Propolis Market Size, Share, Industry, Forecast and outlook (2024-2031)

Propolis Market is Segmented By Product Type (Capsules and Tablets, Liquids, Creams, Others), By Category (Alcohol based, Non-Alcohol based), By Application (Food and Beverages, Healthcare, Cosmetics and Personal Care, Others), By Distribution Channel (Supermarkets and Hypermarkets, Pharmacies and Drugstores, Online Stores, Others), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Propolis Market Overview

The Global Propolis Market is forecast to reach at a high CAGR during the forecast period (2024-2031). Propolis is a resin-like material produced by bees from the buds of poplar and cone-bearing trees. Bees use it to build hives, and it may include beehive byproducts. Propolis seems to help fight against viruses, bacteria and fungi. It also has anti-inflammatory effects and helps skin heal. It is also used for burns, canker sores, genital herpes, and other conditions. As propolis has antioxidants and anesthetic and wound healing properties, it is widely consumed to strengthen the immune system. People commonly use propolis for diabetes, cold sores, and swelling and sores inside the mouth. Due to this reason, its demand has been seen increasing in recent times. Hence, the market is anticipated to grow over the forecast period.

Propolis Market Summary

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Propolis Market Dynamics and Trends

Increasing utilization of propolis in various industries

The increasing utilization of natural products of propolis in various industries has been a major factor in the growth of propolis in the market. Due to its composition of more than two hundred organic chemical compound substances, the products have extensive global demand in the market. Food and beverage, pharmaceuticals, and personnel care are the industries wherein propolis is used as a main raw ingredient, boosting the market's growth. In addition, propolis offers various health benefits, including enhancing digestive health and reducing wrinkles and other early signs of aging. As a result, there is a rise in raw materials and secondary products comprising propolis in the healthcare and personal care sector worldwide. Moreover, consumers are more inclined towards the product with a rise in health consciousness. With more consumers willing to include anti-oxidants in their daily intake and so, growing prevalence of the ingredient in beauty and health supplements, propolis capsules, and extracts are anticipated to gain traction and witness a flourishing growth in sales, during the forecast period. For instance, Red Bee Propolis by Natura Nectar is among the well-known propolis supplement claim to provide one of nature's most powerful antioxidant that are even higher than super-fruits.

Propolis Market Segmentation Analysis

The capsules and tablets held the highest market revenue share of xx% in the year 2021

Based on product type, the capsules and tablets held the highest market revenue share of xx% in 2021. The customers widely prefer these as it is the simplest product type of propolis. These are used to treat various diseases and also help in boosting the immune system. Propolis capsules and tablets are also used as a dietary food supplement, further supporting the industry sales. Moreover, the package of capsules and tablets is comfortably used while traveling.

Based on application, the food and beverage industry held the largest share in the propolis market in 2021 due to its high antioxidant properties. It is particularly used in meat and fish products. It can vest protection of the antioxidative properties of fruits and juices during storage. Moreover, it contributes to food's physical and chemical properties, thereby maintaining the quality of food during storage. Propolis can be used as a natural additive agent in orange juice or other fruit juices as alternative chemical preservatives in the beverage sector.

Propolis Market Geographical Share

North America is dominating the global propolis market in the year 2021

North America is dominating the global propolis market in the year 2021. The rising prevalence of skin complications in the Caucasian population primarily drives the propolis market growth in the region. The flourishing cosmetic and personal care segment provide propolis extracts a lucrative market opportunity. Moreover, propolis has amazing anti-inflammatory and antimicrobial properties, making propolis helpful in wound healing. As per the latest research citing provided by the Center for Disease Control and Prevention (CDC), chronic wounds are mostly seen in the elderly population. In the United States, 3% of the population >65 years of age have open wounds. In 2020, the US government estimated that the elderly population would be over 55 million, suggesting that chronic wounds will continue to be an increasingly persistent problem in this population.

Europe is the fastest-growing regional segment during the forecast period due to the increasing public health awareness regarding the therapeutic efficacy of propolis in treating inflammatory responses associated with viral and bacterial infections in the region. The rise in health awareness and the ability to spend more on healthcare products is expected to augment market growth. As per the data from the Cancer Research UK, every two minutes, someone in the United Kingdom is diagnosed with cancer. The rising incidence of cancer among the British people and evidence from clinical studies aid the propolis market growth.

Propolis Market Companies and Competitive Landscape

The propolis market is moderately fragmented with regional and global players. Some key market players include Bee Health Limited, NaturaNectar, YS Organic Bee Farms, Now Foods, Sunyata Pon Lee, Natural Factors Nutritional Products Ltd., Apis Flora, Bee Health Limited, Comvita Ltd, Herb Pharm LLC, and Uniflora Nutraceutical Ltda, among others. The strategy for product launch, partnerships, mergers, and joint ventures has been the crucial approach behind developing these companies in the global market strategy. For instance, in September 2020, Comvita launched the brand's first MGO-verified Multifloral Manuka Honey. The Multifloral Manuka honey aims to attract more consumers seeking the unique benefits and flavor of the trending category at an affordable price point. In December 2018, NaturaNectar launched a bee propolis skincare line, introducing its first product, a new bee propolis skincare line. In 2021, Innovations in Nutrition + Wellness (INW) announced that it has acquired Bee Health, the United kingdom's leading developer and manufacturer of nutritional supplements.INW and Bee Health's highly complementary product capabilities and geographic scope will further enhance the services provided to brand partners.

Covid-19 Impact on Propolis Market

Negative impact on the global propolis market

The COVID-19 pandemic increased the demand for propolis for its functional properties. However, the market's supply chain was extensively affected by the falling production of propolis as an ingredient. The COVID-19 lockdown has a massive problem for beekeepers. As countries go into vast lockdowns, the movement of non-essential vehicles has come to a halt. Therefore, bee farmers found it difficult to move their bee boxes from one place to another, both cross-country and internationally. The movement resulted in bees starving to death, reducing bee pollination and propolis production. Moreover, the availability of limited labor power additionally impacted the production of end products, negatively impacting the propolis market.