May 22, 2024
Propolis Market

Propolis Market Is Expected To Be Flourished By Widening Applications In Healthcare And Food Industry

Propolis, also known as bee glue, is a resinous mixture that honey bees collect from tree buds, sap flows, or other botanical sources. It is used by bees to seal unwanted open spaces in their honeycombs and to reinforce the structure of the beehive. Bees use propolis as a sealant for their honeycombs and hive. It has natural antimicrobial, antioxidant, and anti-inflammatory properties that help protect the colony from germs and parasites. Propolis is used in various products including food & beverages, personal care & cosmetics, and pharmaceuticals. It is added to food products and beverages to improve taste and overall quality. In the personal care industry, it is used in creams, lotions, and other skin care products due to its antimicrobial and anti-inflammatory properties. Propolis continues to gain traction in healthcare applications like wound care and leveraging its properties to treat upper respiratory infections.

The global propolis market is estimated to be valued at US$ 707.73 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The widening applications of propolis in the healthcare industry is one of the major drivers expected to boost the propolis market over the forecast period. Propolis is used in various pharmaceutical applications due to the presence of flavonoids, aromatic components, and phenolic acids that have antimicrobial, antioxidant, anti-inflammatory, and immunostimulatory properties. These compounds are effective against various gram-positive and gram-negative bacteria including Escherichia coli, Staphylococcus aureus, S. epidermidis, Streptococcus pneumoniae, and Helicobacter pylori. It also has antiviral activity against herpes simplex virus types 1 and 2, influenza, and other viruses. With such positive health benefits, propolis continues to gain acceptance in various healthcare verticals including wound care, dental care, and treatment of upper respiratory infections, boosting market growth over the forecast period.

Segment Analysis

The propolis market can be segmented by form into powder, liquid, and others. The powder segment is dominating the market due to its long shelf life and ease of storage, transportation, and handling. It can be easily added to food & beverage items and dietary supplements.

PEST Analysis

Political: The governments of several countries impose quality standards and regulations for propolis products to ensure safety. This impacts the production and trade of propolis.
Economic: The growing health awareness and rising disposable income levels, especially in developing nations are fueling the demand for propolis globally.
Social: The increasing consumer preference for natural and herbal products is driving the propolis market. Propolis is considered to have numerous health benefits, which is increasing its popularity.
Technological: Manufacturers are focusing on new product developments using advanced extraction techniques to increase the concentration of active ingredients in propolis. This is expanding its applications.

Key Takeaways

The global Propolis Market Growth  is expected to witness high growth over the forecast period of 2023 to 2030 supported by the expanding food & beverage and pharmaceutical industries. The global Propolis Market is estimated to be valued at US$ 707.73 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.

Regional analysis:

Europe dominates the propolis market currently due to large production and consumption in countries like Germany, Spain, Italy, and France. The Asia Pacific region is projected to be the fastest growing market led by China, Japan, and India.

Key players:

Key players operating in the propolis market are Baxter International Inc., Fresenius SE & Co. KGaA, CSL Limited, Grifols, S.A., B. Braun Melsungen AG, Hikma Pharmaceuticals PLC, Octapharma AG, Kedrion S.p.A., Shanghai RAAS Blood Products Co., Ltd., Terumo Corporation, JW Life Science, Celgene Corporation, Pentapharm Ltd., Haemonetics, Corporation, Macopharma. Companies are focusing on enhancing their production capacities and distribution networks to strengthen market presence.

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