Bee propolis extract is a resinous material collected by honey bees from plant buds and used by bees to seal unwanted open spaces in beehives. It is a mixture of beeswax, bees secretion, pollen, essential oils and resins gathered by worker bees. Bee propolis extract helps boost immunity and provides health benefits like anti-bacterial, anti-inflammatory and antioxidant properties. It is commonly used for sore throats, cuts, burns and bacterial or fungal infections.
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 key trends:
Bee propolis extract market is witnessing high growth owing to its increasing applications in food and dietary supplements industry. It has gained popularity as a natural remedy and is being used in functional beverages, bakery food, jams and jellies. Growing consumer preference for organic, natural ingredients with health benefits has fueled the demand for bee propolis extract. Rising awareness about immunity benefits of propolis through education and social media is driving market growth. Launching new product lines made with bee propolis extract by manufacturers is further boosting the market.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the Global Bee Propolis Extract Market Size is low due to high investment requirement to set up propolis extract processing facilities as well as established brand image of existing players.
Bargaining power of buyers: The bargaining power of buyers is moderate as bee propolis extract has applications in food and beverage industry as well as pharmaceutical industry where demand is dependent on economic conditions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as source of raw material i.e. bee propolis is dependent on beekeepers. Few large buyers dominate the market.
Threat of new substitutes: Threat of substitutes is low as bee propolis extract has unique anti microbial and anti inflammatory properties that are difficult to replace.
Competitive rivalry: Intense.
SWOT Analysis
Strength: High demand from nutraceuticals and pharmaceuticals industry due to anti microbial properties. Wide applications in food and beverages as natural preservative.
Weakness: Seasonal availability and fluctuations in raw material prices affect supply. High R&D investment requirement.
Opportunity: Increasing health consciousness and clean label trend drives demand. Untapped growth potential in emerging markets of Asia Pacific and Middle East & Africa.
Threats: Stringent regulations. Threat from alternative natural extracts.
Key Takeaways
The global bee propolis extract market is expected to witness high growth at a CAGR of 4.5% over the forecast period owing to increasing health awareness among consumers regarding benefits of natural and herbal products. The market size for bee propolis extract was valued at US$ 665.3 Mn in 2023.
Regionally, Asia Pacific dominated the global bee propolis extract market in 2023 attributed to growing demand from food and nutraceuticals industry from China, India and other Asian countries. Europe and North America are also major markets for bee propolis extract.
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. These companies account for over 50% of the global market share due to their availability of varied product ranges and expansion strategies across regions.
For More Insights, Read- https://www.trendingwebwire.com/bee-propolis-extract-market-analysis-growth-forecast-outlook-2023-2030/
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