May 23, 2024
Bee Propolis Extract Market

Bee Propolis Extract Market is Estimated to Witness High Growth Owing to Increasing Application in Healthcare and Nutraceutical Industry

Bee propolis extract is a resinous mixture that honey bees collect from tree bark and leaf buds. It is used by bees to seal unwanted open spaces in their hives. Bee propolis extract has shown antimicrobial, antioxidant, anti-inflammatory and immune-boosting properties. It is widely used in pharmaceutical, nutraceutical and cosmetic industry. The nutraceutical application of bee propolis extract includes dietary supplements for conditions like inflammation, liver disorders, cancer, gums disease etc. In healthcare industry, it is used in wound healing ointments, creams and lotions due to its antimicrobial and anti-inflammatory properties.

The Global Bee Propolis Extract Market is estimated to be valued at US$ 766.43 Bn 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).
The key opportunities in the bee propolis extract market include growing scope in cosmetic industry for anti-aging products, increasing popularity of natural ingredients in foods and expanding nutraceutical market especially in developing countries. Technological advancements in extraction processes are enabling higher yields of bioactive compounds from bee propolis.

Market Drivers

The major market driver for bee propolis extract is increasing demand from healthcare and nutraceutical industry for its medicinal properties. Rising health awareness among consumers is fueling the growth of dietary supplements market where bee propolis extracts find wide application. Growing preference for natural ingredients and alternatives to allopathic medicines further supports the demand. Research activities confirming therapeutic benefits for conditions like liver disorders and cancer also contribute to the growth of this market.

Current Challenges in Bee Propolis Extract Market

The bee propolis extract market is facing challenges due to fluctuating price of raw materials. The prices of raw materials required for the extraction of bee propolis such as beeswax, honey and royal jelly have witnessed volatility in the past few years. These raw materials are agricultural products and their prices are dependent on various climate conditions which affect their production. Unfavorable weather leads to low yield of beeswax, honey and royal jelly thereby increasing their prices. High raw material prices negatively impact the profitability of bee propolis extract manufacturers.

Supply constraints of raw materials is another challenge for the market. Commercial beekeeping requires large number of bees which is a challenge due to decreasing bee population globally. Factors such as pesticide usage, climate change, habitat loss and diseases have contributed to declining bee population. This has created supply constraints for raw materials such as beeswax and honey. Shortage of raw materials acts as an impediment to the growth of bee propolis extract market.

SWOT Analysis

Strength: Bee propolis extract offers various health benefits. It possesses antibacterial, antiviral, anti-inflammatory and antioxidant properties. These bioactive compounds in bee propolis extract boost immunity.
Weakness: Standardization and certification of bee propolis extract is still lacking. Composition of extract varies depending on geographic location.
Opportunity: Increasing demand for natural ingredients in cosmetics and personal care products offers potential for bee propolis extract market. Growing health consciousness among consumers also provides opportunities.
Threats: Stringent regulations pertaining to use of natural ingredients can hamper market prospects. Environmental changes impacting bee population is also a threat.

Geographical Regions with Highest Market Concentration

Europe accounts for the largest share of bee propolis extract market in terms of value. Countries such as Germany, France, Italy and United Kingdom have strong demand from cosmetic and pharmaceutical industries which utilize bee propolis extract. Easy availability of raw materials also contributes to Europe’s large market share.

Fastest Growing Regional Market

Asia Pacific is poised to be the fastest growing regional market for bee propolis extract during the forecast period. Increasing health awareness, rising per capita income, expansion of cosmetic and pharmaceutical sectors are some key factors driving the bee propolis extract market in Asia Pacific. Moreover, large population countries such as China and India with unmet demand represent major opportunities in this region.

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