The global propolis market size was valued at USD 631.3 million in 2021 and is expected to reach USD 784.95 million in 2030 expanding at a compound annual growth rate (CAGR) of 2.45% from 2022 to 2030. Honeybees generate propolis, also known as bee glue, by combining saliva and beeswax with exudate obtained from tree buds or other botanical sources. This process results in a resinous combination known as propolis.
Honeybees are responsible for the production of one of the most natural resinous mixes known as propolis. Honeybees create propolis from a variety of chemicals that they collect from various areas of buds, exudates, and plants. Because of its waxy composition as well as its mechanical properties, bees use propolis in the maintenance and construction of their hives. It serves as a barrier against intruders such as lizards, snakes, and other similar creatures due to its soothing effect on the interior walls and as a sealant for openings and cracks in the exterior walls. Additionally, it helps defend against the effects of weathering hazards like wind and rain.
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Increasing interest in development from the medical industry
The expansion of interest in propolis in the medicine services and medicine sectors as well as the awareness of its therapeutic properties are regarded as the main drivers of the propolis market. In addition, the global market is being driven by the development of awareness about its therapeutic properties. In the next years, these elements are anticipated to have a vital impact on the growth and development of the propolis industry. Products derived from propolis are increasingly being made available by large producers in order to cater to a variety of health requirements. As a consequence of this, the numerous health advantages of propolis, in addition to the convenience of acquiring products that include propolis extracts, are one of the primary elements that are boosting interest in propolis in the worldwide market.
Campaigning using celebrity endorsements and redesigned package improvements
Due to the higher mortality rate associated with coronavirus disease (COVID-19) and the lack of antiviral therapy, there has been an increase in the need for natural substances that possess immune-enhancing qualities. Properties such as antibacterial activity, bactericidal activity, antiviral activity, anti-inflammatory activity, and immunomodulatory activity are contributing to the expansion of the propolis market share. Propolis is rich in bioactive chemicals and antioxidants. Aside from that, the most reputable producers provide a vast assortment of propolis-based product versions to cater to a wide range of clinical requirements. They are also spending on upgrades to the packaging as well as advertising initiatives such as celebrity endorsements to broaden their market reach and maintain a competitive advantage in the industry.
It is known that certain people who are sensitive to honeybee products may have hypersensitivity as a side effect of propolis. This fraction of the population is rather minimal. The increase in the number of hypersensitive reactions that occur as a direct result of propolis use would stymie the expansion of the propolis market share within the time period that was previously projected. The failure of individual brands to adhere to a consistent standard will be a significant obstacle to overcome in the course of the development of the global market.
The introduction of new product lines and assortments will support the many opportunities that will drive the expansion of the propolis market throughout the period covered by this estimate. These exercises have made it possible for market players to broaden their scope of operations and increase the number of customers they serve. As a result of the expanding interest in propolis on the global market and the expansion of the industry around it, market participants on the global market are anticipated to profit in the future from lucrative chances for development.
The global propolis market share is segmented by product type, distribution channel, and region.
In 2021, the capsules and tablets sector were the most profitable and held the largest market share, accounting for more than 61.0% of total revenue. Customers have shown a strong preference for this sort of propolis product since it is the most straightforward. These are employed in the treatment of a variety of disorders and also contribute to the strengthening of the immune system. Tablets and capsules containing propolis are also employed as a kind of dietary food supplementation, which, in turn, will further promote the sales of the sector.
Due to rising consumer demand, the liquid product type category is anticipated to have the greatest growth rate over the projected period, which is between 2.8 and 3%. Other factors that are contributing to the expansion of the market are the rising demand for liquid propolis products, increased disposable incomes, and shifting lifestyles. It also assists in treating disorders related to digestion. As a result of this factor, one may anticipate an increase in demand for it in the not-too-distant future. As a result, the category will exhibit an increase during the projection period.
In 2021, the retail store sector was the most dominant in the market, accounting for the largest revenue share at more than 71.0% of total revenue. The fact that this retail outlet offers a wider selection of propolis than any other sort of distribution channel is driving up customer demand for the product. As a result, the sector will exhibit growth during the evaluation period.
It is anticipated that the online distribution channel category would exhibit the highest CAGR of 2.7% between the years 2022 and 2028. A distribution platform that can be accessed online offers propolis at an affordable price. Additionally, it provides a variety of perks like discounts, coupon benefits, and other offers. In addition, the internet marketplace has a wide selection of propolis products accessible, each of which comes from a different manufacturer. Due to this, it is anticipated that the category will exhibit an increase throughout the course of the projection period.
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Due to the extremely high demand for propolis in both the United States and Canada in 2021, North America was able to achieve a dominant position in the market and account for the greatest revenue share of more than 33%. There would be a rise in demand in this region as a result of the growing number of instances of genital herpes in the United States. The United States is one of the leading countries in terms of the number of people who have been diagnosed with genital herpes and other herpes viruses. Also, due to increased import demand, the sector is predicted to show monumental expansion throughout the forecast period.
A CAGR of 2.7% is anticipated for the market in the Asia Pacific between the years 2022 and 2028. The increasing demand for propolis in this region is likely to blame for this development. An increase in consumer spending power is another factor contributing to the expansion of the market. Also, an increase in the number of people diagnosed with cancer is anticipated to further propel the expansion of the regional market. Hence, the propolis market demand is anticipated to see an increase in this area over the forecast period.
List of key propolis market suppliers profiled