by The 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 Overview:
Propolis is a resinous material collected by honey bees from tree buds, sap flows, or other botanical sources. Bees collect this material and combine it with their own wax and enzymes. They use it as a sealant for unwanted open spaces in the hive and to smooth out and strengthen the internal walls of the hive. Propolis has various beneficial properties like anti-bacterial, anti-viral, anti-fungal, anti-inflammatory and antioxidant. It is widely used in various end use industries such as food and beverage, pharmaceuticals, personal care and cosmetics.
Market Dynamics:
Increasing demand from pharmaceutical and nutraceutical industry is the major factor driving growth of the propolis market. Propolis possesses anti-inflammatory, antioxidant and antimicrobial properties which help in treatment of various diseases like wounds, burns, sore throats, etc. Thus, pharmaceutical companies are focusing on developing propolis based drugs and dietary supplements. Further, rising awareness about benefits of propolis based products among consumers is also contributing to market growth. However, stringent regulations pertaining to the approval and quality standards of propolis extracts is expected to hinder the market growth. Moreover, fluctuations in raw material prices due to seasonal availability of propolis is another factor projected to challenge the market growth.
The rising focus of manufacturers on new product innovation and development of standardized extraction methods is expected to provide lucrative opportunities for market players over the forecast period. New product launches containing propolis extracts in cosmetic, personal care and food & beverage industries would further augment the market expansion.
Segment Analysis
The global propolis market is segmented on the basis of nature, form, application, end use and distribution channel. By nature, the market is divided into organic and conventional. The organic segment accounts for the dominant market share owing to rising consumer preference for chemical-free products.
PEST Analysis
Political: The regulations related to the use of antibiotics in animal feed vary widely across countries which impacts the growth of propolis as an alternative.
Economic: Rising disposable income levels coupled with growing health and wellness trend is positively impacting the propolis market growth.
Social: Increasing awareness regarding the benefits of propolis in boosting immunity and overall health is driving its demand.
Technological: Innovation in extraction techniques is helping market players launch authentic products and expand applications.
Key Takeaways
The Global Propolis Market Share is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing awareness about its immune-boosting properties and applications in food and beverages.
Asia Pacific dominates the global market and is expected to maintain its lead over the forecast period as well, owing to rising population, changing lifestyles and growing health consciousness in countries like China and India.
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. These players are focusing on new product launches, mergers & acquisitions and regional expansions to gain competitive edge in the market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
