The global bee venom extract market is projected to reach a valuation of US$ 540 Mn in 2032, with the market growing at a moderate CAGR of 5.1% over the forecast period of 2022 to 2032. Valued at an estimated US$ 327.5 Mn in 2022, the bee venom extract market is predicted to be driven by the demand for bee venom in modern medicine. The bee venom extract has anti-inflammatory properties along with assertions that it can treat rheumatoid arthritis, psoriasis, acne, nerve pain, multiple sclerosis, and scarring from skin cancer.
The demand and application of bee venom extract in the pharmaceutical industry are one of the key drivers of the target market. Therapeutic usage of bee venom has been proven to be very effective which is why the demand for the product is especially high in the pharmaceutical sector. Apitherapy, a substitutive therapy, makes extensive usage of bee venom extract to treat several diseases. Furthermore, bee venom is said to be effective against various cancer types.
In the last few years, bee venom has registered increasing applications in the cosmetic and skin care industry. Bee venom is used to combat wrinkles, psoriasis, atopic dermatitis, wound healing, vitiligo, acne vulgaris, androgenetic alopecia, and many others. Bee venom extract has been observed to be a promising skin care agent that nourishes, smoothens, and brightens the skin.
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The product is gaining momentum in the skin care industry as it can fool the skin into believing that it has been stung which increases collagen production and increases blood circulation. All of these factors promote an environment of growth for the bee venom extract market during the assessment period.
“Applications in the cosmetic and skin care industry along with the product’s medicinal value are expected to propel the market growth of bee venom extract over the forecast period,” says an FMI analyst.
Key Takeaways:
- A wide range of applications in skin care and medicine presents lucrative opportunities.
- North America to acquire 32.1% of the global market share.
- Europe is expected to hold 27.9% of the total market share.
- Start-ups in the market are focusing on nutraceuticals and cosmetic applications.
Competitive Landscape
Bee Whisper, ApiHealth NZ Ltd, Fernz, and Abeeco Pure, Citeq Biologics, and others are some of the major players in the bee venom extract market that are profiled in the full version of the report.
Major market players are focusing on tactics like partnerships and collaborations with other enterprises to expand and enter emerging markets. Joint ventures within an organization in emerging economies are another popular tactic to strengthen market position. Some of the other businesses in the market are keen on exploring the bee venom extract application in nutraceuticals and different cosmetic skin care goods.
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More Insights into the Bee Venom Extract Market Report
In its latest report, FMI offers an unbiased analysis of the global bee venom extract market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented on the basis of type (liquid, powder), application (pharmaceutical, cosmetic and personal care), and region.
According to the latest FMI reports, based on region, the bee venom extract market in North America is expected to undergo substantial growth. The regional market is expected to account for 32.1% of the global market share. The growing awareness of product-related health benefits, rising need for nutritious food items, and the growing application of bee venom in the healthcare sector in this region are responsible for the regional market growth.
The bee venom extract market in Europe is expected to hold about 27.9% of the global market share. Market growth in this region is predicted to remain steady over the forecast period. The product is particularly used for treating rheumatic diseases and for other medical treatments in Europe. The popularity of apitherapy and different medical applications of the product propel the market growth in this region from 2022 to 2032.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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