Propolis Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)
The Propolis Market size is expected to grow from USD 675.46 million in 2023 to USD 881.96 million by 2028, at a CAGR of 5.48% during the forecast period (2023-2028). The COVID-19 pandemic led to the increased demand for propolis for its functional properties.
New York, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Propolis Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06484085/?utm_source=GNW
The Propolis Market size is expected to grow from USD 675.46 million in 2023 to USD 881.96 million by 2028, at a CAGR of 5.48% during the forecast period (2023-2028).
The COVID-19 pandemic led to the increased demand for propolis for its functional properties. However, the supply chain of the market studied was vastly affected by the falling production of propolis as an ingredient. The COVID-19 lockdown has presented a peculiar problem for beekeepers and bees. As countries go into extended lockdowns, the movement of non-essential vehicles has come to a standstill. Consequently, bee farmers found it difficult to move their bee boxes from one place to another, both cross-country and internationally, which resulted in bees starving to death; this reduced bee pollination and the production of propolis. Moreover, the availability of limited labor power further impacted the production of end products, negatively impacting the propolis market.
Over the long term, propolis intake strengthens the immune system, simultaneously serving as an antioxidant, anesthetic, and wound healer, which makes it an important component of the pharmaceutical sector.
One of the challenges while purchasing propolis is the lack of standardization across available brands. Many brands state they are made from 20% pure propolis. However, this does not inform the consumer of the quality of that 20%. Such a drawback in information transparency might restrain the growth of the market.
Propolis Market Trends
Rising Demand for Supplements Including Antioxidants
The multifunctional attributes of antioxidants, specifically the one inducing younger skin and facial aesthetics, have been primarily drawing consumer interest toward food and beauty products incorporating all sources of antioxidants, including the potentially growing propolis. Researchers have identified more than 300 compounds in propolis, the majority of which are found to be forms of polyphenols. Polyphenols being antioxidants, help fight disease and damage prompted in the body. There has been a rise in demand for various health supplements across the globe over the past few years owing to the increase in awareness of the health benefits provided by the same. For instance, as per the data published by Statistics Canada, in the fourth quarter of 2021, sales of vitamins, minerals, and other dietary supplements totaled over CAD 1.17 billion.
Additionally, propolis contains polyphenols called flavonoids, which constitute a great antioxidant source. More consumers are willing to include antioxidants in their daily intake, and so the growing prevalence of the ingredient in beauty and health supplements, propolis capsules, and extracts is anticipated to gain traction and witness a flourishing growth in sales during the forecast period. For instance, Red Bee Propolis by Natura Nectar is among the well-known propolis supplements claiming to provide one of nature’s most powerful antioxidants even higher than super-fruits.
Europe Holds the Largest Market Share
The growing demand for propolis in Europe can be attributed to rising health awareness and its ability to boost the immune system and digestive health and reduce wrinkles among adults. Additionally, propolis is a gluten-free product that can be used by people suffering from celiac disease. As per The Ministry of Health Italy, in 2021, there were about 242 thousand cases of celiac disease across the nation. Such factors also play a crucial role in driving the market studied.
As per the World Bank Data, 18.92% were over 65 in 2021. The rise in the elderly population and the ability to spend more on healthcare products is expected to augment market growth. On account of their nutritional and health benefits, they are widely used to boost immunity. Additionally, based on epidemiological and preclinical studies, propolis has a chemo-preventive activity, which decreases the risk of cancer. As per the data from Cancer Research United Kingdom, every two minutes, someone in the United Kingdom is diagnosed with cancer. The rising cancer incidence among the British people and evidence from clinical studies aid the propolis market growth.
Moreover, the growing consumer interest in certified organic products on account of the rising concerns around the presence of metals, impurities, and microbial contamination has led to various manufacturers labeling the product as organic. For instance, Herbiolys Laboratoire is among the domestic producers and marketers of propolis in France having the product labeled as vegan and organic. Such initiatives by the players have been gaining consumers trust and burgeoning the market growth.
Propolis Industry Overview
The use of propolis is taking place at a huge scale since the disclosing of associated healthcare benefits. Manufacturers from countries like Brazil, New Zealand, China, Russia, and Turkey are introducing the extraction of propolis on an industrial scale. The market studied is fragmented in nature owing to the large number of players operating in the global propolis market. The products are visible in the market in the form of capsules, sprays, and extracts. The market’s major players are Comvita Ltd, Wax Green, Innovations in Nutrition + Wellness, Apiário Polenectar, and Apis Flora. The strategy for partnerships, joint ventures, and mergers has been the crucial strategy behind the development of these companies in the global market scenario. Over the past few years, expanding the market presence to emerging economies has been a key strategy behind the growth of major companies. However, key market players are focusing on building and sustaining their brand image through advertising, sample distribution, and brand promotion.
*Additional Benefits:*
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06484085/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001