Propolis Market Process Technologies, Sales Dynamics, Growth Factors, Industry Trends, Size, Top Player Analysis and Forecast 2030
Research Reports
Mar 30, 2023
Propolis Market Overview
Current research on the Global Propolis Market shows remarkable development in the market in the past few years which is anticipated to find further growth in the projected period of 2022-2030.
The Global Propolis Market revenue was estimated at USD 629.23 million in 2021 and it is expected to reach USD 845.5 million with a CAGR of 6.23% in the forecasted period.
Rising interest in the therapeutic aspects of Propolis in the medical industry and endorsement of these products by celebrities have promoted the development of the Global Propolis Market. Young generations’ bent towards organic healthcare products will be one of the major market drivers in the foreseeable future.
Pandemic lockdowns has negatively impacted the market in terms of the availability of raw materials and stockpile. But, on the other hand, it has increased demand for organic immunity-strengthening products which has helped in the growth of the Global Propolis Market due to its multiple health benefits.
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Market Segmentation
The Global Propolis Market is segmented into product type, extraction type, category, distribution channel and the end user or application.
Depending on product type, the market is segmented into tablets, capsules, spray, extracts and others.
On the basis of application or the end user, the market is segmented into healthcare, personal care, food, beverages, cosmetics and others. Increasing interest in propolis-based products across the globe for healthcare and personal care purpose will be helpful for the growth of the Global Propolis Market size. Use of propolis products in medical sector for its antimicrobial, antiviral, anti-inflammatory properties is one of the major driving force behind the growth of the market.
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Regional Classification
On the basis of region, the Global Propolis Market is segmented into North America, Europe, Asia Pacific, Middle East, Africa and South America.
North America holds the largest Global Propolis Market share followed closely by Europe. And, the region is expected to find steady growth in the market in coming years. Asia Pacific will be the fastest growing market in the forecasted period.
Countries in the Asia Pacific region will hold significant share of the Global Propolis Market revenue in the forecasted period due to the improvement of the bumblebee industry in the region.
Industry News
Major players in the Global Propolis Market include Sunyata Pon Lee, Apiário Polenectar, Bee Health Limited, Apis Flora, Laprell’s Beehive Products, Inc., Zhifengtang, Comvita Limited, Manuka Health New Zealand and Wax Green. These key players focus on manufacturing and launching new propolis products. They also enter into strategic collaborations and agreements to maintain strong position in the market.
- In 2021, Comvita entered in a strategic partnership with Creative Artists Agency (CAA) and Caravan to promote the use of Mnuka honey and propolis through celebrity endorsement and advertisement.
- Innovations in Nutrition+ Wellness (INW) acquired Bee Health in 2021. Bee Health is one of the major nutritional supplements developer. Regional market scope and efficient product capabilities of both Innovations in Nutrition+ Wellness (INW) and Bee Health will help in the growth of the market.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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