by Market Overview:
Bee propolis extract is a resinous compound collected by bees from tree buds, sap flows, or other plant sources. Bees use propolis as a glue to repair small cracks and gaps in the hive. It protects the hive from germs and other factors. Bee propolis extract contains over 300 substances including flavonoids, aromatic phenylcarboxylic acids, and acid betains. It has anti-inflammatory, antioxidant, antibacterial, antifungal, and antiviral properties. Due to its various health benefits, bee propolis extract is widely used in the pharmaceutical, food & beverages, personal care industries, and as a dietary supplement.
Market key trends:
Growing health awareness among people and increasing preference for herbal and natural ingredients is driving the demand for bee propolis extract globally. Consumers are shifting towards products containing bee propolis extract due to its antioxidant and immunity-boosting properties. Also, busy lifestyles have increased the instances of health issues like diabetes, heart diseases, and respiratory disorders. This has boosted the adoption of bee propolis extract as a dietary supplement. Manufacturers are launching innovative formulations of supplements, pharmaceuticals, and functional food & beverages containing bee propolis extract to meet consumer demand.
Porter’s Analysis
Threat of new entrants: Low cost of entry and availability of suppliers will result in medium threat of new entrants in the bee propolis extract market over the forecast period.
Bargaining power of buyers: Buyers have medium bargaining power due to availability of substitutes in the market.
Bargaining power of suppliers: Suppliers have medium to high bargaining power due to lack of substitutes for bee propolis extract and involvement of beekeepers for raw material supply.
Threat of new substitutes: Low threat of new substitutes as bee propolis extract has unique properties and health benefits.
Competitive rivalry: High due to presence of many regional and international players operating in the bee propolis extract market.
Key Takeaways
The Global Bee Propolis Extract Market Demand is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing health benefits of bee propolis.
Regional analysis
Europe dominated the bee propolis extract market in 2023, accounting for around 35% of global market share. Availability of apiculture industry and awareness about medicinal properties of bee propolis among consumers are major factor propelling the European bee propolis extract market. Asia Pacific is expected to be the fastest growing market during the forecast period owing to rising health consciousness among consumers.
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, Baoshengyuan. Comvita and Manuka Health New Zealand captured over 30% of the global market share in 2023.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
