Propolis Market Overview:
Studies have revealed that the global Propolis Market is expected to grow with a CAGR of 6.23% during the forecast period of 2023-2032. The propolis market industry is projected to grow from USD 0.637 Billion in 2023 to USD 1.0336 Billion by 2032. The market forecast report is made based on an extensive analysis of the current and past market trends.
Propolis is a resin-like mixture that is produced due to the mixing of beeswax and bee-saliva with secretions collected from different parts of plants like buds, flowers, or sap.
Due to its anesthetic and antioxidant properties, there is high demand for Propolis in the pharmaceutical sector across the globe.
During the COVID-19 pandemic, the growth of Propolis Market was severely hampered due to strict lockdown. Production of Propolis was low due to lesser transportation facilities and the non-availability of laborers. But the global Propolis Market Research Value is estimated to reach high in the coming years due to the growth of the pharmaceutical sector in every region of the world.
Lack of standardization of different Propolis Brands is an important challenge and would hamper the growth of this sector. Due to the lack of transparent information, consumers would hesitate in buying ointments or other products with Propolis as a constituent. This will affect the global market of Propolis negatively.
Market Segmentation:
The global Propolis Market is huge and it is segmented based on various factors such as region, application, product types, and distribution channels.
Based on the product type, the market is divided into tablets & capsules, creams, liquid, and others.
Based on the distribution channel, the market is divided into Online Retail Stores and Online Retail stores. The Offline retail stores are again sub-divided into pharmacies, supermarkets, and others.
Based on application, the market is divided into cosmetic, pharmaceutical, and food sectors.
Regional Classification:
Based on region, the global Propolis Market is sub-divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America had occupied the maximum Propolis Market Share in 2020 and is expected to have steady growth during the forecast period.
The Asia-Pacific region is also expected to do well during this forecast period.
Propolis is known for boosting the immune system and digestive health. Propolis is also helpful in reducing wrinkles. The high disposable income and rise in the elderly population in Europe would contribute to the Propolis Market Growth in the coming years. Studies have shown that Propolis has chemo-preventive properties. The rising incidences of cancer in Europe would create help in significant growth of the Propolis Market in Europe during the forecast period.
Key Players:
Major players in the Propolis Market Report attempting to increase market demand by investing in research and development operations include Apis Flora (Brazil), Sunyata Pon Lee (Brazil), Bee Health Limited (UK), Zhifengtang (China), Laprell's Beehive Products, Inc. (Canada), Apiário Polenectar (Brazil), Comvita (New Zealand), Wax Green (Brazil), Manuka Health New Zealand (New Zealand), and Hi-Tech Natural Product India Ltd. (India).
Industry News:
The key players of the global Propolis Market are going for joint ventures, acquisitions, and new product launches which contribute to the steady growth of the market.
Comvita Ltd had announced a partnership with Caravan in 2021 which will lead to the formation of a new lifestyle brand using propolis. This joint venture also aims at making consumers aware of the benefits of propolis.
INW (Innovations in Nutrition + Wellness) had acquired Bee Health (UK), a leading manufacturer of nutritional supplements in 2021.
Lehning Laboratories had come up with its new organic supplement brand, Propolis da Baccharis in 2019. There are two ranges of products under this brand- Api Spray and Propomax.
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