Propolis-based Dietary Supplements is the fastest growing segment fueling the growth of Propolis Market
The global Propolis Market is estimated to be valued at US$ 707.73 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Propolis is a resinous substance collected by honey bees from tree buds and bark which is used as a sealant for unwanted open spaces in the beehive. It is a rich source of polyphenols, vitamins and other biologically active compounds possessing anti-inflammatory, antioxidant, antifungal and antimicrobial properties. Propolis-based dietary supplements offer a natural way to boost immunity levels and overall health and wellbeing.
Market key trends:
Propolis-based dietary supplements continue to gain popularity as a natural remedy for various health conditions. Customers are increasingly shifting preference towards herbal and plant-based supplements owing to rising awareness regarding potential side-effects of synthetic drugs. The growth of e-commerce platforms has enabled wider accessibility and increased consumer reach for propolis supplements. Additionally, propolis extracts find applications in food and beverages industry for their preservative properties. Ongoing research also explores possible applications in sectors like personal care and cosmetics.
Segment Analysis
The global propolis market is segmented into nature, form, application and region. Based on nature, the propolis market is segmented into organic and conventional. The organic segment is expected to dominate the market over the forecast period, as products with organic certification tend to receive higher demand from health-conscious consumers.
Based on form, the propolis market is segmented into powder, liquid and paste. The powder segment dominates the market due to the longer shelf-life of powdered propolis and ease of incorporation into various formulations.
On the basis of application, the propolis market is segmented into supplements & nutraceuticals, food & beverages, personal care & cosmetics and others. The supplements & nutraceuticals segment accounts for the largest share in the global propolis market due to rising consumer awareness about the dietary and health benefits of propolis.
Key Takeaways
The Global Propolis Market Share is expected to witness high growth, exhibiting a CAGR of 5.4% over the forecast period, due to increasing health awareness and adoption of herbal supplements among consumers.
Regional analysis - Europe dominates the global propolis market, accounting for around 35% of the market share. This is attributed to high consumer awareness about propolis products in the region. Asia Pacific is expected to be the fastest growing market for propolis due to growing health consciousness and popularity of herbal remedies in the region.
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. Herb Pharm LLC and Apis Flora collectively account for over 30% of the global propolis market share owing to their diverse product portfolios and wide geographical presence.
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