Propolis, commonly 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. Propolis is composed of 50% resin and vegetable balsam, 30% wax, 10% essential oils, 5% pollen, and 5% various other substances including organic debris. It possesses anti-fungal, anti-bacterial, anti-viral and anti-inflammatory properties. Propolis is commonly used in food & beverages, personal care & cosmetics, and pharmaceutical industries. It finds application in dental gels, shampoos, lotions and other personal care products due to its healing and antioxidant properties.
The Global Propolis Market Size is estimated to be valued at US$ 815.31 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising demand for natural and organic based personal care and food & beverages products is driving the global propolis market growth. Consumers are increasingly preferring natural ingredients and additives in products due to growing awareness regarding toxicity and side-effects of synthetic chemical ingredients. Propolis contains rich antioxidants and antibacterial properties that help support overall health and wellbeing. Its rising demand as a functional ingredient in supplements, nutraceuticals and functional foods is fuelling the market. Additionally, growing adoption of apitherapy using propolis, royal jelly and honey for its immunomodulatory and anti-inflammatory effects is also boosting the market. However, shortage of bees and regulations governing quality and composition of propolis extracts remains a challenge for market players. Stringent quality standards and certification for international trade further adds to production costs.
Segment Analysis
The propolis market is segmented on the basis of formulation, type, application and geography. Based on formulation, the market is segmented into solid and liquid. The solid segment dominated the market in 2017 as it has wider application in food and pharmaceutical industries. Solid formulation is widely used in applications like dietary supplements, cosmetics and healthcare products where propolis powder is easy to handle and store.
PEST Analysis
Political: The regulations regarding quality standards and import-export are key factors impacting the propolis market. Stringent regulations in EU and North America ensure high quality products.
Economic: The global beekeeping industry has been witnessing steady growth contributing to rising propolis production. Developing economies with improving healthcare expenditure present new opportunities.
Social: Increasing health consciousness and growing preference for natural ingredients in food and cosmetics drive the demand for propolis. It is widely used in natural remedies and enjoys acceptance in alternative medicine.
Technological: Advancements in extraction processes help improve yield and standardization. Companies are investing in R&D to develop new formulations and applications to expand the market.
Key Takeaways
The global propolis market is expected to witness high growth over the forecast period. The global propolis market is estimated to be valued at US$ 815.31 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.
Europe currently dominates the market due to high consumption of propolis products in Russia, Poland and other Eastern European countries where traditional medicines using propolis are popular. However, the Asia Pacific region is projected to be the fastest growing market. China and India contribute significantly to the growth in the region due to rapidly growing nutraceuticals and cosmetics industries.
Key players operating in the propolis market include Apis Flora, Wax Green, Comvita, MN Propolis, Polenectar, King’s Gel, Evergreen, Ponlee, Uniflora, Manuka Health New Zealand, and Zhifengtang. Some of the key players are focusing on new product development and innovations such as spray formulations, gummies and beverages to expand consumer base. Regional expansion into emerging markets of Asia Pacific and Latin America also remains a key strategy of leading players to strengthen their position in the global propolis market.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
