Bee Propolis Extract Market Is Estimated To Witness High Growth Owing To Increasing Consumer Awareness Regarding Health and Wellness

 

The global Bee Propolis Extract Market is estimated to be valued at US$ 665.3 million in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

Bee propolis extract is a natural substance produced by honeybees to protect their hives against infections. It is a rich source of bioflavonoids, amino acids, and vitamins, which offer various health benefits. Bee propolis extract is known for its anti-inflammatory, antioxidant, and antibacterial properties. The increasing consumer awareness regarding health and wellness is driving the demand for bee propolis extract products in the market. Moreover, the rising inclination towards natural and organic products is further fueling the market growth. Bee propolis extract is widely used in the healthcare industry for its medicinal properties and is also gaining popularity in the food and beverage industry as a functional ingredient.

B) Market key trends:

One key trend in the Bee Propolis Extract market is the growing demand for natural and organic products. With the increasing awareness about the harmful effects of synthetic chemicals and additives, consumers are switching to natural alternatives. Bee propolis extract, being a natural and organic substance, is witnessing high demand in the market. The extract is used in various products like supplements, skincare, and oral care products, owing to its numerous health benefits. Additionally, the rising trend of self-care and preventive healthcare is also contributing to the market growth. Consumers are increasingly focusing on boosting their immune system and overall well-being, which is driving the demand for bee propolis extract products. The market players are also focusing on product innovations and marketing strategies to cater to the growing consumer demand and capitalize on the market opportunities.

PEST Analysis:

Political: The political landscape can impact the bee propolis extract market in terms of regulations and policies related to beekeeping and the use of bee products. Government policies that promote sustainable beekeeping practices and support the growth of the beekeeping industry can positively influence the market.

Economic: The economic factors that can affect the bee propolis extract market include changes in consumer purchasing power and disposable income. Economic growth and stability can boost consumer spending on natural health products, including bee propolis extract.

Social: Increasing awareness among consumers about the health benefits of natural products and the growing preference for organic and sustainable products can drive the demand for bee propolis extract. Changing lifestyle patterns and the rising interest in alternative medicine can also contribute to market growth.

Technological: The advancement in extraction and processing technologies can enhance the efficiency and quality of bee propolis extract production. Technological innovations can also lead to the development of new product formulations and increase the shelf life of bee propolis extract, thereby expanding market opportunities.

Key Takeaways:

The global Bee Propolis Extract Market Forecast is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period. This growth can be attributed to increasing consumer awareness about the health benefits of bee propolis and its natural healing properties. Additionally, the rise in demand for organic and natural products contributes to market growth.

In terms of regional analysis, North America is the fastest-growing and dominating region in the bee propolis extract market. The region's strong demand is fueled by the growing popularity of natural health products and the increasing adoption of bee propolis extract in dietary supplements and skincare products.

Key players operating in the bee propolis extract market include Comvita, Bee Health, Natural Life, Manuka Health New Zealand, Zhifengtang, Wang’s, Bricaas, Baoshengyuan, Zhonghong Biological, and Baoshengyuan. These players have a significant market presence and contribute to the market's growth through product innovation, strategic partnerships, and effective marketing strategies.

Overall, the bee propolis extract market is expected to experience steady growth due to various factors such as increasing consumer awareness, changing preferences towards natural products, and advancements in technology.