The bee propolis extract market has witnessed significant growth over the past few years owing to its wide applications in food & beverages, pharmaceuticals, and personal care & cosmetics industries. Bee propolis extract is a resinous mixture that honeybees collect from tree buds, sap flows, or other botanical sources. It provides multiple health benefits such as antioxidant, antibacterial, antiviral, anti-inflammatory and others. The rising health consciousness among consumers has fueled the demand for various nutritional supplements containing bee propolis extracts. The food & beverage industry uses it as a functional ingredient in various dietary supplements and functional foods to impart health benefits.
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 2024-2031.
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). Key opportunities in the market include new product launches, increasing application in skin care and therapeutic sector. The major players are focusing on geographic expansion in emerging markets of Asia Pacific and Latin America.
Market Drivers
Rising health consciousness among consumers is a key driver leading to the high growth of the bee propolis extract market. Consumers are adopting propolis supplements owing to its various health benefits.
Market Restraints
Allergic reactions to bee propolis can act as a restraint for the market growth. Certain individuals may experience mild to severe allergic reactions after consuming propolis supplements. This may hamper the growth of the bee propolis extract market to some extent over the forecast period.
Segment Analysis
The bee propolis extract market is dominated by the food & beverage sub segment. Bee propolis extracts are widely used as a natural supplement and additive in food products and beverages. Its antimicrobial and antioxidant properties help improve the quality and shelf life of food items. There is a rising demand for functional food and drinks with added health benefits among consumers. This drives the consumption of bee propolis extracts in various food formulations. The pharmaceuticals sub segment is another major one. Bee propolis extracts find application in health supplements and dietary pills due to their immune-boosting and antibiotic qualities.
Global Analysis
The Asia Pacific region dominates the global bee propolis extract market. Countries like China, India and Japan have a large population adopting traditional medicines containing propolis extracts. There is also a significant consumption of bee propolis extracts in dietary supplements and functional food items in Asia, supported by growing health consciousness. Europe is another prominent regional market. Strict regulations ensure the quality of propolis extracts produced and exported from European countries such as Germany and France. North America is expected to be the fastest growing region during the forecast period owing to rising expenditure on natural healthcare and wellness products by consumers in the US and Canada.
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