According to the latest report by IMARC Group, titled "Propolis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global propolis market reached a value of US$ 664 Million in 2022. Propolis refers to a resin-like substance that is generally produced by honeybees from the cone-bearing trees and buds of poplar. A combination of the sap along with beeswax and honeybee’s discharge that creates a greenish-brown sticky product, propolis is produced to be used as a coating to build beehives. It is composed of resins, waxes, pollen, essential oils and various organic compounds and is widely utilized to prevent the growth of bacteria, fungi and viruses. Due to the presence of anti-inflammatory properties in propolis, it is commonly used for treating genital herpes, burns, mouth swelling and sores.
Global Propolis Market Trends:
The global market is primarily driven by the increasing preference for maintaining an aesthetic appearance among the masses. Moreover, the growing adoption of propolis in the formulation of skincare and personal care products due to its calming, antifungal and antimicrobial properties is creating a positive market outlook. Along with this, the rising product utilization in the manufacturing of medicinal drugs used for respiratory tract infections, common cold, and flu-like infections is providing an impetus to the market growth. Additionally, the increasing adoption of propolis in toothpaste and mouthwashes to prevent caries and treat gingivitis and stomatitis is impacting the market favorably. Furthermore, multiple leading players are heavily investing in the introduction of numerous propolis-based product variants. Along with this, the rising investment in the development of aggressive marketing strategies, promotional campaigns, celebrity endorsements and innovative packaging solutions are projected to drive the market further. Some of the other factors driving the market include rapid urbanization, the inflating disposable income levels of individuals and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 906 Million by 2028, exhibiting a CAGR of 5.4% during 2023-2028.
- On the basis of the product type, the market has been bifurcated into capsules and tablets, liquids, creams and others. Among these, capsules and tablets exhibit a clear dominance in the market.
- Based on the category, the market has been classified into alcohol-based and alcohol-free, wherein alcohol-based products account for the majority of the total market share.
- On the basis of the distribution channel, the market has been segmented into supermarkets and hypermarkets, pharmacies and drugstores, online stores and others. Pharmacies and drugstores presently exhibit a clear dominance in the market.
- Based on the application, the market has been segregated into food and beverages, healthcare, personal care and cosmetics and others. Healthcare currently represents the biggest application segment.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa. Among these, Europe holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Apiário Polenectar, Apis Flora, Bee Health Limited (INW), Comvita Limited, Herb Pharm, Manuka Health New Zealand, Natural Factors Nutritional Products Ltd., NaturaNectar, NOW Foods, Nutraceutical International Corporation, Sunyata Alternative Products Ltd, Uniflora Nutraceutica Ltda and Wax Green.
|Base Year of the Analysis
||Product Type, Category, Distribution Channel, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Apiário Polenectar, Apis Flora, Bee Health Limited (INW), Comvita Limited, Herb Pharm, Manuka Health New Zealand, Natural Factors Nutritional Products Ltd., NaturaNectar, NOW Foods, Nutraceutical International Corporation, Sunyata Alternative Products Ltd, Uniflora Nutraceutica Ltda and Wax Green
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