The Global Propolis Market is Poised to Exhibit Significant Growth over the Next Decade
The global propolis market is estimated to be valued at US$ 636.1 million in 2022 and is expected to exhibit a CAGR of 5.48% over the forecast period from 2022 to 2030.
Key Takeaways
The Global Propolis Market Size was valued at USD 636.1 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.48% from 2023 to 2030. Geographically, Europe dominated the global market in 2021 due to high demand for propolis in the region's natural cosmetics and pharmaceutical industries. Some of the key regional markets include North America and Asia Pacific as well.
Regional Analysis
Europe is expected to dominate the propolis market during the forecast period. The growing popularity of herbal medicines and natural skincare products has boosted the demand for propolis in countries like Germany, France, Italy, and the UK. Eastern European countries, especially Ukraine, Bulgaria and Russia have emerged as the major producers of propolis globally.
Key Players Analysis
Key players operating in the propolis market are Herb Pharm LLC, Apis Flora, Bee Health Limited, Y.S. Organic Bee Farms, Comvita Ltd, Wax Green, Apiary Polenecter, Uniflora Health Foods, Sunyata Pon Lee, NOW Foods, and Bio Botanica Inc. (Nature’s Answer). Major players are focusing on new product launches, technological advancements and strengthening their distribution channels to gain larger market share.
Read more - https://www.insightprobing.com/propolis-market-outlook-and-size-analysis/
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