Propolis Market Estimated To Witness High Growth Owing To Increasing Demand For Natural Ingredients

 
Propolis Market 

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 mixture that honey bees collect from tree buds, sap flows, or other botanical sources. It is used as a sealant for unwanted open spaces in hives and to smooth out the internal wall of the hive. Propolis has several applications in industries such as food, cosmetics, and pharmaceuticals due to its antimicrobial, anti-inflammatory, and antioxidant properties. It is widely used as a natural ingredient in medicines, health supplements, and cosmetic products.

Market Dynamics:
Increasing demand for natural ingredients in industries such as food and beverages, cosmetics, and pharmaceuticals is expected to drive the growth of the propolis market during the forecast period. For instance, propolis extracts find wide application in functional food products, health drinks, and dietary supplements owing to their antioxidant and antimicrobial qualities. Furthermore, growing consumer preference for natural and herbal cosmetic products is also expected to boost the demand for propolis extracts in the cosmetics industry.

SWOT Analysis

Strength: Propolis has strong anti-inflammatory, antimicrobial and antioxidants properties that boost the immune system. It helps treat throat infections and heal wounds. Its antioxidants protect cells from damage caused by free radicals.

Weakness: Collection of propolis from bee hives can be labor intensive and time consuming for beekeepers. The chemical composition of propolis varies depending upon the location and plant sources available to bees.

Opportunity: Increasing consumer awareness about the health benefits of propolis is boosting the demand for dietary supplements with propolis. There exists potential for new product launches in the cosmetic and personal care industry utilizing propolis.

Threats: Stringent regulations regarding the sourcing and extraction of propolis could increase production costs. Dependence on weather conditions and availability of plant sources affects the inventory levels of beekeepers.

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 awareness about the immunity-boosting and therapeutic properties of propolis. Europe dominates the propolis market currently. The regional market is estimated to be valued at US$ 310.60 Mn in 2023. Growth in Europe can be attributed to widening application of propolis in pharmaceutical products and natural cosmetics.

Regional analysis

The propolis market in North America is projected to grow at a CAGR of 6.1% during 2023 - 2030 on the back of rising vegan and organic food trend in the region. The presence of major players such as Herb Pharm LLC, Bee Health Limited, and NOW Foods are catering to the increasing demand in North America. Asia Pacific exhibits high potential for propolis market owing to large consumer base, growing health consciousness, and rising disposable incomes in developing nations like India and China.

Key players

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. Apiary Polenecter dominates the Poland market while Herb Pharm LLC leads the US market. Companies are launching new product lines and expanding globally through strategic partnerships.

Read More:

https://www.ukwebwire.com/propolis-market-trends-size-and-share-analysis/

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