by Propolis, also known as bee glue, is a resinous material that bees collect from tree buds, sap flows, or other botanical sources. It is used by bees to seal unwanted open spaces in their hives. Human have started using propolis for its potential health benefits. It contains over 300 compounds including vitamins, minerals, amino acids and antioxidants. Propolis is commonly used in health supplements, foods, beverages and cosmetics owing to its properties that can potentially boost immunity, support overall health and wellness.
The global Propolis Market is estimated to be valued at US$ 707.73 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the propolis market is the increasing demand for natural and herbal products from health-conscious consumers. More people are opting for dietary supplements and functional foods containing natural ingredients like propolis that can enhance immunity and overall well-being. This trend is primarily driven by rising health awareness and growing lifestyle diseases due to sedentary lifestyle and stressful urban living. Manufacturers are launching new products containing propolis to cater to this demand. For instance, Epimuscle launched Muscle Builder, an immunity boosting product containing propolis extract in 2021.
Another key trend is the rising use of propolis in cosmetic and personal care applications. Propolis extract possesses antioxidant and anti-inflammatory properties that can potentially benefit skin health. It is widely utilized in products like moisturizers, anti-aging creams and hair care products. Booming beauty and skincare industry is fueling the incorporation of propolis in these applications. Companies are focusing on development of novel cosmetic formulations with propolis to take advantage of this demand.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as manufacturing propolis requires specialized beekeeping equipment and knowhow. However, accessibility to raw materials is easy.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes. Buyers can switch to other natural extracts as they have comparable properties.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. There are many beekeepers that supply propolis however the quality and yield depend on beekeeping expertise and weather conditions.
Threat of new substitutes: The threat of new substitutes is high as there are other plant-based extracts like honey, royal jelly that have similar functional properties.
Competitive rivalry: The competitive rivalry is high as the market has many regional and global players. Players compete on parameters of product differentiation, quality, and price.
Key Takeaways
The global Propolis Market Growth is expected to witness high growth. The market size for propolis in 2023 is US$ 707.73 Mn and the market is forecast to reach US$ 1,185.64 Mn by 2030, registering a CAGR of 6.7% during the forecast period.
Regional analysis:
Europe dominates the propolis market and is expected to continue its dominance owing to increased awareness about propolis as a supplement in countries like Poland, Russia, and Ukraine. The European market is projected to grow at a CAGR of 6.5% during 2023 – 2030. The Asia Pacific region is anticipated to be the fastest-growing market due to increasing demand from nutraceutical manufacturers in China and dietary supplement producers in Japan.
Key players:
Key players operating in the propolis market are Baxter International Inc., Fresenius SE & Co. KGaA, CSL Limited, Grifols, S.A., B. Braun Melsungen AG, Hikma Pharmaceuticals PLC, Octapharma AG, Kedrion S.p.A., Shanghai RAAS Blood Products Co., Ltd., Terumo Corporation, JW Life Science, Celgene Corporation, Pentapharm Ltd., Haemonetics, Corporation, Macopharma. Propolis producers are focusing on new product launches, partnerships, and geographic expansion to garner higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
