Propolis market is estimated to be valued at USD 683.5 Mn in 2024, exhibiting a CAGR of 2.4% over the forecast period (2024-2031). Furthermore, increasing awareness regarding the health benefits of propolis among consumers is expected to boost the market growth.
The growth of the global propolis market is driven by the increasing health and wellness concerns among consumers and rising application of propolis in the food and beverages industry. Consumers are increasingly aware about the nutritional benefits and various medicinal properties of propolis that help boost immunity. This is encouraging them to incorporate propolis-based products in their daily diet. Moreover, propolis finds wide applications in various food products such as snack bars, cereals, dairy, and others owing to its anti-inflammatory and antioxidant properties.
The market is also witnessing opportunities from increasing research and development activities focused on identifying new applications of propolis. Various studies have highlighted the wound healing, antimicrobial, antioxidant, anti-inflammatory, and anti-cancer potentials of propolis. This is encouraging new product launches incorporating propolis. However, stringent regulations pertaining to the usage of propolis may hamper the market growth over the forecast period.
Increasing Demand from the Health Supplement Industry
The global health supplement industry has witnessed significant growth over the past decade driven by rising health consciousness among consumers. Propolis is commonly used as an ingredient in various dietary supplements and functional foods due to its antioxidant and anti-inflammatory properties. As consumers are increasingly opting for natural and herbal supplements to meet their daily nutrition needs, the demand for propolis from supplement manufacturers has been steadily rising.
Growing Use of Propolis in Cosmetic Products
Propolis extracts find wide usage in the cosmetic industry due to its skin soothing and anti-aging properties. It is commonly used in various skincare products such as creams, lotions, serums, and masks. The growing personal care and cosmetic industry worldwide presents significant opportunities for propolis market players. Increasing consumer interest in natural and herbal ingredients in cosmetic formulations is further augmenting the demand.
Stringent Regulatory Framework
Propolis products are classified as natural health products or dietary supplements in most countries and fall under regulatory framework for these categories. Companies have to comply with regulations regarding product quality, safety, and marketing claims. Some regions and countries have stringent norms that mandate certification, extensive documentation, and other compliances for market entry. These regulatory barriers and complexities pose challenges, especially for smaller players, restricting the easy flow of trade and overall market growth. Obtaining necessary approvals and certifications also leads to additional costs burdening the manufacturers. Stringent norms thus act as a restraint for the global propolis market.
Sustainability Issues with Wild Collection
A major portion of raw propolis is collected from bee hives in the wild by beekeepers. The uncontrolled collection practices can disrupt the natural habitat and ecological balance. This gives rise to sustainability issues limiting the steady supply of quality raw material. Since propolis collection is labor-intensive and difficult, it increases the production costs as well. Some regions have even imposed bans or strict controls on wild collection owing to environmental concerns. The restrictions and sustainability challenges associated with the raw material sourcing act as a market restraint hampering widespread propolis consumption.
Growing Research on Therapeutic Applications
Extensive research worldwide has demonstrated the various pharmacological properties of propolis including antimicrobial, antioxidant, anti-tumor, anti-inflammatory, and wound healing activities. This has paved the way for new opportunities in therapeutic areas. Propolis is being studied for its potential role in treating diseases including certain types of cancer, infections, liver disorders, metabolic disorders, and neurological disorders. Successful development of propolis-based drugs can revolutionize the market and open up new revenue streams. The field holds immense opportunities given propolis' proven healings benefits and minimal side effects.
Developments in Standardized Production and Processing
Most propolis production currently relies on traditional methods of collection and processing with little standardization. This leads to batch-to-batch inconsistencies affecting product quality and efficacy. Investments into developing robust processes for standardized propolis extraction using advanced technologies present significant opportunities. Similarly, innovations allowing sustainable domestication and cultivation of propolis-yielding plants can ensure its steady supply.
Link: https://www.coherentmarketinsights.com/market-insight/propolis-market-5415
Key Developments
- In January 2024, ApiotiX Technologies, a biotechnology research and development company headquartered in Croatia, introduced a novel skincare ingredient derived from propolis. This innovative product is a high-quality extract of phenolic acid polymers sourced from propolis, a natural substance renowned for its antimicrobial, antioxidant, and anti-inflammatory characteristics.
- In 2021, Comvita established a strategic partnership with the celebrity brand promoter, Caravan.
- In 2021, Innovations in Nutrition + Wellness (INW) revealed its acquisition of Bee Health, a prominent manufacturer and developer of nutritional supplements based in the United Kingdom.
- In 2021, Comvita, a renowned global leader in Mānuka honey, unveiled the grand opening of its cutting-edge Wellness Lab experiential venue located in the Viaduct area of Auckland.
Key Players
MN Propolis, Comvita Limited, API Health, B Natural, Bee Health Limited, Wax Green, Zhifengtang Pharmaceutical Co. Ltd., Ponlee, Ponlee Bee, Sunyata Pon Lee Bee, Zhonghong Biological Group Co., Ltd., Bee & Health Co. Ltd., Honey Pacifica, Honey Gardens, Beekeeper's Naturals, Beehive Botanicals Inc., Durham's Bee Farm, Y.S. Eco Bee Farms, Royal Jelly Australia, and NaturaNectar LLC.
