising health awareness and use of supplements in daily diets. Europe is the dominating regional market led by Germany, France, and Italy where propolis extract has widespread applications in functional foods.

Key players
Key players operating in the Bee Propolis Extract market are Comvita, Bee Health, Natural Life, Manuka Health New Zealand, Zhifengtang, Wangâ€TMs, Bricaas, Baoshengyuan, Zhonghong Biological, and Baoshengyuan. Major companies are focused on capacity expansion, new product launches, and collaborations for further strengthening their market position and catering to the growing needs of end use industries on a global level.