by The global 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 sticky substance created by bees using resins collected from tree buds and sap. It is used by bees to seal holes in their hives and smooth out the internal walls. Propolis is effective against harmful microbes and helps keep the hive a sterile environment for rearing young bees. Propolis has antiviral, antibacterial and antifungal properties that make it beneficial for human health as well. It is commonly used as a dietary supplement to boost immunity and protect against diseases. Propolis is available in various forms such as capsules, extracts, gels, creams and toothpaste for both internal and external applications. Its multiple health benefits are driving an increasing demand from the herbal supplements and cosmetic industries.
Market key trends:
One of the major trends in the propolis market is growing popularity as a natural immunity booster. Propolis has been found to enhance antioxidant activity and stimulate immune cells. This makes it an effective supplement for preventing infections and speeding up recovery. Another significant trend is the adoption of propolis for skin and personal care products due to its anti-inflammatory and antimicrobial effects. In recent years, propolis-based cosmetics for skin conditions like acne have gained traction amongst millennials. The market is also witnessing increase in research and development of novel propolis-enriched dietary formulations and topical applications, mainly spearheaded by leading Europe-based brands.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the propolis industry requires significant investments for extraction technology and sustainable beekeeping practices. Also, the existence of well-established brands poses barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is high given the presence of several fragmented suppliers and the availability of product substitutes. Buyers can negotiate based on large order volumes and bulk discounts.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as propolis is extracted from bee hives by beekeepers. Suppliers have dependence on weather conditions and lack economies of scale.
Threat of new substitutes: The threat of new substitutes is low as propolis offers unique anti-inflammatory and antimicrobial properties that are difficult to replicate. However, synthetic preservatives pose a threat.
Competitive rivalry: The competitive rivalry is high owing to the presence of several global and regional players competing based on pricing strategies, product differentiation, and marketing promotions.
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 demand for natural antimicrobial agents in food & beverages and pharmaceutical industries.
Regional analysis: North America dominates the global propolis market due to rising health awareness and consumption of dietary supplements. Europe holds the second-largest share due to high per capita consumption of propolis products in countries like Germany, France, UK, and Italy. Asia Pacific exhibits fastest growth owing to increasing medicinal usage of propolis in countries like China, India, and Japan.
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. Key players focus on new product developments, strategic partnerships and mergers & acquisitions to gain strong market presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
