USD 0.7 billion
Propolis Market Size, Share, Growth Analysis, By Product Type(Capsules and Tablets, Liquids, Others), By Distribution Channel(Retail Store, Online, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2163 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
118
|Figures:
77
Propolis Market Insights
Global Propolis Market size was valued at USD 651.57 million in 2022 and is poised to grow from USD 666.69 million in 2023 to USD 800.96 million by 2031, growing at a CAGR of 2.32% during the forecast period (2024-2031).
One of the most considerable contributors to the propolis market growth is the growing demand for propolis in the healthcare and pharmaceutical industries. In addition, it is utilized in a great number of different types of drugs for dermatological diseases such as neurodermatitis, fungal infections, burns, as well as for acne. Due to the fact that it prohibits the proliferation and further development of malignant cells, the substance has been applied in ointments and treatments for cancer. Propolis is acquired by bees from the bud of poplar and cone-bearing trees. It is mainly obtained from beehives, and it is seldom found in a pure form. The drug is used to regulate oral mucositis, diabetes, and cold sores. Its market has been growing in the previous years due to this reason. Therefore, it will predict to grow in the projection period. As consumers become more aware of health disorders, they are more inclined to buy the product. All such factors will drive the propolis industry growth during the entire forecast period. Moreover, rising health care costs, growing disposable income, better standards of living, and extensive marketing of processed propolis will also provide support to the market's growth over the projection period. The market is witnessing growth due to factors such as being able to strengthen immunity, reduce wrinkles, and enhance digestive health.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Raw Propolis
Fastest Growth
Powder Propolis
Growth Rate
6.67% CAGR
Global Propolis Market ($ Bn)
Country Share for North America Region (%)
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Propolis Market Segmental Analysis
Global Propolis Market is segmented by Product Type, Distribution Channel, and Region. Based on Product Type, the market is segmented into Capsules and Tablets, Liquids, and Others. Based on Distribution Channel, the market is segmented into Retail Store, Online, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Propolis Market Analysis by Product Type
In 2023, capsule/tablet segment leads the market with sales accounting for more than 61.0% in the propolis industry. This is the most convenient and easy-to-use form, thus preferred by customers targeting benefits of propolis. The formulas attract health-conscious people because they are known to be useful in curing various diseases and boosting the immune system. These pills and capsules are also utilized as nutritional supplements, which increases their propolis market share. Over the next years, their adaptability in handling health issues and increased popularity of natural medicines will guarantee steady demand and strong sales in this market.
The liquid segment is expected to grow at the fastest pace during the projection period. This is due to growing consumer demand for adaptable health solutions. Liquid propolis has gained popularity principally because of its readiness of use and it is having effectiveness in handling numerous health conditions, including digestive disorders. Customers are becoming more interested in natural supplements that work well with their daily routines because of changes in disposable incomes and lifestyles. This trend reveals people increasingly opt for liquid formulations mainly because it is touted to be effective and easy to digest.
Propolis Market Analysis by Distribution Channel
In 2023, the retail store segment held the largest propolis market share, accounting for more than 71.0% of sales. This is primarily because physical retail stores provide a lot of variety in propolis products and usually allow customers to test several different brands and formulas. Customers improve their buying experience by being allowed to view, feel, and compare items in a store. Demand further gains with the daily store discounts and educational events conducted by retail outlets to bring awareness among consumers on benefits of propolis. For this category, the growth will be maintained over the forecast period as awareness of propolis is still in growth mode.
However, as per the propolis market forecast, by 2031, the online distribution channel is expected to grow at the highest CAGR, of 2. 7%. Extremely cheap, sold primarily online, and offering propolis to a wider market are some of the key growth drivers. Further advantages in the buying process by online platforms offered to consumers encompass various coupons, discounts, and special offers. For many consumers, this is the most convenient way to browse across various brands and product types from their home. This has brought about an increase in online shopping, which portends a shift in consumer preferences and places the market well for substantial growth in the future.
Global Propolis Market By Product Type
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Propolis Market Regional Insights
In 2023, North America accounted for the highest propolis market share in terms of revenue. The high demand is mainly attributed to the US and Canada. Increasing incidences of genital herpes and other herpes viruses are among the key drivers of demand for it. Propolis has emerged as a potential natural remedy for these disorders. These conditions tend to be more prevalent in the US; thus, propolis serves as a needful remedy among patients. Increasing imports, which now require propolis products, will enhance market growth considerably within the next few years. Expansion in the awareness of consumers regarding health benefits of propolis and natural medicines boosts propolis market growth.
Asia-Pacific is expected to surge by 2.7% throughout the forecast period, primarily boosted by an increasing demand for propolis products. Such growing disposable incomes and other factors are anticipated to create a large number of buyers for propolis and other health and wellness supplements. Also, the growing incidence of cancer and other chronic diseases that leads to an increasing trend toward natural therapies is driving the market growth here. With the increasing awareness of its health benefits, the consumption of propolis is expected to increase in the region. This trend, if translated into a greater commitment to wellbeing, will be expected to sustain the growth of the propolis industry over the forecast period.
