by Bee propolis extract is a resinous material that bees collect from tree bark and leaf buds and use as a sealant in beehives. It contains over 300 substances including polyphenols, amino acids, vitamins, minerals and antibiotics. Consumers are increasingly interested in natural and organic products for their perceived health advantages. Bee propolis extract products are marketed as dietary supplements that may boost immunity, reduce inflammation and promote overall wellness. Its antibacterial and antiviral properties also drive its use in cosmetics, ointments and lotions.
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 health consciousness and shift towards preventive healthcare drives demand for bee propolis extract as an immunity booster. Studies show polyphenols in bee propolis extract may reduce risk of chronic diseases like cancer and heart disease. Rising awareness about such health benefits through social media and online health resources is fueling sales growth. Another key trend is increasing application of bee propolis extract in skincare and personal care products due to anti-aging properties. Manufacturers are investing in R&D to develop new formulations utilizing bee propolis extract for cosmetic uses which is expanding market opportunities.
Porter’s Analysis
Threat of new entrants: The Global Bee Propolis Extract Market Size requires high initial investments in raw materials and production facility. Also, established brands have strong customer loyalty that makes it difficult for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of numerous suppliers. However, established players hold a major market share limiting options for buyers.
Bargaining power of suppliers: The suppliers of raw materials including bees have significant influence over prices due to concentration of apiaries. Suppliers can exploit this power to charge higher prices from manufacturers.
Threat of new substitutes: There are no cost-effective substitutes for bee propolis. However, alternatives such as plant-based extracts pose a mild threat.
Competitive rivalry: The market is fragmented with the presence of many private label brands. Players compete based on product quality, processing techniques, and brand positioning.
Key Takeaways
The global bee propolis extract market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand from the nutraceuticals industry. The nutraceuticals application segment currently dominates the market owing to various health benefits of bee propolis extract.
Regionally, Europe is expected to dominate the bee propolis extract market across the globe during the forecast period. This is attributed to increasing health-conscious consumers and rise in functional food culture backed by government initiatives in the region. Further, Asia-Pacific is anticipated to be the fastest-growing market for bee propolis extract driven by strong economic growth in China and India.
Key players operating in the bee propolis market are Comvita, Bee Health, Natural Life, Manuka Health New Zealand, Zhifengtang, Wangs, Bricaas, Baoshengyuan, Zhonghong Biological, and Baoshengyuan. The market players are adopting various organic and inorganic growth strategies such as new product launches, mergers & acquisitions, and geographical expansion to gain a competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
