The global propolis market size was valued at USD 636.1 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 5.48% from 2022 to 2030. The global propolis market is primarily growing due to the increasing demand for the product majorly from dermatology, including the treatment of acne, burns, fungal infections, and neurodermatitis. It is also used in cancer treatment, helping in the prevention and control of the growth of cancerous cells. The healthcare segment is an important driving force in the propolis market. Its high levels of antioxidants and bioactive compounds are driving the sales of propolis. Its benefits include antibacterial, antiviral, anti-inflammatory, and immunomodulatory properties. A number of leading manufacturers provide a wide variety of propolis-based products. They also invest heavily in the development of new products, packaging improvements, and marketing campaigns.
Global Propolis Market: Regional Insights
Regionally, Asia Pacific is projected to grow at the fastest rate in the coming years, with more firms investing in joint ventures, mergers, and partnerships in emerging markets. International firms are also increasing their presence in emerging countries such as India, Brazil, and Australia. This strategy will boost the regional market in the coming years. The region is a huge growth opportunity for the propolis industry. Also, high demand for honey and other by-product is again projected to propel regional market growth. In 2018, according to the National Bureau of Statistics, China’s honey and other by products, which include propolis, venom, and pollen was 542,500 million and has been increasing steadily over the years.
At the same time, North America is also projected to witness fastest growth in the global market over the forecast period owing to the high prevalence of cardiovascular disease. For instance, in 2018, according to the Center of Disease Control and Prevention 12.1% of the United States citizen suffers from heart disease and propolis has over 300 compounds which contain polyphenols, terpenoids, amino acids, volatile organic acids, ketones, coumarin, Quinone, vitamins, and minerals which reduces the blood pressure and lowers the cholesterol level. These benefits of propolis can aid in preventing heart- related diseases, which in turn is also aiding in increasing the demand for propolis. The US propolis market was valued at USD 109.71 million in 2020, and it is projected to reach USD137.82 million by 2026, registering a CAGR of 3.99% during the forecast period.
Figure 1. Global Propolis Market Value Share (%), By Region, 2021
Global Propolis Market Drivers:
Growing demand for anti-oxidants is propelling growth of the propolis market. Propolis are growing in popularity due to their medicinal properties. Moreover, researchers have identified more than 300 compounds in propolis, majority of which are found to be forms of polyphenols. Polyphenols has antioxidant property which help in fighting against disease. Propolis contain the polyphenols called flavonoids that is responsible to be a great source of antioxidant.
Increasing prevalence of herpes simplex virus type 1 and type 2 is again projected to augment market growth. According to the Centers for Disease Control and Prevention (CDC), there were close to 572,000 new cases of genital herpes infections in the United States in 2019. Recent studies suggests that using propolis ointment on genital herpes may heal wounds faster than the conventional treatment of the 5% acyclovir ointment.
Global Propolis Market Opportunities:
Increasing availability of alcohol-free propolis products is expected to provide lucrative growth opportunities for key players in the near future. For instance, in December 2018, NaturaNectar LLC introduced its LIQUID Red Bee Propolis (60 ml), which was fabricated to deliver on the growing demand for alcohol-free bee propolis products, especially the exotic red-type propolis from Brazil.
Growing use of propolis in functional food and beverages is projected to bring bright market opportunities in the near future. For instance, in 2020, South Korean authorities announced that they would allow propolis extract to be made into any form for oral consumption and eased manufacturing standards, so that various health functional foods could be developed with advanced technologies.
|Base Year:||2021||Market Size in 2021:||US$ 636.1 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||5.48%||2030 Value Projection:||US$ 980.34 Mn|
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)
|Restraints & Challenges:||
Global Propolis Market Trends:
Rising popularity of propolis in skin care and personal care products is projected to uplift the market growth. Propolis-based skincare products offer healthier, brighter, and younger skin. These products are also beneficial in fighting against acne, smoothen, hydrate, and soften skin.
Growing working women coupled with the changing fashion trend is another major trend observed in the global market. Moreover, increasing disposable income and rapid urbanization are other key factor propelling market growth.