Global Propolis Market By Geography
- Largest
- Fastest
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Propolis Market Dynamics
Propolis Market Drivers
Natural Remedies and Health Awareness
- A key driver for the market is the rising awareness of the health benefits associated with propolis. The growing awareness of its antibacterial, antiviral, and anti-inflammatory properties increasingly compels consumers to adopt natural alternatives. Such trends are seen most often among those trying to use supplements as a nutritional intervention that can address health issues or augment the immune system, thus making propolis ideal for people who care about their well-being.
Increasing Demand of Cosmetics and Hygiene Products
- Propolis is gaining increased attention in cosmetics and hygiene products. Customers focus on the natural content of the cosmetic regimen, thereby increasing the demand for propolis, which is highly recognized for its benefits to the skin. A growing interest in clean beauty and holistic skincare products has led to an increased demand for propolis-based products as it is known to hasten healing and provide anti-aging effects.
Restraints
Insufficient Knowledge and Instruction
- One of the major limitations in the commercialization of Propolis is general unawareness among consumers of the benefits Propolis can offer. Propolis's benefits to health and wellness are not yet very popular with the majority of potential buyers. Since such knowledge is not there, customers may consider propolis a not good substitute to other even more popular supplements, which might subsequently hinder the propolis market outlook in areas where the availability of natural health products is not much.
Regulatory Barriers
- Regulatory barriers are the primary challenges in the propolis industry. Issues on product safety and health claims vary from region to region, creating confusing situations for the consumer and the producer. The conflicting regulations with different regions add more complications to businesses looking to venture into other territories, thus indirectly affecting customer confidence. This may bar access or adoption of certain propolis products into a certain market.
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Propolis Market Competitive Landscape
The global propolis market is highly competitive, with a large number of small-scale producers and a few large companies operating in the market. To increase their market presence and customer base, these companies are concentrating on strategies like mergers and acquisitions, partnerships, and the launch of new products. To meet the growing demand for natural and organic products, businesses are also making significant investments in R&D initiatives to create fresh and inventive propolis-based products. Additionally, factors like cost, quality, and the availability of raw materials influence the market competition.
Propolis Market Top Player’s Company Profiles
- Herb Pharm LLC
- Apis Flora
- Bee Health Limited
- YS Organic Bee Farms
- Comvita Ltd
- Wax Green
- Uniflora Health Food
- Sunyata Pon Lee
- NOW Foods
- API Health
- Comvita Limited
- Bee Health Limited
- Wax Green
- MN Propolis
- Ponlee
- Ponlee Bee
- Sunyata Pon Lee Bee
- Honey Pacifica
- Honey Gardens
- Beekeeper's Naturals
- Beehive Botanicals Inc.
- Durham's Bee Farm
- Y.S. Eco Bee Farms
- NaturaNectar LLC
Propolis Market Recent Developments
- In March 2024, to address further the demand for health and beauty, Manuka Health introduced three new ranges, including its first branded skincare. Together, these collections fully leverage the powers of raw manuka honey, propolis, and royal jelly to boost energy levels, strengthen resilience, and enhance general wellbeing.
- In June 2022, BEE&YOU launched a propolis and vitamin C shot, which provides a combination of ingredients that can enhance energy levels and stimulate the immune system while helping customers meet their daily nutritional requirements.
- In September 2021, Caravan secured a strategic partnership with Comvita Ltd., a company that built a celebrity-endorsed lifestyle brand using topical natural therapeutic applications of manuka honey and propolis to promote consumer awareness of their benefits.
Propolis Key Market Trends
- Increasing Demand for Sustainable Products: Rising consumer awareness and demand for a better life are the most significant trends in the propolis market: increased demand for natural products. Consumers are increasingly opting for items manufactured from the natural source, not medication and synthetic chemicals. This shift is due to fears over the potential side effects and long-term health consequences of artificial chemicals. Propolis is a good fit for the natural goods movement due to the high content of bioactive compounds and the low requirements of processing. Moreover, demand for Propolis products increases continuously due to clean labels. The clean label demand states that the customer must know the components of products. The consumer needs that propolis can provide convenient and diverse uses thus driving a highly notable trend in the propolis market.
- Product Form Innovation: To suit various needs and tastes, manufacturers have created more products than just simple propolis tinctures and extracts. Propolis is used abundantly in mouthwash and mouth spray to enhance oral health by preventing bacteria. The product has found a place in the lotions, creams, and serums of companies producing skincare and cosmetics products because of the properties of propolis such as reducing inflammation and its skin repair potential. These innovations will improve the user experience and have, in this respect, contributed to the current expansion of the Propolis market.
Propolis Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, it is expected that the propolis market will grow further with the upsurge in demand for natural medicines and health consciousness. Though the positive sustainability trends and innovative formulations provide opportunities, the problem still lies in poor consumer awareness and legal barriers. Companies which will adapt to these demands and invest in training and product developments will probably thrive as customers tend to prefer more natural ingredients in the products of personal care and supplements. The future appears bright for propolis markets following a bigger direction towards holistic attitudes toward wellness and health.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 651.57 million |
| Market size value in 2031 | USD 800.96 million |
| Growth Rate | 2.32% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Propolis Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Propolis Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Propolis Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Propolis Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Propolis Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Propolis Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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