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Propolis Market Set To Witness High Growth Due To Increasing Demand For Immunity Boosting Nutraceuticals

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Purvaja
Propolis Market Set To Witness High Growth Due To Increasing Demand For Immunity Boosting Nutraceuticals

The Propolis Market is estimated to be valued at US$ 707.73 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Propolis is a resinous material collected by honey bees from tree buds, sap flows, or other botanical sources that is used as a sealant for unwanted open spaces in their hives. Propolis has numerous antimicrobial, antioxidant, and anti-inflammatory properties due to the variety of compounds present in its chemical composition. It is widely used in supplements, pharmaceuticals, and nutraceutical products to boost immunity and promote general wellness.

Market key trends:


One of the key trends driving growth in the propolis market is the increasing demand for immunity boosting nutraceuticals. The COVID-19 pandemic has changed consumer behavior and influenced people to focus more on preventive healthcare and consume nutritional supplements and functional foods to boost immunity. Propolis helps support the immune system due to its antibacterial, antiviral, and anti-inflammatory properties. Several clinical studies have demonstrated propolis's efficacy in reducing incidences of cold and flu. The rising health-consciousness among people and growing awareness about propolis's health benefits is fueling the demand for propolis supplements and extracts globally.

Porter's Analysis


Threat of new entrants: The threat of new entrants is low as propolis market requires high capital investment in machinery, extraction process and branding. Bargaining power of buyers: The bargaining power of buyers is moderate as propolis has many substitutes available at lower prices. Bargaining power of suppliers: The bargaining power of suppliers is high as raw materials for propolis such as beeswax come from limited natural sources. Threat of new substitutes: The threat of new substitutes is high as there are many herbal alternatives available for propolis. Competitive rivalry: The competitive rivalry is high due to presence of many domestic and international players.

SWOT Analysis

Strength: Propolis has wide applications in healthcare, personal care and food & beverage industries owing to its antibacterial, antioxidant and anti-inflammatory properties. Weakness: Limited availability of raw materials and high dependency on climate conditions weakens consistency in supply. Opportunity: Increasing popularity of natural and herbal products provides opportunities for propolis market. Threats: Stringent regulations pertaining to use of propolis extracts in cosmetics and uncertainties due to Covid-19 pandemic pose threats.

Key Takeaways

The Global Propolis Market Share is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing preference for herbal alternatives to allopathic medicines and rising health awareness.

Regionally, Europe dominates the global propolis market currently and is expected to continue its dominance owing to increased adoption of propolis products in countries like Germany, France and Italy. Asia Pacific is projected to be the fastest growing regional market due to rising population and rapid urbanization in major economies like China and India.

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.

Read More:

https://www.insightprobing.com/propolis-market-growth-market-size-share-analysis/

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