Propolis is Estimated to Witness High Growth

Posted 2023-12-15 15:02:01

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.

SWOT Analysis:

Strengths: Propolis has strong antimicrobial and anti-inflammatory properties that make it effective in treating various health conditions. It helps boost the immune system and promotes faster healing. The market is witnessing increasing awareness about the health benefits of propolis among consumers.

Weaknesses: Raw propolis extraction process is difficult and expensive. Significant variations exist in the chemical composition of propolis depending on its geographical source. This poses challenges for standardization.

Opportunities: Growing demand for natural and herbal medicinal products offers significant market opportunities. The cosmetic industry is increasingly using propolis for its skin healing and anti-aging properties. Developing nutraceutical and functional food products containing propolis extracts can further drive the market growth.

Threats: Stringent regulatory norms and certification requirements for the extraction and production of propolis pose threats. Environmental factors affecting bee population could threaten the raw material supply.

Key Takeaways:

The Global Propolis Market Demand is expected to witness high growth. The market in the Asia Pacific region is expected to witness the fastest growth over the forecast period supported by major propolis market size is projected to reach close to US$ 1 Bn by 2030 at a CAGR of around 5.4% over the forecast period.

Regional analysis:

Europe dominates the global propolis market currently. Countries like Germany, Italy, France are major consumers and producers of propolis and its extracts in Europe. However, Asia Pacific region is expected to witness fastest growth on back of rising consumer awareness and demand in countries like China, Japan, India, and Australia over the forecast period.

Key players:

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€TMs Answer). Some of the key players are focusing on expanding their production capacities to cope up with rising demand globally for propolis products especially dietary supplements and functional foods.

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