Propolis Market (2022 - 2028)

Propolis Market Summary

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.

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.

Product Type Insights

The capsules and tablets segment dominated the market and accounted for the highest revenue share of over 61.0% in 2021. These are widely preferred by the customers as it is the simplest product type of propolis. These are used to treat various diseases and also help in boosting the immune system. Propolis capsules and tablets are also used as a dietary food supplement which in turn will further support the industry sales.

The liquid product type segment is expected to register the highest growth rate of 2.8% over the forecast period due to increasing demand. Rising demand for liquid propolis product, growing disposable incomes, and changing lifestyles are other factors driving the industry growth. It also helps in improving digestion issues. Due to this reason, its demand is seen increasing in near future. Hence segment is estimated to showcase growth over the forecast period.

Distribution Channel Insights

The retail store segment dominated the market and accounted for the highest revenue share of more than 71.0% in 2021. The demand for propolis is growing among customers due to more variety offered by this retail store than any other distribution channel type. Hence the segment is projected to show growth during the assessment period.

The online distribution channel segment is estimated to register the fastest CAGR of 2.7% from 2022 to 2028. Propolis can be purchased at a low price on online distribution channel. It also offers various benefits such as discounts, coupon benefits, and other offers. Additionally, a variety of propolis products with different brands can be easily available on the online platform. Hence, the segment is estimated to show growth over the forecast period.

Regional Insights

North America dominated the market and accounted for the largest revenue share of over 33.0% in 2021 due to the high demand for propolis in the U.S. and Canada. Due to increasing cases of genital herpes in the U.S., its demand is seen rising in this region. The U.S. is among the top leading countries that has the highest cases of genital herpes and other herpes viruses. Also, due to rising import demand, the industry is expected to witness momentous growth over the forecast period.

In Asia Pacific, the market is expected to witness a CAGR of 2.7% from 2022 to 2028. This can be credited to the growing demand for propolis in this region. A rise in disposable income is further driving market growth. In addition, increasing cases of cancer are further expected to accelerate regional market growth. Hence, the propolis market is estimated to show growth in this region during the forecast period.

Key Companies & Market Share Insights

Companies' main focus is on innovating new products to meet the increasing demand for propolis. New players are entering the market owing to low market entry barriers and higher market potential. The increasing demand for propolis offers an opportunity for product development in the regions of high demand. Some of the prominent players in the propolis market include:

• Apis Flora

• Herb Pharm LLC

• Bee Health Limited

• YS Organic Bee Farms

• Comvita Ltd

• Wax Green

• Apiary Polenecter

• Uniflora Health Foods

• Sunyata Pon Lee

• NOW Foods

Recent Developments

• In 2023, Comvita Ltd, a trusted source for genuine Mānuka honey, announced the launch of Immune Bee Propolis which contained twice the actives in one daily dose.

• In 2021, Bee Health, a supplement manufacturer, announced that it has been acquired by INW, Innovations in Nutrition + Wellness, a leader in custom R&D to expand in the market.

Propolis Market