AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
January 2024
Categories |
Back to Blog
The 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 Overview: Bee propolis extract is a waxy, resinous substance collected by honey bees from tree bark and leaf buds which is used for construction of honey combs, seal them and smooth out their internal walls. Propolis extract contains several phenolic compounds and flavonoids which exhibit strong antioxidant, antibacterial and anti-inflammatory properties. These properties make propolis extract widely useful in various applications in food and beverage, pharmaceutical and nutraceutical industries. Market key trends: The global bee propolis extract market is witnessing high growth owing to the growing demand for natural products due to increasing health awareness amongst consumers. Propolis extract provides various health benefits such as boosting immunity, preventing inflammation, possessing anti-aging properties which is driving its use in dietary supplements, functional foods and beverages. Further, shifting consumer preference towards herbal and natural medicines over allopathic drugs for treatment of minor ailments is also propelling the demand for propolis extract in pharmaceuticals. Manufacturers are increasingly using propolis extract in cosmetic products and personal care items due to its antioxidant content which helps protecting skin. Porter’s Analysis Threat of new entrants: Low capital requirements and established distribution channels allows new companies to enter the market easily. However, established brands have strong customer loyalty and distribution networks that make entry difficult. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, standardization of bee propolis extract products provides limited scope for negotiation. Bargaining power of suppliers: Bee farmers have low bargaining power due to the availability of substitute raw materials. Companies can shift to other sources easily. Threat of new substitutes: Alternatives like fruits, vegetables, herbs etc. pose threat of substitution. However, health benefits of bee propolis extract make it less susceptible to substitutes. Competitive rivalry: Strong as major players compete on the basis of product quality, innovation and brand image. SWOT Analysis Strength: Wide application in pharmaceutical, cosmetics & food industries. Rich antioxidants & antimicrobial properties of bee propolis extracts boost demand. Weakness: Seasonal availability of raw materials leads to inconsistent supply. High dependence on weather conditions for bee farming. Opportunity: Increasing consumer preference for natural & herbal products provides lucrative growth opportunities. Rising health consciousness drives the market. Threats: Strict regulations for raw material sourcing and extracts processing. Economic slowdowns can reduce disposable incomes. 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 preference for herbal medicines and natural cosmetics. Asia Pacific dominates the global market owing to largest beekeeping industry and sizeable herbal supplements sector in China and India. Regional analysis: Asia Pacific accounts for over 35% of global bee propolis extract market share led by China, India, Korea and Japan. China represents the largest producer and consumer globally due to favorable climatic conditions for beekeeping and large herbal industry. Europe is the second largest market with major demand from Germany, UK, France and Italy on account of rising natural and organic personal care trends. Key players: Key players operating in the bee propolis extract market are Comvita, Bee Health, Natural Life, Manuka Health New Zealand, Zhifengtang, Wang’s, Bricaas, Baoshengyuan, Zhonghong Biological, Baoshengyuan. Major companies compete on the basis of product quality, innovation and brand recognition. Read More: https://www.newsanalyticspro.com/bee-propolis-extract-market-demand-insights-and-trends/
0 Comments
Read More
Leave a Reply. |