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

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.