The global bee venom extract market size is predicted to achieve a valuation of US$ 378.0 million by 2023, displaying a CAGR of 5.0% from 2023 to 2033. It is predicted that the market would contribute a valuation of US$ 618.6 million by 2033.
The market for bee venom extract, also known as aflatoxin, is anticipated to be propelled by the increased need for bee venom in the medical and pharmaceutical industries. Research on the bee venom extract is ongoing since it is thought to have antioxidant and anti-inflammatory qualities.
The use of bee venom in the manufacture of medicinal products—also referred to as apitherapy or bee therapy—is becoming more and more common across the globe, especially in North America. It may be possible to treat ailments like multiple sclerosis, arthritis, and some skin diseases with bee venom.
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Expansion in the beauty and skincare industry is the biggest opportunity that comes around for the bee venom market players. Bee venom is being used for catering to the demands for various end-user products in the cosmetic and skin care segment such as toners, serums, moisturizers and so on. The rise in rationally aware consumers about the side effects of chemicals and artificially produced products on the skin is leading the shift towards organic or natural skincare product routines.
Bee venom due to its various antimicrobial and analgesic effects is believed to have several anti-ageing and skin-rejuvenating properties, making it a popular ingredient for manufacturers to use in the production of beauty and skincare products.
The growing awareness for bee venom extract in its organic, chemical-free form and its profound application in the personal care industry is rising the trend in the skincare and cosmetic care industry for concerns like treating eczema, acne, dry skin and reducing stretch marks. This leads to a rise in the growth of the bee venom market.
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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 US$ 335.1 million.
- The global market size was valued at US$ 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.
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.
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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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