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. It contains many beneficial compounds, such as flavonoids, phenolic acid, essential oils, and vitamins. In addition, propolis also contains substances that can strengthen the immune system. Propolis is also believed to have anti-cancer properties. Some studies have shown that it inhibits the growth of certain types of tumor cells. It also inhibits angiogenesis, which is a key factor in the growth of tumor cells. Furthermore, propolis flavonoids inhibit the growth of cancer cells in vitro and in vivo.
Market Statistics:
The Global Propolis Market is estimated to account for US$ 636.1 Mn in terms of value by the end of 2021.
Global Propolis Market: Drivers
The propolis market is primarily driven by the growth of medical industry. Due to its therapeutic properties, propolis is becoming an increasingly popular raw ingredient in pharmaceuticals. Leading manufacturers offer a wide variety of propolis-based products to address different health needs. This wide availability of propolis extract is one of the main factors propelling the growth of the propolis market worldwide.
Global Propolis Market: Opportunities
Growing sale of online retail stores is projected to provide significant growth opportunities over the forecast period. According to the Coherent Market Insights analysis, 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: Restraints
Unfavourable condition arising due to impact of Covid-19 on the global economy is projected to hamper the market growth.
Global Propolis Market - Impact of Coronavirus (Covid-19) Pandemic:
The supply chain of the market was severely affected by the declining production of propolis as an ingredient. The COVID-19 lockdown has presented a peculiar problem for beekeepers and bees. As countries go into extended lockdowns, the movement of non-essential vehicles has come to a standstill. Consequently, bee farmers found it difficult to move their bee boxes from one place to another, both cross-country and internationally, which resulted in bees starving to death. This reduced bee pollination and the production of propolis.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/propolis-market-5415
Key Takeaways:
The global Propolis market was valued at US$ 636.1 Mn in 2021 and is forecast to reach a value of US$ 980.34 Mn by 2030 at a CAGR of 5.48% between 2022 and 2030.
Capsules and Tablets segment held dominant position in the global Propolis market in 2021, accounting for 54.86% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Propolis Market Trends:
Key players are introducing propolis-based products which is acting as a key trend for the global market. For instance, in June 2022, BEE&YOU, a company specializing in natural bee products, launched a Propolis and Vitamin C Shot, which offers an ingredient combination formulated for immune and energy support, as well as helping consumers fulfill essential daily nutrient requirements.
Propolis is a resinous mixture produced by bees. It contains many beneficial compounds, such as flavonoids, phenolic acid, essential oils, and vitamins. In addition, propolis also contains substances that can strengthen the immune system. These benefits make propolis extremely popular and the global market for propolis is set to grow throughout the forecast period.
Global Propolis Market: Competitive Landscape
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)
Global Propolis Market: Recent Developments
In March 2017, NOW Foods opened its new 200,000 sq. ft distribution facility and moved from its manufacturing plant Bloomingdale to Roselle to support the ongoing move for the company’s expansion. The facility is equipped with a state-of-the-art pick- to-voice order fulfillment system.
