May 22, 2024
Bee Propolis Extract Market

Bee Propolis Extract Market is Estimated to Witness High Growth Owing to Growing Demand from Supplement and Food & Beverages Industry

The bee propolis extract market has been gaining significant traction over the recent years due to rising awareness about the health benefits associated with bee propolis. Bee propolis extract is a natural antioxidant derived from the resin collected by honeybees from tree buds, sap flows, or other botanical sources which has anti-inflammatory, antiviral, immunostimulating, and antimicrobial properties. It is widely used in supplements, food & beverages, cosmetics & personal care, and other industries to prevent aging, treat wounds, speed up recovery from illness and reduce inflammation. The growing demand for natural ingredients in supplements and food & beverages to boost immunity is driving the growth of the bee propolis extract market.

The global bee propolis extract market is estimated to be valued at US$ 766.43 billion in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Bee Propolis Extract Market are BASF SE (Germany), Dow (U.S.), CLARIANT (Switzerland), Nippon Paint Holdings Co., Ltd.(Japan), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), Huntsman International LLC. (U.S.), MarvelVinyls (India), The VersaFlex Companies (U.S.), Axalta Coating Systems, LLC (U.S.), Pidilite Industries Ltd. (India), Valspar (U.S.), Rhino Linings Corporation. (U.S.), Nukote Coating Systems, Intl. (U.S.), Jotun (Norway), RODDA PAINT, CO. (U.S.), Constro Chem India Pvt. Ltd. (India), ELMET (U.S.), Aalberts Surface Technologies GmbH.(Netherlands). These key players are investing in R&D to expand their product portfolio and increase market share.

Rising use of bee propolis extracts as an immunostimulant is expected to drive market growth over the forecast period. Due to its medicinal properties, consumption of propolis extracts is increasing to boost immunity during the ongoing Covid-19 pandemic.
The market is anticipated to witness robust growth in Europe and Asia Pacific on account of large consumer base, increasing per-capita disposable income and growing demand for natural health and wellness products in countries like China, India and Brazil.

Market Drivers

Growing demand from supplements and food & beverages industry is one of the key drivers propelling growth of the bee propolis extract market. Manufacturers are introducing various supplement products containing bee propolis extracts which boosts immunity, improves digestive health and reduces inflammation. The trend of clean label and organic food products is also generating demand for bee propolis extracts in the F&B industry. Rising health and wellness trend globally coupled with increasing recognition of medicinal properties of bee propolis extracts is anticipated to fuel market growth over the forecast period.

PEST Analysis

Political: The bee propolis extract market is regulated by local and international regulations regarding the quality standards and safety guidelines for propolis extracts. Manufacturers have to comply with various policies for production, import, and export of bee propolis extracts.
Economic: The growth of the healthcare industry is driving the demand for natural ingredients like bee propolis extracts which are known for their numerous health benefits. Rising awareness about the medicinal properties of bee propolis is fueling the growth of the bee propolis extract market.
Social: Increasing health consciousness among consumers is generating greater demand for organic and natural ingredients in foods, beverages, cosmetics, and supplements. Consumers are favoring products containing bee propolis extracts due to perceived wellness benefits.
Technological: Manufacturers are investing in advanced extraction technologies to develop standardized propolis extracts with improved efficacy and consistency. New applications of bee propolis are being discovered through ongoing research, further boosting the bee propolis extract market.

Geographical Regions with High Market Concentration

Europe accounts for the largest share of the global bee propolis extract market due to a long history of using propolis in traditional medicine formulations. Countries like Germany, France, Italy, and Russia have a significant demand. North America also captures a substantial market share supported by the growing health-conscious population in the United States and Canada regularly using dietary supplements containing bee propolis.

Fastest Growing Regional Market

The Asia Pacific region is expected to witness the fastest growth in the bee propolis extract market during the forecast period. This can be attributed to increasing disposable incomes, rising health awareness, growing penetration of international supplement brands, and a large consumer base in developing countries such as India and China. Local producers are also enhancing production of standardized bee propolis extracts to cater to the domestic demand in the region.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.