The propolis market is estimated to be valued at USD 636.1 million in 2022 and is expected to exhibit a CAGR of 5.48% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Propolis is a resinous substance collected by bees from tree buds, sap flows, or other botanical sources and used as a sealant in their hives. It is composed of 50% resin and vegetable balsam, 30% wax, 10% essential and aromatic oils, 5% pollen, and 5% other substances. It offers various health benefits due to its antimicrobial, anti-fungal, anti-oxidant, and anti-inflammatory properties. It is commonly used in food & beverages, supplements and pharmaceuticals, personal care and cosmetics.
Market Dynamics:
The propolis market is driven by the rising demand for organic and natural ingredients in end use industries and growing awareness regarding health benefits of propolis. According to a survey by Nutrition Business Journal in 2018, the sales of natural products grew at 7-9% annually during 2014-2018. Also, increasing focus on preventive healthcare has resulted in higher consumption of dietary supplements, functional foods & beverages containing propolis extracts. The key players are focusing on research & development activities to develop innovative product forms and applications of propolis to capitalize on the market opportunity.
SWOT Analysis:
- Strength: Propolis has strong antioxidants properties that boost immunity. It improves digestive health and supports oral health by reducing inflammation and bacteria. Its antimicrobial and anti-inflammatory properties make it useful as an ointment.
- Weakness: Limited awareness about the health benefits of propolis among global population may restrain growth. Dependency on beekeepers for raw material supply can impact price and availability.
- Opportunity: Growing demand for natural and herbal supplements boosts propolis market. Rising health concerns and preventive healthcare trends provide growth opportunities. Adoption in skin care and cosmetic products will support market expansion.
- Threats: Stringent regulations for herbal supplements may affect product registration and commercialization. Supply disruptions due to climate changes or diseases can hamper raw material procurement.
Key Takeaways:
The Global Propolis Market Size is expected to witness high growth, exhibiting CAGR of 5.48% over the forecast period, due to increasing awareness about its health benefits. Propolis supplements are gaining popularity for their antioxidant and immunity boosting properties.
Regional analysis:
Europe dominates the global propolis market and is expected to continue its dominance over the forecast period. Availability of raw materials and increasing adoption of herbal remedies and dietary supplements augur well for the region’s market growth. Asia Pacific exhibits the fastest growth due to rising health consciousness and disposable income in developing countries like India and China.
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’s Answer). Companies are focusing on new product launches and expansion in global markets to increase market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.