July 21, 2024
Propolis Market

Propolis Market Driven by Its Wide Application in Food and Beverages is growing

Propolis, a natural resin collected by honey bees from tree buds, sap flows, or other botanical sources, is known for its antibacterial, anti-inflammatory and antioxidant properties. It is widely used in various applications including pharmaceuticals, dietary supplements, cosmetics, and food and beverages. Propolis supplements help boost the immune system and aid in wound healing. It is also used as an alternative treatment for conditions like sore throat. The global food and beverages industry uses propolis as a functional ingredient in dietary supplements, drinks, and others owing to its health benefits.

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 key trends:

One of the key trends in the propolis market is the increasing use of propolis in cosmetic products. Propolis extract is widely used in anti-aging creams, lotions, and other cosmetic formulations due to its antioxidant compounds that help reduce wrinkles and fight signs of aging. The flavonoids and phenolic acids in propolis give protection from ultraviolet radiation and free radical damage. Leading cosmetics companies are launching skincare products containing propolis to cater to the growing demand from health-conscious consumers. Additionally, growing use of propolis in functional foods and beverages is anticipated to drive the market growth over the forecast period. Food companies are adding propolis extracts to products like energy drinks, teas, yogurts for its immunity-boosting properties.

Porter’s Analysis:

Threat of new entrants: The threat of new entrants is low in the propolis market as it requires specialized production skills and experience in beekeeping to produce propolis. There are also well established players in the market.

Bargaining power of buyers: The bargaining power of buyers is moderate as numerous established brands provide buyer options. However, buyers don’t have influence over fluctuating raw material prices.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Few companies globally control the supply of propolis making suppliers influential over prices.

Threat of new substitutes: The threat of new substitutes is low as propolis has benefits not easily replicated by other natural products. Its antimicrobial properties make it irreplaceable for certain health applications.

Competitive rivalry: The competitive rivalry is high among leading brands. Companies compete on unique extraction processes, certifications, and new product formats to increase market share.

Key Takeaways:

The Global Propolis Market Demand is expected to witness high growth over the forecast period. Europe currently dominates the market due to prevalent tradition of propolis use and increasing awareness about its many health benefits in countries like Germany, France and Italy. However, Asia Pacific is emerging as the fastest growing market, driven by rising popularity of natural remedies in China, India and Southeast Asian countries.

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). Herb Pharm holds a leading position owing to its wide product portfolio and certifications. Bee Health Limited has a strong presence in Europe while Comvita is a major player in North America and Asia Pacific regions.

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