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The Propolis Market size is projected to increase by USD 135.13 million and the market size is estimated to grow at a CAGR of 3.75% between 2023 and 2028.
The report includes a comprehensive outlook on the Propolis Market, offering forecasts for the industry segmented by Application, which comprises healthcare, personal care and cosmetics, and food and beverages. Additionally, it categorizes Distribution Channel into offline and online and covers Geography regions, including North America, Europe, APAC, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
The availability of propolis dietary food supplements is notably driving the market growth. Dietary food supplements contain minerals, vitamins, fatty acids, amino acids, and other nutrients and are available as tablets, pills, liquids, and capsules. The dosage of these supplements depends on the requirement. The consumption of food supplements varies across countries. In European countries, such as Denmark and Germany, nearly half of the adult population consumes some or the other form of dietary food supplements. Additionally, the Brazil-based company Apiary Polenectar exports Propolis Extract with Acai Polenectar only to the US. This product is sold as a dietary supplement and antioxidant food because of its functional attributes. Thus, consumers increasingly prefer natural and organic food supplements that offer nutrition without any chemical side effects. Therefore, the demand for propolis for producing dietary food supplements is expected to drive the growth of the propolis market during the forecast period.
The Propolis Market shows an Accelerated CAGR during the forecast period.
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Blogging and digital media influencing propolis consumption is an emerging trend shaping the market growth. Digital media and internet blogs on the benefits of consuming propolis have positively influenced the adoption of propolis and propolis-based products among consumers. Consumers are increasingly buying products and drugs that are free of chemicals and preservatives, and some share their experiences on the internet through blogs. The increased penetration of smartphones and the internet across the world has increased the dependency of people on digital media for any information on a product. Propolis is used in sectors such as healthcare, food and beverage, and cosmetics.
Moreover, many blogging sites promote the consumption of propolis. Hindawi Ltd. provides journals and research papers on bee products and their attributes, which can influence the decisions of consumers on propolis consumption. Several vendors offering propolis and propolis-based products provide information on their benefits based on the application type. Thus, the availability of blogs and information through digital media is expected to increase the consumption of propolis during the forecast period.
Improper storage facilities may lead to the decomposition of propolis-based products is a significant challenge hindering market growth. The shelf life of products containing propolis depends on their composition. Constituents of propolis-based products, which are susceptible to quick decomposition, reduce the shelf life of the products. Even though propolis and its extracts act as preservatives because of their antioxidant and antimicrobial functions, the quality of a propolis-based product may decline due to the decomposition of other ingredients. Propolis and its extracts should be stored under temperatures lower than 120 Celsius in airtight containers in a dark room.
However, product recalls and replacements may lead to a demand-supply imbalance. While storing propolis, a beekeeper should not mix fresh propolis with old propolis to ensure quality, as the composition of nutrients in both types of propolis is usually different and unknown. Manufacturers should have proper storage facilities and follow the best storage practices to ensure the quality of raw propolis and propolis-based products. Such factors are expected to restrict the market growth during the forecast period.
Offline distribution channels accounted for the maximum share of the global propolis market in 2023. Offline distribution channels include brick-and-mortar stores. Most propolis is sold through offline distribution channels, which include retail formats such as specialty stores, hypermarkets, departmental stores, convenience stores, and supermarkets. Further, many retailers in the market are expanding their presence by opening new outlets in both developed and developing regions. Some benefits are convenience in terms of contacting the vendor and being briefed on the functionality of the product, the presence of large stock-keeping units (SKUs) enabling end-users to choose from a wide product variety, and the availability of a wide variety of brands at multi-store retail units and dealers Such factors are expected to contribute to the growth of the offline segment of the global propolis market during the forecast period.
The market share growth by the healthcare segment will be significant during the forecast period. Propolis is a natural resin produced by honey bees from substances extracted from different plants and buds. It constitutes resin, wax, essential oils, pollens, and other minerals and organic compounds and is, thus, anti-viral, antifungal, antibacterial, and anti-inflammatory.
The healthcare segment was the largest and was valued at USD 291.30 million in 2018.
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Several companies operating in the global propolis market offer various propolis drugs and products. Bee Health Ltd. (Bee Health) offers propolis with vitamin C and zinc tablets, which comprise bioflavonoids. Bioflavonoids are herbal supplements that improve blood circulation and cure inflammations. They act as antioxidants and are used for treating allergies and viruses. Bioflavonoid derived from propolis is an alternative natural drug for chemically produced medicines and is thus widely adopted by consumers. The health benefits of consuming propolis have encouraged the healthcare industry to use it as a vital ingredient in several drugs. The growing demand for propolis in medication is likely to drive the growth of the healthcare segment of the propolis market during the forecast period.
North America is estimated to contribute 40% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Countries such as Canada, Mexico, and the US are the major contributors to the regional propolis market. The growth of the propolis market in North America can be attributed to the growing number of honey bee colonies. According to the United States Department of Agriculture (USDA), in the US, the total number of bee colonies for operations increased. For instance, the number of colonies in the US in April 2022 was 2.92 million. During 2021, honey bee colonies in January were 2.90 million. This gradual growth in the number of honey bee colonies is expected to increase propolis residue, which will improve the supply of raw propolis to industries such as healthcare, personal care and cosmetics, and food and beverages. Beekeepers and researchers are making efforts to increase the production of raw propolis by minimizing the loss of honey bee colonies.
In addition, the consumption of propolis in the region is expected to increase due to a significant rise in the consumption of dietary supplements. Consumers in North America are more inclined to organic and natural dietary supplement products, and this preference has increased the consumption of propolis-based supplementary products. Consumers in the region procure propolis products through online distribution channels. Such factors are expected to drive the regional market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The propolis market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The propolis market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Propolis Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.75% |
Market Growth 2024-2028 |
USD 135.13 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.25 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Apis Flora Industrial e Comercial Ltda., Associated British Foods Plc, Bio Botanica Inc., Comvita Ltd., Country Life Vitamins LLC, Hi-Tech Natural Products India Ltd, iHerb LLC, INW Manufacturing LLC, Laprell Beehive Products Inc., Manuka Health New Zealand Ltd., Natural Factors Nutritional Products Ltd., NaturaNectar LLC, Natures Goodness Australia, NOW Health Group Inc., Nutraceutical Corp., Sunyata Productos Alternativos Ltda., Uniflora Nutraceutica Ltda., Wax Green USA, YS Organic Bee Farms, and Herb Pharm |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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