Propolis Market Growth Worldwide Industry Share, Size, Gross Margin, Trend, Segmentation, Business Opportunity and Forecast To 2024

Market Synopsis

The global Propolis Market is expected to garner a revenue of USD 700 million by 2024, with a CAGR of approximately 6% during the forecast period, 2019–2024. Also termed as bee glue, propolis is referred to as a resinous substance which is generally obtained from honeybees and contains active organic chemical compounds like essential oils, flavonoids, amino acids, and aromatic acids. Being antiviral, antibacterial, anti-inflammatory, and antifungal, propolis is extremely used to treat abscesses and heal wounds.

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With the augmenting demand for propolis in the healthcare sector, the market is likely to foster throughout the assessment period. Propolis is extensively used in treating cancer of the throat and nose owing to its anticancer and anti-tumoral properties. The product is highly used to treat chronic diseases like tuberculosis and cancer including other diseases such as cold sores, canker sores, upper respiratory tract infections, oral mucositis, and ulcers. Such factors are likely to offer an impetus to the market growth in the coming years. Propolis extract is also used in several cosmetic products like lotions, anti-acne soaps, shampoos, and anti-dandruff conditioners. It is also used as an anti-acne, anti-aging, moisturizing, and conditioning agent. Consumers are inclined towards personal care and well-being products which fuel the market growth globally. Moreover, with the increasing use of propolis in the food and beverage sector as food preservation and as an antioxidant, the market is anticipated to boom.

Propolis Market: Segmental Analysis

The global propolis market has been segmented on the basis of application and end-use industry.

By mode of application, the global propolis market has been segmented into preservative, antioxidant, haircare, skincare, medical, and others.

By mode of end-user industry, the global propolis market has been segmented into food & beverage, healthcare, personal care & cosmetics, and others. Among these, the healthcare and personal care & cosmetics segment occupies a significant share in the global market. While in the healthcare sector, propolis is extensively used to treat cancer and other chronic diseases, the product is used to make several cosmetic products such as lotions, anti-acne soaps, shampoos, and anti-aging products in the personal care & cosmetics segment.

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Regional Insights

Geographically, the propolis market span across regions namely, North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.

The Asia Pacific region is anticipated to expand at the highest growth rate owing to the augmenting demand for propolis in the healthcare sector. Moreover, the increasing use of propolis in several beauty products along with the accelerating demand for personal care products is likely to foster the market growth in this region. Additionally, the presence of nations such as China, Japan, Singapore, South Korea, and India are aiding the market growth in the coming years.

Industry Updates

December 06, 2018: NaturaNectar, a Florida-based company, harvesting propolis for the last ten years has recently announced to launch their bee propolis skin care products in 2019.

Competitive Dashboard

The prominent players operating the global propolis market are Bee Health Limited (UK), B Natural SRL (Italy), Pharma Base SA (Switzerland), Comvita (New Zealand), Herbaland Naturals Inc. (Canada), Laprell's Beehive Products Inc. (Canada), the Propolis People (South Africa), Hi-Tech Natural Product India Ltd (India), Natures Goodness (Australia), Shaanxi Rebecca Bio-Tech Co. Ltd (China), Arataki Honey Ltd (New Zealand), and Sunyata Pon Lee (Brazil).

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This release was published on openPR.