The global propolis market is predicted to garner a healthy CAGR during the forecast period (2018-2023), Market Research Future (MRFR) reveals in a detailed report. Propolis also acknowledged as bee glue is a resinous substance obtained from honeybees and generally contain active organic chemical compounds such as flavonoids, essential oils, aromatic acids, and amino acids. Propolis is extensively used in the treatment of heal wounds and abscesses as it is anti-inflammatory, antibacterial, antiviral, and antifungal in nature.
Market Potential and Pitfalls
Propolis is high in demand in the healthcare sector, and this is regarded as a primary growth stimulant for the global propolis industry. Propolis is highly used to treat nose and throat cancer due to its anti-tumoral and anti-cancer properties. It is used to treat chronic diseases such as cancer and tuberculosis, and other illness like canker sores, cold sores, oral mucositis, upper respiratory tract infections, and ulcers. Such factors are considered to catalyze the propolis market growth in the coming years. The extract of propolis is also highly used in various cosmetic products such as anti-acne soaps, lotions, anti-dandruff conditioners, and shampoos. It is widely used as an anti-aging, anti-acne, and well-being products, which further accelerates the market growth in the foreseeable future.
Consumers in recent days are inclined towards well-being and personal care products, which stimulates the growth of propolis market. The soaring use of propolis in the FB sector as an antioxidant and food preservation will propel the market. Advancements made in the harvesting technology for improved production also drives the market. Moreover, surging emphasis on RD activities has led to innovation in propolis harvesting, further resulting in increased quantity and improved quality of the final product.
On the flip side, propolis can cause allergies to people allergic to bees and its products. It can lead to irritation and mouth ulcers, thereby restricting the market growth in the coming years.
The players operating in the global propolis market include Arataki Honey Ltd (New Zealand), Comvita (New Zealand), Sunyata Pon Lee (Brazil), Laprell's Beehive Products, Inc. (Canada), B Natural SRL (Italy), Bee Health Limited (UK), Shaanxi Rebecca Bio-Tech Co. Ltd (China), Herbaland Naturals Inc. (Canada), Pharma Base SA (Switzerland), Natures Goodness (Australia), Hi-Tech Natural Product India Ltd (India), and the Propolis People (South Africa).
Propolis Market: Segmental Analysis
The propolis market has been segmented on the basis of application and end use industry.
By application, the propolis market is segmented into preservative, antioxidant, haircare, skincare, medical, and others.
By end use industry, the propolis market is segmented into food beverage, healthcare, personal care and cosmetics, and others. Of these, the personal care and healthcare segments are likely to acquire significant shares in the global market. While propolis is extensively used in the treatment of cancer and other chronic diseases in the healthcare sector, in the personal cosmetics segment, it is used in the preparation of lotions, anti-aging products, shampoos, and anti-acne soaps.
Geographically, the propolis market spans across Asia Pacific, Europe, North America, Latin America, and the Middle East Africa.
Considering the global scenario, the Asia Pacific is considered to register the highest CAGR in the global propolis market, mainly due to the surging demand for propolis in the healthcare sector. The surging use of the product in several beauty products and rising demand for personal care products is likely to contribute to the market’s growth in the coming years. Economies like China, Japan, Singapore, South Korea, and India are likely to encourage the market growth in the APAC.
North America and Europe are considered to dominate the global propolis market due to the surging demand for propolis in the healthcare sector as well as cosmetics and personal healthcare. The U.S. acquired the lion’s share in North America owing to the high consumption and large-scale production of cosmetics.
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