The global propolis market is anticipated to touch USD 700 million at a 6% CAGR between 2019- 2024, according to the new report by Market Research Future (MRFR). Propolis is produced by bees that help to heal wounds, fight infections, and more. It has extensive applications, including medical, skincare, haircare, antioxidant, preservative, and others.
Various factors are adding to the global propolis market growth. According to the new MRFR report, such factors include constant innovations, rising focus on research and development, improved production due to advances and development made in the harvesting technology, and increasing use as antioxidants and food preservation in the food beverage industry. Additional factors adding market growth include consumers inclination towards personal care well-being products, increasing use in cosmetic products such as conditioners, shampoos, anti-acne soaps, and lotions, and increasing use to treat cancer, tuberculosis, ulcers, oral mucositis, upper respiratory tract infections, cold sores canker sores,
On the contrary, allergic reactions, irritation, and mouth ulcers resulting from propolis consumption may limit the global propolis market growth over the forecast period.
The MRFR report gives an inclusive segmental analysis of the global propolis market report based on end use industry and application.
By application, the global propolis market is segmented into medical, skincare, haircare, antioxidant, preservative, and others.
By end user industry, the global propolis market is segmented into personal care and cosmetics, healthcare, food and beverage, and others. Of these, personal care and cosmetics healthcare segment will dominate the market over the forecast period.
Leading players profiled in the global propolis market report include Sunyata Pon Lee (Brazil), Arataki Honey Ltd (New Zealand), Shaanxi Rebecca Bio-Tech Co. Ltd (China), Natures Goodness (Australia), Hi-Tech Natural Product India Ltd (India), the Propolis People (South Africa), Laprell's Beehive Products Inc. (Canada), Herbaland Naturals Inc. (Canada), Comvita (New Zealand), Pharma Base SA (Switzerland), B Natural SRL (Italy), and Bee Health Limited (UK). Industry players have incorporated several strategies to create a niche in the market and also cater to the consumers growing needs. These include yet are not restricted to acquisitions, mergers, joint ventures, partnerships, collaborations, new product launches, new product development, strategic alliances, contracts, geographic expansions, and more.
Based on the region, the global propolis market overview report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), Latin America the Middle East, and Africa. Of these, the APAC region is predicted to dominate the market over the forecast period. Burgeoning demand in the healthcare sector, increasing use in different beauty products, and accelerating demand for personal care products are adding to the global propolis market growth in the region. India, South Korea, Singapore, Japan, and China have the maximum share in the region. According to the head of the Biotechnology department of the Indian Institute of Technology in Delhi, the natural compounds present in Propolis have the potential of being an effective COVID-19 preventive drug, which may have a positive effect on the market growth in the region.
The global propolis market in North America is predicted to have sound growth over the forecast period. Burgeoning demand for propolis in the healthcare sector personal care and cosmetics for the growing preference for natural products is adding to the global propolis market growth in the region. The US has the maximum share in the region for the high consumption and large-scale production of cosmetic products.
The global propolis market in Europe is predicted to have healthy growth over the forecast period while in Latin America, and the MEA is predicted to have steady growth over the forecast period.
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