Propolis is a resinous mixture that honey bees collect from tree buds, sap flows, or other botanical sources. It is used for sealing hives and protecting them from germs. Propolis has been scientifically proven to have antibacterial, antiviral, anti-inflammatory, and antioxidant properties. It is commonly used in nutraceuticals, functional foods, dietary supplements and animal healthcare products.
Market key trends:
Increasing consumer awareness about the health benefits of propolis over synthetic products is driving the adoption of functional foods and nutraceuticals containing propolis. Many food and beverage companies are incorporating propolis in different product formulations such as candies, supplements, tea blends and functional beverages to cater to rising consumer demand for natural remedies. Additionally, the growing livestock industry is also augmenting the demand for propolis-based animal healthcare products for its antifungal and antibacterial properties. Propelled by widening applications and proven health advantages, the propolis market is expected to witness significant growth over the forecast period.
Segment Analysis:
The global propolis market is dominated by the pharmaceutical segment due to the growing application of propolis in healthcare and pharmaceutical industry. Propolis is used for manufacturing healthcare products like ointments, lotions and medicinal syrups. This segment accounts for over 35% of the total propolis market share owing to rising awareness about the medicinal properties of propolis. The food and beverage segment is the fastest growing segment due to increasing usage of propolis in functional food, beverages and dietary supplements.
Key Takeaways:
The Global Propolis Market Growth is expected to witness high over the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 5.4% during this period. By 2030, the global propolis market size is estimated to reach US$ 1244.31 Mn.
Regional analysis:
Europe accounts for the largest share in the global propolis market currently. This region is expected to continue its dominance during the forecast period. Factors such as rising health concerns, growing geriatric population and increasing preference for natural remedies are fueling the demand for propolis in the European countries. North America is projected to be the fastest growing region owing to rising awareness about the nutritional benefits of propolis among consumers in the US and Canada.
Key players:
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€TMs Answer). Herb Pharm LLC is one of the leading players in this market with a wide product portfolio containing propolis extracts, supplements and personal care items.
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