The global propolis market is estimated to be valued at US$ 636.1 million in 2022 and is expected to exhibit a 5.48% CAGR over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Propolis is a sticky, resinous substance that bees collect from tree buds and bark to seal any small holes in their hives. It provides the hive with a germ-free and antiseptic environment. Propolis contains over 300 active constituents including flavonoids, phenolic acids, caffeic acid, terpenes and aromatic aldehydes. These active ingredients give propolis antimicrobial, antiviral, anti-inflammatory, antioxidants and healing properties making it beneficial to boost immunity and overall health when consumed as a supplement or applied topically. The rising consumer awareness about its health benefits is driving its demand in nutraceutical and cosmetic industries.
Market key trends:
One of the key trends in the propolis market is the growing demand for immune boosting products due to COVID-19 pandemic. As consumers are more conscious about their health and immunity, there is a surge in sales of propolis supplements and products containing propolis extracts. Another major trend is the increased use of propolis in cosmetic industry for its healing, antioxidant and antibacterial properties. Skincare products containing propolis extracts are gaining popularity in anti-aging creams, lotions and balms. Many leading cosmetic brands are introducing innovative propolis based product lines catering to growing health conscious demographic.
Porter’s Analysis
· Threat of new entrants: The threat of new entrants in propolis market is low as it requires specialized skills to collect and process propolis from honeybee hives and establishing a new operation requires high initial investment.
· Bargaining power of buyers: The bargaining power of buyers is moderate as the market has several buyers but buyers do not have control over price as alternative substitutes are limited.
· Bargaining power of suppliers: The bargaining power of suppliers is high since there are limited number of suppliers for raw materials.
· Threat of new substitutes: The threat of substitutes is low as there are limited alternatives that provide similar health benefits as propolis.
· Competitive rivalry: moderate as the market has few international players competing on the basis of quality and innovation.
Key Takeaways
The Global Propolis Market Demand is expected to witness high growth, exhibiting CAGR of 5.48% over the forecast period, due to increasing awareness about health benefits of propolis. Propolis contains over 300 compounds and is known for its antioxidant, anti-inflammatory, antimicrobial and wound healing properties.
Regional analysis: Europe dominates the propolis market and is expected to continue its dominance during the forecast period. European countries have high awareness about alternative medicine and natural ingredients. Latin America is the fastest growing region due to increasing raw material production from Brazil and other South American countries.
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). Key players are focusing on new product innovation and launches to capitalize on the increasing demand for propolis.
Read More - https://www.insightprobing.com/propolis-market-outlook-and-size-analysis/
