July 19, 2024
Propolis Market

Propolis Market is Estimated To Witness Significant Growth Owing To Increasing Consumer Awareness

The Propolis Market is estimated to be valued at USD 636.1 million in 2022 and is expected to exhibit a CAGR of 5.48% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Propolis is a beebread collected from tree barks and leaf buds by honey bees. It is mixed with bee saliva and beeswax and used by bees as a sealant for unwanted open spaces in beehives. Propolis has antibacterial, antiviral, anti-inflammatory, antioxidant and antimicrobial properties. It is commonly used in the food and beverages industry for flavoring and preservation. It is also used in supplements, personal care and pharmaceutical products owing to various health benefits.

Market key trends:

One of the key trends driving the propolis market growth is the increasing consumer awareness about functional foods and drinks with health-boosting properties. Consumption of propolis as a functional ingredient is gaining popularity due to its antimicrobial and antioxidant properties. Growing health-conscious population is inclining more towards supplements fortified with propolis. Increasing research in propolis extraction technology has also helped improve its application in various industries. Additionally, rising adoption of natural and herbal ingredients in the food and personal care sector is supporting the demand for propolis globally.

Porter’s Analysis:

  • Threat of new entrants: The propolis market requires significant capital investment which acts as a barrier for new players to enter. However, the growing demand provides opportunities for small local players to enter.
  • Bargaining power of buyers: The bargaining power of buyers is moderate as there are plenty of options available from different manufacturers. However, brand loyalty and quality and health benefits attract buyers.
  • Bargaining power of suppliers: The raw materials for propolis are beehives which limits the availability of and dependence on suppliers. Suppliers have moderate bargaining power due to alternatives.
  • Threat of new substitutes: There are no close substitutes for propolis due to its unique properties. However, vitamins, minerals and preservatives are some alternatives.
  • Competitive rivalry: The propolis market has several global and regional players intensifying the competition.

SWOT Analysis:

  • Strength: Propolis has excellent antimicrobial and anti-inflammatory properties making it effective for various health ailments. Growing awareness about propolis’ benefits has increased its popularity.
  • Weakness: Limited supply of raw materials and dependency on beekeeping add challenges. Processing propolis requires specialized equipment and techniques.
  • Opportunity: Rising health consciousness, clean label trends provide growth opportunities. Developing innovative delivery formats expand propolis’ applications.
  • Threats: Restrictions on beekeeping in certain regions affect supply. Competition intensifies with new product innovations.

Key Takeaways:

The Global Propolis Market Growth is expected to witness high, exhibiting CAGR of 5.48% over the forecast period, due to increasing popularity of natural remedies. North America dominates currently due to robust demand, followed by Europe.

Regional analysis: The Asia Pacific region is expected to grow at the fastest rate due to a sizable consumer base in major economies like India and China opting for natural remedies. Countries like Brazil are the major producers globally due to conducive climatic conditions for beekeeping.

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. (Nature’s Answer). They are focused on new product innovation and market expansion strategies.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it