July 25, 2024
Propolis Market

Propolis Market is Expected to be Flourished by Rising Awareness About Its Benefits

Propolis, also known as bee glue, is a resinous mixture that honey bees collect from tree buds, sap flows, or other botanical sources. It is used by bees to seal holes in their hives and smooth out internal walls. Propolis has been used in traditional medicine practices for centuries due to the presence of compounds that exhibit antimicrobial, anti-inflammatory, antioxidant, and preservative properties. Today, the resinous bee product is widely used in dietary supplements, skin care, veterinary medicines and more. Propolis promotes wound healing and helps boost immunity.

The global propolis market is estimated to be valued at US$ 707.73 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising awareness about the health benefits of propolis is driving the demand for propolis-based products across the globe. As highlighted in the heading, propolis benefits human health in multiple ways such as boosting immunity, promoting wound healing and reducing inflammation. Moreover, propolis is marketed as a natural alternative to chemicals and artificial preservatives present in health and personal care products. This lends a competitive edge to propolis-based products and supplements among health-conscious consumers. Furthermore, growth in the nutraceutical industry has increased the product reach, thereby facilitating the uptake of propolis-based dietary supplements. However, lack of standardized quality and dosage guidelines for use poses a challenge for manufacturers.

Segment Analysis:

The Global Propolis Market Size is segmented on the basis of form, type, application, and geography. By form, it is segmented into powder, liquid, and paste. Among these, the powder segment dominates the market as powder form propolis can easily mix with foods, supplements, and personal care products. By type, it is segmented into poplar type propolis, pine type propolis, and others. Among these, the poplar type propolis is the most widely used and dominates the market as poplar tree is the most common source for propolis collection. By application, it is segmented into food & beverages, personal care & cosmetics, pharmaceuticals, and others. The food & beverages segment dominates the market due to widening application of propolis in nutritional and functional foods and beverages.

PEST Analysis:

Political: There are no strict regulations for use of propolis extracts in foods, dietary supplements and personal care products in most countries. However, some countries have specific regulations for uses of propolis in pharmaceuticals.

Economic: The global propolis market is expected to grow moderately during the forecast period. Rising health awareness, growth in nutraceutical and functional food sectors and increasing preference for natural ingredients are supporting market growth.

Social: Rising inclination towards natural and herbal ingredients for self-medication and prevention. Increasing awareness about immune health benefits of propolis especially during COVID-19 pandemic is fueling demand.

Technological: New extraction technologies are allowing development of value-added propolis extracts with higher concentration of bioactive compounds for various applications. Supercritical CO2 extraction is gaining popularity for removal of nonpolar compounds like wax.

Key Takeaways:

The global propolis market is expected to witness high growth during the forecast period of 2023 to 2030 driven by factors like increasing health consciousness, growing use in nutraceutical and food & beverage industries. The market size is projected to reach close to US$ 1 Bn by 2030 at a CAGR of around 5.4% over the forecast period.

Regional analysis:

Europe dominates the global propolis market currently. Countries like Germany, Italy, France are major consumers and producers of propolis and its extracts in Europe. However, Asia Pacific region is expected to witness fastest growth on back of rising consumer awareness and demand in countries like China, Japan, India, and Australia over the forecast period.

Key players:

Key players operating in the propolis market are Herb Pharm LLC, Apis Flora, Bee Health Limited, Y.S. Organic Bee Farms, Comvita Ltd, Wax Green, Apiary Polenecter, Uniflora Health Foods, Sunyata Pon Lee, NOW Foods, and Bio Botanica Inc. (Nature€TMs Answer). Some of the key players are focusing on expanding their production capacities to cope up with rising demand globally for propolis products especially dietary supplements and functional foods.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it