Market Overview:

Propolis is a resinous mixture that honey bees collect from tree buds, sap flows, or other botanical sources and use as a sealant in their hives. It is known for its antiseptic and antimicrobial properties and has various applications in food and beverages, personal care products, and pharmaceuticals.

Market Dynamics:

The global propolis market is expected to witness robust growth over the forecast period, driven by its growing utilization in various industries owing to its anti-inflammatory, antioxidant, and antibacterial properties. Additionally, the rising consumer inclination towards natural and herbal products for their perceived health benefits has also boosted the demand for propolis-based supplements and nutraceuticals.

Market Key Trends:

The global propolis market has been witnessing significant growth owing to the increasing demand for natural ingredients in food, cosmetics, and dietary supplements. Propolis is gaining popularity as a natural alternative to synthetic products due to its antioxidant, antibacterial, antifungal and anti-inflammatory properties. Rising health consciousness among consumers and growing preference for herbal medicines have boosted the growth of the propolis market. Furthermore, the market expansion of the health and wellness industry has propelled the demand for propolis as an important ingredient in various functional foods and beverages.

SWOT Analysis

• Strength: Propolis has high nutritive and medicinal value owing to the presence of antioxidants like flavonoids, phenolic acids and esters. It helps boost immunity and has anti-inflammatory properties.
• Weakness: Limited availability and high cost associated with the extraction process of propolis.
• Opportunity: Rising popularity of herbal medicines and dietary supplements especially after Covid-19 pandemic. Growth of cosmetic industry and increasing demand for natural ingredients.
• Threats: Presence of alternatives like honey and synthetic ingredients. Stringent regulatory norms pertaining to the use of propolis in pharmaceutical products.

Key Takeaways

The Global Propolis Market Size was valued at USD 636.1 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.48% from 2023 to 2030. Geographically, Europe dominated the global market in 2021 due to high demand for propolis in the region's natural cosmetics and pharmaceutical industries. Some of the key regional markets include North America and Asia Pacific as well.

Regional Analysis

Europe is expected to dominate the propolis market during the forecast period. The growing popularity of herbal medicines and natural skincare products has boosted the demand for propolis in countries like Germany, France, Italy, and the UK. Eastern European countries, especially Ukraine, Bulgaria and Russia have emerged as the major producers of propolis globally.

Key Players Analysis

Key players operating in the 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). Major players are focusing on new product launches, technological advancements and strengthening their distribution channels to gain larger market share.

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