Global Propolis Market Restraints:
Side-effects such as allergies caused due to use of propolis is projected to restrict the market growth over the forecast period.
The lack of normalization across various brands is acting as a challenge for the global propolis market. This is expected to impact the market growth negatively in the near future.
Figure 2. Global Propolis Market Value Share (%), By Product Type, 2021
Global Propolis Market Segmentation:
The global propolis market report is segmented into product type, distribution channel, and geography
Based on product type, the market is segmented into Capsules and Tablets, Liquids, Creams, and Other Product Types. Out of which, Capsules and Tablets is expected to dominate the global market over the forecast period as they are most common form of consuming propolis worldwide. Factor such as secure packaging, ease of handling, speedy manufacturing, and wide acceptability for consumption are driving the segment growth. The capsules and tablets segment of the market was valued at USD 333.57 million in 2020, and it is projected to reach USD 452.32 million by 2026, registering a CAGR of 5.32% during the forecast period.
Liquids segment is also expected to witness significant growth in the near future and this is owing to the growing demand for treating dental issues, like cavity and gum swelling, gastrointestinal disorders, cold syndromes, such as sore throat, like ulcerative colitis, gastrointestinal cancers, and ulcers. The liquid segment of the market was valued at USD 126.20 million in 2020, and it is projected to reach USD 167.52 million by 2026, registering a CAGR of 4.95% during the forecast period.
Based on distribution channel, the market is segmented into Offline Retail Stores and Online Retail Stores. Out of which, Offline Retail Stores is expected to dominate the global market over the forecast period and this is attributed to the increasing number of pharmacies and drug stores. The pharmacies and drug stores segment of the global propolis market was valued at USD 258.12 million in 2020, and it is projected to reach USD 345.18 million by 2026, registering a CAGR of 5.08% during the forecast period.
Online Retail Stores segment is also expected to witness significant growth in the near future and this is owing to the rising awareness regarding hygiene, health, and social distancing due to outbreak of pandemic which is expected to amplify the overall online sales. The online retail store segment of the global propolis market was valued at USD 120.61 million in 2020, and it is projected to reach USD 178.15 million by 2026, registering a CAGR of 6.84% during the forecast period.
Global Propolis Market: Key Developments
In March 2021, Comvita announced the official opening of its state-of-the-art Wellness Lab experiential space in the Viaduct, Auckland.
Global Propolis Market: Key Companies Insights
The global propolis market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global 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)
*Definition: Propolis is a product of the transformation of resin by bees. This process can occur inside or outside the hive. However, some researchers claim that some bees do not collect propolis, and they may use other products instead. Propolis can inhibit the growth of Gram-negative and Gram-positive bacteria. The effectiveness of propolis against these bacteria is largely dependent on the type of propolis and its concentration. The anti-bacterial effects of propolis may be attributed to its high flavonoid content. It is also an effective way to prevent bacterial tooth decay.
Propolis is a product made by bees from the resin of various plants. It is available in a variety of forms and can be purchased in health food stores and pharmacies. It is used as a skin lotion, cream, and ointment. In addition, it can be taken orally in the form of capsules, tablets, and liquid extracts. Propolis has antioxidant properties that help prevent oxidative damage in the body. The active ingredient of propolis is coniferaldehyde. It helps protect hepatocytes and lipids from oxidative damage. Propolis is also known to protect liver function from damage due to oxidative stress.
The global propolis market is fueled by increasing demand for the product due to its numerous health benefits. For example, propolis is rich in antioxidants and bioactive compounds, which have antibacterial, antifungal, anti-inflammatory, and immunomodulatory properties. Moreover, propolis is becoming more readily available as dietary supplements, which are increasingly popular among consumers. In addition to these benefits, propolis is used in cosmetics and other health products. It is often used to treat burns, acne, fungal infections, and neurodermatitis. It is also used as a cancer treatment as it helps in inhibiting the growth of cancer cells. All these factors are projected to augment the market growth.
However, the raw material for making propolis is not available in its pure form which is expected to hamper the market growth.
Key features of the study: