The global bee venom extract market is estimated to be valued at USD 378.0 million in 2023 and is anticipated to reach nearly USD 618.6 million by 2033. This growth is driven by a compound annual growth rate (CAGR) of 5.0% from 2023 to 2033. The increasing use of bee venom in modern medicine due to its anti-inflammatory properties and potential to treat various ailments such as rheumatoid arthritis, psoriasis, and multiple sclerosis is fueling market expansion.
The demand for bee venom in contemporary medicine is steadily increasing, particularly for its therapeutic properties. Bee venom is recognized for its ability to treat conditions that often do not respond well to traditional Western medicine. This includes ailments like nerve pain, acne, and even scarring from skin cancer. The American Apitherapy Association endorses the therapeutic use of bee products, including bee venom, which further legitimizes its medicinal value and boosts market demand.
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Key Factors Driving Market Growth:
- The popularity of natural ingredients in skincare products is driving the demand for bee venom extract due to its potential anti-aging and anti-inflammatory benefits.
- There is growing consumer awareness regarding the therapeutic benefits of bee venom, including its efficacy in pain relief and arthritis management.
- There is a rising trend towards sustainable and ethical beauty practices, which include responsible bee venom extraction methods that support beekeeping and prioritize the well-being of bees.
Key Takeaways from the Market:
- The global bee venom market size developed at a CAGR of 2.0% from 2018 to 2022.
- In 2018, the global market size stood at USD 335.1 million.
- The global market size was valued at USD 363.5 million in 2022.
- The India segment is predicted to expand at a CAGR of 6.2% during the forecast period.
- The United States captured a market share of 29.9% in 2022.
- In 2022, Australia captured a market share of 2.5% in the global market.
- The bee venom market in China is anticipated to expand at a CAGR of 4.0% during the forecast period.
Latest Trends in the Bee Venom Extract Industry:
- The market is seeing the emergence of niche brands focusing on bee venom-infused cosmetics and skincare products tailored for specific skin concerns.
- Companies are innovating by combining bee venom extract with other natural ingredients to create potent, multifunctional skincare products.
- There is a growing trend towards using eco-friendly packaging materials, reflecting a broader shift towards sustainable practices in the industry.
Competitive Landscape
Some of the prominent players of the bee venom extract market are Bee Whisper, ApiHealth NZ Ltd, Fernz, Abeeco Pure, Citeq Biologics, and Others. These players have been expanding their presence in developing economies over the past few years. They use business strategies such as product innovations, partnerships, stepping up their marketing campaigns, and mergers and acquisitions to boost their market share.
Recent Developments
- BeeVital introduced the VarroMed, the first veterinary medicine registered in the EU for use in spring, late summer and winter.
- Manuka Health, a honey collective of about 1.5 billion bees dedicated to inspiring a reconnection with nature, aims at planting 1 million Manuka trees by 2025.
Key Segments of the Bee Venom Extract Market
By Type:
- Liquid
- Powder
By Application:
- Pharmaceutical
- Cosmetic & Personal care
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
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