Global Propolis Market - 2022-2029

Global Propolis Market - 2022-2029

Market Overview

The global propolis market valued USD xx million in 2021 and is forecast to reach USD xx million by 2029, growing at a CAGR of xx% during the forecast period (2022-2029).

Propolis is a resin-like material produced by bees from the buds of poplar and cone-bearing trees. Bees use it to build hives, and it may include beehive byproducts. Propolis seems to help fight against viruses, bacteria and fungi. It also has anti-inflammatory effects and helps skin heal. It is also used for burns, canker sores, genital herpes, and other conditions. As propolis has antioxidants and anesthetic and wound healing properties, it is widely consumed to strengthen the immune system. People commonly use propolis for diabetes, cold sores, and swelling and sores inside the mouth. Due to this reason, its demand has been seen increasing in recent times. Hence, the market is anticipated to grow over the forecast period.

Market Dynamics:

Increasing utilization of propolis in various industries

The increasing utilization of natural products of propolis in various industries has been a major factor in the growth of propolis in the market. Due to its composition of more than two hundred organic chemical compound substances, the products have extensive global demand in the market. Food and beverage, pharmaceuticals, and personnel care are the industries wherein propolis is used as a main raw ingredient, boosting the market's growth. In addition, propolis offers various health benefits, including enhancing digestive health and reducing wrinkles and other early signs of aging. As a result, there is a rise in raw materials and secondary products comprising propolis in the healthcare and personal care sector worldwide. Moreover, consumers are more inclined towards the product with a rise in health consciousness. With more consumers willing to include anti-oxidants in their daily intake and so, growing prevalence of the ingredient in beauty and health supplements, propolis capsules, and extracts are anticipated to gain traction and witness a flourishing growth in sales, during the forecast period. For instance, Red Bee Propolis by Natura Nectar is among the well-known propolis supplement claim to provide one of nature's most powerful antioxidant that are even higher than super-fruits.

Market Segmentation:

The capsules and tablets held the highest market revenue share of xx% in the year 2021

Based on product type, the capsules and tablets held the highest market revenue share of xx% in 2021. The customers widely prefer these as it is the simplest product type of propolis. These are used to treat various diseases and also help in boosting the immune system. Propolis capsules and tablets are also used as a dietary food supplement, further supporting the industry sales. Moreover, the package of capsules and tablets is comfortably used while traveling.

Based on application, the food and beverage industry held the largest share in the propolis market in 2021 due to its high antioxidant properties. It is particularly used in meat and fish products. It can vest protection of the antioxidative properties of fruits and juices during storage. Moreover, it contributes to food's physical and chemical properties, thereby maintaining the quality of food during storage. Propolis can be used as a natural additive agent in orange juice or other fruit juices as alternative chemical preservatives in the beverage sector.

Geographical Penetration:

North America is dominating the global propolis market in the year 2021

North America is dominating the global propolis market in the year 2021. The rising prevalence of skin complications in the Caucasian population primarily drives the propolis market growth in the region. The flourishing cosmetic and personal care segment provide propolis extracts a lucrative market opportunity. Moreover, propolis has amazing anti-inflammatory and antimicrobial properties, making propolis helpful in wound healing. As per the latest research citing provided by the Center for Disease Control and Prevention (CDC), chronic wounds are mostly seen in the elderly population. In the United States, 3% of the population >65 years of age have open wounds. In 2020, the US government estimated that the elderly population would be over 55 million, suggesting that chronic wounds will continue to be an increasingly persistent problem in this population.

Europe is the fastest-growing regional segment during the forecast period due to the increasing public health awareness regarding the therapeutic efficacy of propolis in treating inflammatory responses associated with viral and bacterial infections in the region. The rise in health awareness and the ability to spend more on healthcare products is expected to augment market growth. As per the data from the Cancer Research UK, every two minutes, someone in the United Kingdom is diagnosed with cancer. The rising incidence of cancer among the British people and evidence from clinical studies aid the propolis market growth.

Competitive Landscape:

The propolis market is moderately fragmented with regional and global players. Some key market players include Bee Health Limited, NaturaNectar, YS Organic Bee Farms, Now Foods, Sunyata Pon Lee, Natural Factors Nutritional Products Ltd., Apis Flora, Bee Health Limited, Comvita Ltd, Herb Pharm LLC, and Uniflora Nutraceutical Ltda, among others. The strategy for product launch, partnerships, mergers, and joint ventures has been the crucial approach behind developing these companies in the global market strategy. For instance, in September 2020, Comvita launched the brand's first MGO-verified Multifloral Manuka Honey. The Multifloral Manuka honey aims to attract more consumers seeking the unique benefits and flavor of the trending category at an affordable price point. In December 2018, NaturaNectar launched a bee propolis skincare line, introducing its first product, a new bee propolis skincare line. In 2021, Innovations in Nutrition + Wellness (INW) announced that it has acquired Bee Health, the United kingdom's leading developer and manufacturer of nutritional supplements.INW and Bee Health's highly complementary product capabilities and geographic scope will further enhance the services provided to brand partners.

Covid-19 Impact: Negative impact on the global propolis market

The COVID-19 pandemic increased the demand for propolis for its functional properties. However, the market's supply chain was extensively affected by the falling production of propolis as an ingredient. The COVID-19 lockdown has a massive problem for beekeepers. As countries go into vast lockdowns, the movement of non-essential vehicles has come to a halt. Therefore, bee farmers found it difficult to move their bee boxes from one place to another, both cross-country and internationally. The movement resulted in bees starving to death, reducing bee pollination and propolis production. Moreover, the availability of limited labor power additionally impacted the production of end products, negatively impacting the propolis market.

Why Purchase the Report?
• Understand the current market scenario and viability of global propolis market over the forecast period
• Visualize the composition of the global propolis market in terms of product type, category, application, and distribution channel to identify major players, growth potential, and market strategies
• Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
• Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
• Excel data sheet with valuable data points of the global propolis market – Regional and Country level segmentation
• Product mapping in excel for the key products of all major market players
• Market share analysis covering business revenues ($) and revenue share (%) of key market players

The global propolis market report would provide an access to approximately 69 market data tables, 64 figures, and 180 pages

Target Audience:
• Dietary Supplements Manufacturers
• Cosmetic Products Manufacturers
• Pharmaceutical Industry
• Industry associations
• Education & research institutes
• Research professionals