Propolis Industry Overview
The global propolis market size was valued at USD 636.6 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 2.3% from 2022 to 2028.
The increasing demand for propolis in the pharmaceutical and healthcare industry is a major factor driving market growth. It is also used in various dermatology products which are used to treat burns, acne, fungal infection, and neurodermatitis. The product had its application in ointments and cancer treatment as it helps in restricting the growth of cancerous cells and also in its multiplication. Propolis is made by bees from the bud of cone-bearing and poplar trees. It is rarely available in pure form and is generally obtained from beehives. The product is used in the treatment of cold sores, diabetes, and oral mucositis. Owing to this reason its demand is seen increasing in recent years. Hence, the market is anticipated to grow over the assessment period.
Gather more insights about the market drivers, restrains and growth of the Global Propolis Market
An increasing rate of herpes simplex virus type 1 and type 2 is a major factor propelling the market growth. These infections lead to cold sores and blisters and are often painful. As per the WHO report 2020, genital herpes infection plays important role in spreading HIV infection. The U.S. is among the leading countries that has a larger population with genital herpes. As per a survey carried out by the Centers for Disease Control and Prevention (CDC) in 2019, around 572,000 people were recorded with genital herpes infections. As propolis ointment is used to treat cold sores and blisters its demand is expected to witness significant gains over the forecast timeline.
Consumers are more inclined toward the product with a rise in health consciousness. Further, improvement in living standards, an increase in health expenditure, a surge in disposable income, and large-scale promotion of processed propolis will boost market growth over the forecast period. Its ability to boost the immune system, reduce wrinkles, and improve digestive health is further driving the market growth. The supply chain was adversely affected due to the Covid-19 pandemic. It created problems for beekeepers and bees. As various countries were in lockdown, bees farmer found it difficult to move their bees from one location to other and also internationally. This resulted in many bees starving to death. Due to this reason, the production of propolis was reduced. The distribution channel of the market also suffered restrain owing to the closure of specialty stores and ban on online delivery during the lockdown.
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Propolis Market Segmentation
Grand View Research has segmented the global propolis market based on product type, distribution channel, and region:
Propolis Product Type Outlook (Revenue, USD Million, 2017 - 2028)
- Capsules And Tablets
- Liquids
- Others
Propolis Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
- Retail Store
- Online
- Others
Propolis Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global propolis market include
- Herb Pharm LLC
- Apis Flora
- Bee Health Limited
- YS Organic Bee Farms
- Comvita Ltd
- Wax Green
- Apiary Polenecter
- Uniflora Health Foods
- Sunyata Pon Lee
- NOW Foods
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